Italy 2013 Wealth Book

Published: December 2013
No. of Pages: 128
   

Synopsis

This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Italy.

Summary

This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in Italy. It also includes an evaluation of the local wealth management market.

Scope

  • Independent market sizing of Italian HNWIs across five wealth bands
  • HNWI volume, wealth and allocation trends from 2008 to 2012
  • HNWI volume, wealth and allocation forecasts to 2017
  • HNWI and UHNWI asset allocations across 13 asset classes
  • Geographical breakdown of all foreign assets
  • Alternative breakdown of liquid vs investable assets
  • Number of UHNWIs in major cities
  • Number of wealth managers in each city
  • City wise ratings of wealth management saturation and potential
  • Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Italy
  • Size of the Italy wealth management industry
  • Largest domestic private banks by AuM
  • Detailed wealth management and family office information
  • Insights into the drivers of HNWI wealth

Reasons To Buy

  • The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 60,000 HNWIs from around the world.
  • The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
  • With the Database as the foundation for its research and analysis, WealthInsight is able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions it covers.
  • The report includes comprehensive forecasts to 2017.
  • Also provides detailed information on UHNWIs in each major city.

Key Highlights

  • There were approximately 175,968 HNWIs in Italy in 2012. These HNWIs held US$1.1 trillion in wealth. The wealth per capita in the country in 2012 was approximately US$185,427.
  • In 2012, Italian HNWI numbers rose by 1.3%, following a marginal decrease of 3.2% in 2011.
  • At the end of 2012, Italian HNWIs held 41.5% (US$463 billion) of their wealth outside their home country, significantly higher than the worldwide average of 20–30%.
  • Alternatives, equities and fixed-income products recorded the strongest growth during the review period.

Italy 2013 Wealth Book

Table of Contents

1 Introduction 1
1.1 Details of this Report 1
1.2 Definitions 2

2 Executive Summary 6

3 Wealth Sector Fundamentals 9
3.1 Political Background 10
3.2 Economic Background 14
3.3 Social Background 18
3.4 Benchmarking Italy’s Wealth in Context 20
3.4.1 Distribution of wealth in Italy 20
3.5 HNWI Volume and Wealth Trends 21

4 Findings from the WealthInsight HNWI Database 23
4.1 Trends in HNWI Wealth to 2017 23
4.1.1 HNWI trend analysis 23
4.1.2 Trends of the wealth bands 24
4.1.3 Demographic breakdown of HNWIs 26
4.1.4 HNWIs – job titles 27
4.1.5 HNWIs – industry breakdown 28
4.1.6 HNWIs – industry performance 29
4.1.7 HNWIs – breakdown by city 30
4.1.8 HNWIs – city performance 31
4.1.9 HNWIs – city population densities 33
4.1.10 HNWIs – city forecasts 34
4.1.11 HNWIs – breakdown by state 37
4.1.12 HNWIs – state performance 38
4.1.13 HNWIs – state population densities 39
4.2 UHNWIs 40
4.2.1 UHNWI volume trend analysis 40
4.2.2 UHNWI wealth trend analysis 41
4.2.3 Demographic breakdown of UHNWIs 42
4.2.4 UHNWIs – industry breakdown 44
4.2.5 UHNWIs – city breakdown and performance 45
4.3 UHNWIs – Billionaires 47
4.3.1 Billionaire volume trend analysis 48
4.3.2 Billionaire wealth trend analysis 48
4.3.3 Billionaire per capita net worth trend analysis 48
4.3.4 List of billionaires 49
4.4 UHNWIs – Centimillionaires 51
4.4.1 Centimillionaires volume trend analysis 52
4.4.2 Centimillionaire wealth trend analysis 52
4.4.3 Centimillionaire per capita net worth trend analysis 52
4.5 UHNWIs – Affluent Millionaires 53
4.5.1 Affluent millionaire volume trend analysis 54
4.5.2 Affluent millionaire wealth trend analysis 54
4.5.3 Affluent millionaire per capita net worth trend analysis 54
4.6 Core HNWIs 55
4.6.1 Core HNWI volume trend analysis 55
4.7 Core HNWIs – Mid-Tier Millionnaires 56
4.7.1 Mid-tier millionnaire volume trend analysis 57
4.7.2 Mid-tier millionaire wealth trend analysis 57
4.7.3 Mid-tier millionaire per capita net worth trend analysis 57
4.8 Core HNWIs – Lower-Tier Millionaires 58
4.8.1 Lower-tier millionaire volume trend analysis 59
4.8.2 Lower-tier millionaire wealth trend analysis 59
4.8.3 Lower-tier millionaire per capita net worth trend analysis 59

