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China – The Future of HNWIs to 2015: Opportunities for Wealth Managers and Private Banks
© WealthInsight. This report is a licensed product and is not to be photocopied.
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The Family Office Report
2013
Publication date: April, 2013
Report code: WI0091MR
The Family Office Report 2013
© WealthInsight. This report is a licensed product and is not to be photocopied. Page 1
About WealthInsight
WealthInsight provides detailed data and insightful analysis on the world's HNWI and wealth sector. With
decades of experience providing business information, WealthInsight helps organizations to make informed
decisions and win new business.
At WealthInsight's core is our proprietary HNWI Database of the world's wealthiest individuals. Around this
database we have built a number of valuable research-based products and services that make
WealthInsight much more than just a rich contact list.
Contact:
Andrew Amoils
Senior Analyst & Head of Reports Team, WealthInsight
+44 (0)20 7406 6564
The Family Office Report 2013
© WealthInsight. This report is a licensed product and is not to be photocopied. Page 2
TABLE OF CONTENTS
1 Introduction .................................................................................................................... 6
1.1 Definitions .............................................................................................................................. 6
2 Summary ......................................................................................................................... 9
3 Country Profiles ........................................................................................................... 11
3.1 Australian Family Offices .................................................................................................... 11
3.2 Austrian Family Offices ....................................................................................................... 19
3.3 Belgian Family Offices ........................................................................................................ 19
3.4 Brazilian Family Offices ...................................................................................................... 20
3.5 Canadian Family Offices ..................................................................................................... 21
3.6 Dutch Family Offices ........................................................................................................... 23
3.7 Finnish Family Offices ......................................................................................................... 23
3.8 French Family Offices ......................................................................................................... 24
3.9 German Family Offices ........................................................................................................ 25
3.10 Guernsey Family Offices ..................................................................................................... 26
3.11 Indian Family Offices ........................................................................................................... 27
3.12 Isle of Man Family Offices ................................................................................................... 27
3.13 Irish Family Offices .............................................................................................................. 28
3.14 Israeli Family Offices ........................................................................................................... 28
3.15 Italian Family Offices ........................................................................................................... 29
3.16 Japanese Family Offices ..................................................................................................... 29
3.17 Jersey Family Offices .......................................................................................................... 30
3.18 Liechtenstein Family Offices .............................................................................................. 30
3.19 Luxemburg Family Offices .................................................................................................. 31
3.20 Norwegian Family Offices ................................................................................................... 31
3.21 Polish Family Offices ........................................................................................................... 31
3.22 Russian Family Offices ....................................................................................................... 32
3.23 Singapore Family Offices .................................................................................................... 32
3.24 South African Family Offices .............................................................................................. 33
3.25 Spanish Family Offices ....................................................................................................... 33
3.26 Swiss Family Offices ........................................................................................................... 34
3.27 Turkish Family Offices ........................................................................................................ 35
3.28 UAE Family Offices .............................................................................................................. 36
3.29 UK Family Offices ................................................................................................................ 36
3.30 USA Family Offices .............................................................................................................. 38
3.31 Other Countries ................................................................................................................... 40
3.32 Case Study: Wealthy European Families ........................................................................... 41
4 Competitive Landscape of Family Office Sector ....................................................... 43
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5 Largest Family Offices ................................................................................................. 53
6 Future Prospects.......................................................................................................... 61
6.1 Summary .............................................................................................................................. 61
6.2 Regional Business Trends .................................................................................................. 61
6.3 Future Growth ...................................................................................................................... 62
6.4 Huge Potential in Asia ......................................................................................................... 63
7 Global Wealth Management Statistics ....................................................................... 64
8 About WealthInsight .................................................................................................... 68
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LIST OF TABLES
Table 1: HNWI Wealth Band and Group Definitions ........................................................................................................................................... 7
Table 2: Australia: Multi-Family Offices, 2012 .................................................................................................................................................. 11
Table 3: Australia: SFOs – State Comparison and Potential ............................................................................................................................ 13
Table 4: Australia: SFOs – Sector Comparison and Potential .......................................................................................................................... 15
Table 5: Australia: SFOs – Top 10 SFOs by AuM ............................................................................................................................................ 18
Table 6: Austria: Family Offices, 2012 ............................................................................................................................................................. 19
Table 7: Belgium: Family Offices, 2012 ............................................................................................................................................................ 19
Table 8: Brazil: Family Offices, 2012 ............................................................................................................................................................... 20
Table 9: Canada: Family Offices, 2012 ............................................................................................................................................................ 22