5 Analysis of Italian HNWI Investments 60
5.1 Analysis by Asset Classes 60
5.1.1 Trends in alternative assets 62
5.1.2 Trends in ‘art, wine and wheels’ 64
5.1.3 Trends of investments in real estate 66
5.1.4 Trends of investments in cash and deposits 68
5.1.5 Trends of investments in fixed-income 68
5.1.6 Trends of investments in equity 68
5.1.7 Trends of investments in business interests 70
5.2 Analysis of Foreign Investments 71
5.2.1 Investments in Europe 72
5.2.2 Investments in North America (the US, Mexico and the Caribbean) 72
5.2.3 Investments in Asia Pacific 73
5.2.4 Investments in Central and South America 73
5.2.5 Investments in the Middle East 73
5.2.6 Investments in Africa 73
5.3 Alternative Breakdown: Liquid vs. Investable Assets 74
5.4 Analysis of Italian UHNWI Investments 76

6 Competitive Landscape of the Wealth Sector 78
6.1 Competitive Landscape 79
6.1.1 Private banks 79
6.1.2 Wealth managers 81
6.1.3 Family offices 82
6.1.4 Financial advisors 84
6.2 Developments in the Italian Private Banking Industry 84
6.3 Wealth Management and the Private Banking Industry 86
6.4 The Italian Wealth Management Industry – Clientele Model and Maturity 88
6.5 Behavioral Mapping of Wealth Management and Private Banking in Italy 89
6.6 Porter’s Five Force Analysis – Wealth Management Industry 90

7 Appendix 93
7.1 Additional Components of the Wealth Sector in Italy 93
7.1.1 Philanthropy 93
7.1.2 Demand for intergenerational wealth transfer 93
7.1.3 Human resource availability for the wealth management industry 93
7.2 Regulations on Taxes 94
7.3 Regulations Related to Immigration, Investment and Employment 96
7.4 Key Drivers 97
7.4.1 LC to US$ exchange rate 97
7.4.2 Real GDP growth 98
7.4.3 Per capita GDP 99
7.4.4 Domestic market capitalization 100
7.4.5 Commodity index 101
7.4.6 Foreign direct investments – inflow and outflow 102
7.4.7 Inflation rate 103
7.4.8 Interest rate 104
7.4.9 Balance of payments 105
7.4.10 Government debt 106
7.4.11 Stock market performance 107
7.5 Wealth Breakdowns 108

8 About WealthInsight 113

List of Tables

Table 1: HNWI Wealth Band and Group Definitions 3
Table 2: Regions in Italy, 2012 11
Table 3: Largest Cities in Italy, 2012 12
Table 4: Italian HNWIs – Volume Distribution Wealth Pyramid, 2012 24
Table 5: Italian HNWIs – Wealth Distribution Wealth Pyramid (%), 2012 25
Table 6: Italian HNWIs – Industry Performance, 2008–2012 29
Table 7: Italian HNWIs – Cities, 2012 30
Table 8: Italian HNWIs – Growth in Top Cities, 2008–2012 32
Table 9: Italian HNWIs – Population Density in Major Cities, 2012 33
Table 10: Italian HNWIs in Top Cities, 2008–2017 35
Table 11: Italian HNWIs – Growth Rates for Top Cities, 2008–2017 36
Table 12: Italian HNWIs – by States, 2012 37
Table 13: Italian HNWIs – State Performance, 2008–2012 38
Table 14: Italian HNWIs – Population Density in States, 2012 39
Table 15: Italian UHNWIs – Gender Performance, 2008–2012 42
Table 16: Italian UHNWIs – Source of Wealth (%), 2012 43
Table 17: Italian UHNWIs in Top Cities, 2008–2017 45
Table 18: Italian UHNWIs Growth Rates for Top Cities, 2008–2017 46
Table 19: Italian Billionaires – Market Overview (US$ Billion) 2008–2017 47
Table 20: Italian Top 10 Billionaires (US$ Billions), 2012 49
Table 21: Italian Billionaire Wealth Growth, 2008−2012 50
Table 22: Italian Centimillionaires – Market Overview, 2008–2017 51
Table 23: Italian Affluent Millionaires – Market Overview, 2008–2017 53
Table 24: Italian Mid-Tier Millionaires – Market Overview, 2008–2017 56
Table 25: Italian Lower-Tier Millionaires – Market Overview, 2008–2017 58
Table 26: Italian Allocations of HNWI Assets, 2008–2017 61
Table 27: Italian HNWIs − Holdings Growth (%), 2008–2017 62
Table 28: Italian HNWIs – Trends of Investments in Alternative Assets (%), 2008–2017 63
Table 29: Italian HNWIs – Alternative Asset Composition (%), 2008–2017 63
Table 30: Italian Trends in ‘Art, Wine and Wheels’, 2008–2012 64
Table 31: Global Prime Real Estate Prices per Square Meter (US$), 2012 67
Table 32: Italian HNWIs – Percentage of Foreign Investment Allocations, 2008–2017 71
Table 33: Italian HNWIs – Liquidity Breakdown (US$ Billion), 2008–2017 74
Table 34: Italian HNWIs – Liquidity Breakdown (%), 2008–2017 75
Table 35: Italian UHNWIs – Allocations and Share of HNWI Assets, 2012 77
Table 36: Leading Domestic Private Banks in Italy by AuM, 2012 80
Table 37: Leading Foreign Private Banks in Italy by AuM, 2012 80
Table 38: Italian Wealth Managers, 2012 82
Table 39: Italian Family Offices, 2012 83
Table 40: Wealth Management Industry – Recent Deal Activity in Italy, 2013 84
Table 41: Italian Income Tax Bands, 2012–2013 94
Table 42: EUR per US$ Exchange Rate, 2008–2017 97
Table 43: Italian Real GDP Growth (%), 2008–2017 98
Table 44: Italian GDP Per Capita (US$), 2008–2017 99
Table 45: Italian Domestic Market Capitalization (US$ Billion) 2008–2012 100
Table 46: Italian Commodity Indices, 2008–2017 101
Table 47: Italian Foreign Direct Investments (US$ Billion), 2008–2017 102
Table 48: Italian Inflation Rate (%), 2008–2017 103
Table 49: Italian Money Market Rate (%), 2008–2017 104
Table 50: Italian Balance of Payments (US$ Billion), 2008–2012 105
Table 51: Italian Government Debt as a Percentage of GDP, 2008–2017 106
Table 52: Italian Stock Market Performance, 2008–2012 107
Table 53: Italian HNWI Wealth vs GDP Ratio, 2008–2017 108
Table 54: Italy Appendix One 109
Table 55: Italy Appendix Two 110