Table 10: The Netherlands: Family Offices, 2012 ............................................................................................................................................ 23
Table 11: Finland: Family Offices, 2012 ........................................................................................................................................................... 23
Table 12: France: Multi-Family Offices, 2012 ................................................................................................................................................... 24
Table 13: Germany: Family Offices by City, 2012 ............................................................................................................................................ 25
Table 14: Germany: Family Offices, 2012 ........................................................................................................................................................ 26
Table 15: Guernsey: Family Offices, 2012 ....................................................................................................................................................... 26
Table 16: India: Family Offices, 2012 ............................................................................................................................................................... 27
Table 17: Isle of Man: Family Offices, 2012 ..................................................................................................................................................... 27
Table 18: Ireland: Family Offices, 2012 ............................................................................................................................................................ 28
Table 19: Israel: Family Offices, 2012 .............................................................................................................................................................. 28
Table 20: Italy: Family Offices, 2012 ................................................................................................................................................................ 29
Table 21: Japan: Family Offices, 2012 ............................................................................................................................................................. 29
Table 22: Jersey: Family Offices, 2012 ............................................................................................................................................................ 30
Table 23: Liechtenstein: Family Offices, 2012 .................................................................................................................................................. 30
Table 24: Luxemburg: Family Offices, 2012 ..................................................................................................................................................... 31
Table 25: Norway: Family Offices, 2012 .......................................................................................................................................................... 31
Table 26: Poland: Wealth Managers and Family Offices, 2012 ........................................................................................................................ 31
Table 27: Russia: Multi-Family Offices, 2011 ................................................................................................................................................... 32
Table 28: Singapore: Family Offices, 2012 ...................................................................................................................................................... 32
Table 29: South Africa: Family Offices, 2012 ................................................................................................................................................... 33
Table 30: Spain: Family Offices, 2012 ............................................................................................................................................................. 33
Table 31: Switzerland: Asset Allocation of Typical Single Family Office, 2011 ................................................................................................. 34
Table 32: Switzerland: Family Offices, 2012 .................................................................................................................................................... 35
Table 33: Turkey: Wealth Managers and Family Offices, 2012 ........................................................................................................................ 35
Table 34: UAE: Family Offices, 2012 ............................................................................................................................................................... 36
Table 35: UK: Major Multi-Family Offices, 2012 ............................................................................................................................................... 36
Table 36: UK: Major Single-Family Offices, 2012 ............................................................................................................................................. 37
Table 37: The US: Family Offices, 2011 .......................................................................................................................................................... 38
Table 38: The US: Family Offices by City, 2011 ............................................................................................................................................... 39
Table 39: Rest of the World: Family Offices, 2012 ........................................................................................................................................... 40
Table 40: Europe: Major Single-Family Offices, 2012 ...................................................................................................................................... 41
Table 41: Europe: Major Single-Family Offices, 2012 (continued) .................................................................................................................... 42
Table 42: Top 20 Global Family Offices, 2011 ................................................................................................................................................. 53
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Table 43: Global: Offshore Centers by AuM (US$ Billion), 2011 ...................................................................................................................... 64
Table 44: Global: Major Countries by AuM (US$ Billion) 2011 ......................................................................................................................... 65
Table 45: Global: AuM Compared to HNWI Wealth by Major Country (US$ Billion), 2011 ............................................................................... 66
Table 46: Global: Other Countries by AuM (US$ Billion), 2011 ........................................................................................................................ 66
LIST OF FIGURES
Figure 1: HNWI Wealth Band Definitions ........................................................................................................................................................... 8
Figure 2: Wealth Management Industry – Maturity Level of Players ................................................................................................................. 10
Figure 3: Australia: SFOs – Geographical Location by Region ......................................................................................................................... 12
Figure 4: Australia: SFOs – State Comparison ................................................................................................................................................ 13
Figure 5: Australia: SFOs – By Sector ............................................................................................................................................................. 14
Figure 6: Australia: SFOs – Sector Comparison............................................................................................................................................... 15
Figure 7: Australia: SFOs – Retail and Fashion vs. Real Estate ....................................................................................................................... 16
Figure 8: Australia: SFOs – Basic Materials and Manufacturing vs. the Services Sector .................................................................................. 17
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1 Introduction
1.1 Definitions
“Wealth management” is defined as the provision of banking services to wealthy individuals and
their families. It generally involves the management of trusts, inheritance and the allocation of client
funds.