List of Figures

Figure 1: HNWI Wealth Band Definitions 4
Figure 2: Map of Italy 5
Figure 3: Italian Asset Price Performance, 2008–2012 20
Figure 4: Italian HNWI Performance, 2008–2017 21
Figure 5: Italian vs Global HNWIs 22
Figure 6: Italian HNWIs – Growth Factor Correlation, 2008–2012 23
Figure 7: Italian HNWIs – Volume Distribution Wealth Pyramid, 2012 24
Figure 8: Italian HNWIs – Wealth Distribution Wealth Pyramid (%), 2012 25
Figure 9: Italian HNWIs – Age Distribution, 2012 26
Figure 10: Italian HNWIs – Job Titles, 2008–2012 27
Figure 11: Italian HNWIs – Distribution by Industry, 2012 28
Figure 12: Italian HNWIs – City Performance, 2008–2012 31
Figure 13: Italian HNWIs – City Numbers, 2008–2012 32
Figure 14: Italian HNWIs – City Forecasts, 2013–2017 34
Figure 15: Italian HNWIs – City Numbers, 2013–2017 35
Figure 16: Italian UHNWIs – Wealth Share vs. Volume Growth, 2008–2012 40
Figure 17: Italian UHNWIs – Volume by Wealth Band, 2008–2017 41
Figure 18: Italian UHNWIs – Wealth by Wealth Band (US$ Billion), 2008–2017 42
Figure 19: Italian UHNWIs – Age Distribution (Percentage Share), 2012 43
Figure 20: Italian UHNWIs – Distribution by Industry, 2012 44
Figure 21: Italian Billionaires – Market Overview, 2008–2017 47
Figure 22: Italian Centimillionaires – Market Overview, 2008–2017 51
Figure 23: Italian Affluent Millionaires – Market Overview, 2008–2017 53
Figure 24: Italian Mid-Tier Millionaires – Market Overview, 2008–2017 56
Figure 25: Italian Lower-Tier Millionaires – Market Overview, 2008–2017 58
Figure 26: Italian HNWIs – Asset Class Composition, 2008–2017 60
Figure 27: Italian HNWIs – Trends in Alternative Assets (US$ Billion), 2008–2017 63
Figure 28: Italian Trends in ‘Art, Wine and Wheels’, 2008–2012 64
Figure 29: Italian HNWIs – Foreign Investment Allocation and Growth (%), 2013–2017 71
Figure 30: Italian HNWIs – Global Distribution of Foreign Investments, 2008–2017 72
Figure 31: Italian HNWIs – Liquidity Breakdown (%), 2008–2017 75
Figure 32: Italian UHNWIs – Asset Class Composition, 2008–2017 76
Figure 33: Italian Wealth Management Industry – Maturity Level of Players 88
Figure 34: Italian Wealth Management Industry – Behavioral Mapping, 2012 89
Figure 35: Italian Wealth Management Industry – Five Forces Analysis 90
Figure 36: EUR to US$ Exchange Rate, 2008–2017 97
Figure 37: Italian Real GDP Growth (%), 2008–2017 98
Figure 38: Italian GDP Per Capita (US$), 2008–2017 99
Figure 39: Italian Domestic Market Capitalization (US$ Billion), 2008–2012 100
Figure 40: Italian Commodity Indices, 2008–2017 101
Figure 41: Italian Foreign Direct Investments (US$ Billion), 2008–2017 102
Figure 42: Italian Inflation Rate (%), 2008–2017 103
Figure 43: Italian Money Market Rate (%), 2008–2017 104
Figure 44: Italian Balance of Payments (US$ Billion), 2008–2012 105
Figure 45: Italian Government Debt as a Percentage of GDP, 2008–2017 106
Figure 46: Italian Stock Market Performance, 2008–2012 107
Figure 47: Italian HNWI Wealth vs GDP Ratio, 2008–2017 108
Figure 48: Italian HNWIs – Volume by Wealth Band, 2008–2017 111
Figure 49: Italian HNWIs – Wealth by Wealth Band (US$ Billion), 2008–2017 111
Figure 50: Italian HNWIs – Wealth Per Capita (US$ Million), 2008–2017 112

Published By: WealthInsight
Product Code: WealthInsight766


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