A “family office” is defined as a wealth management company that focuses on a single HNWI or
small group of selected HNW clients.
A “private bank” is defined as a division of the banking group that provides wealth management
services.
A “wealth manager” is defined as a specialist wealth management service provider.
For the purposes of this report, the phrase “coverage period” refers to the period of 2007–2017,
while the “review period” relates to the years 2007–2012 and the “forecast period” relates to the
years 2012–2017.
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Table 1: HNWI Wealth Band and Group Definitions
Wealth Band Definition
Billionaires Billionaires are those HNWIs with wealth of US$1 billion or more, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
Centimillionaires Centimillionaires are those HNWIs with wealth of between US$100 million and less than US$1 billion, including equities, bonds, cash and deposits, fixed-income products real estate (excluding primary residence), alternative assets and business interests.
Affluent Millionaires Affluent millionaires are those HNWIs with wealth of between US$30 million and less than US$100 million, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
Mid-Tier Millionaires Mid-tier millionaires are those HNWIs with wealth of between US$5 million and less than US$30 million, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
Lower-Tier Millionaires
Lower-tier millionaires are those HNWIs with wealth of between US$1 million and less than US$5 million, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
Wealth Group Definition
HNWIs The high net worth individuals (HNWIs) wealth group comprises all wealth bands. It represents those individuals with wealth of US$1 million or more, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
UHNWIs
The ultra high net worth individuals (UHNWIs) wealth group comprises the billionaire, centimillionaire and affluent millionaire wealth bands. It represents those individuals with wealth of US$30 million or more, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
Core HNWIs
The core HNWIs group comprises the mid-tier millionaire and lower-tier millionaire wealth bands. It represents those individuals with wealth of between US$1 million and less than US$30 million, including equities, bonds, cash and deposits, fixed-income products, real estate (excluding primary residence), alternative assets and business interests.
Source: WealthInsight © WealthInsight
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Figure 1: HNWI Wealth Band Definitions
Source: WealthInsight © WealthInsight
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About WealthInsight
WealthInsight provides detailed data and insightful analysis on the world's HNWI and wealth sector. With
decades of experience providing business information, WealthInsight helps organizations to make informed
decisions and win new business.
At WealthInsight's core is our proprietary HNWI Database of the world's wealthiest individuals. Around this
database we have built a number of valuable research-based products and services that make
WealthInsight much more than just a rich contact list.
We work with and provide solutions for:
Wealth managers
Private banks
Family offices
Technology providers
Professional services – consultants, accountants, lawyers and real estate professionals
Fund managers, hedge fund managers, asset managers, venture capitalists
Non-profit and educational institutions
WealthInsight’s corporate headquarters are located in London, with offices in New York, San Francisco,
Sydney, Seoul and Hong Kong.
For more information on WealthInsight please visit www.wealthinsight.com
Intelligence Center
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 our research and analysis, we are able obtain an unsurpassed
level of granularity, insight and authority on the HNWI and wealth management universe in each of the
countries and regions we cover.
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Reports
WealthInsight publishes high-quality research reports focused on the wealth sector. The reports provide
comprehensive analysis of countries, regions and special topics.
With the HNWI Database as the foundation for its primary research and analysis, WealthInsight is able to
obtain an unsurpassed level of granularity, insight and authority on the HNWI universe in each of the
countries and regions covered.
All reports are available as a part of the WealthInsight Intelligence Centre. Reports can also be purchased
on a subscription or one-off basis.
Every WealthInsight report is uniquely formulated for the region, country or topic covered. Key features of
the reports include:
Market sizing
Forecasting
Benchmarking
HNWI asset allocation
Behavioral mapping
Family offices
Methodology
WealthInsight’s teams of in-house analysts devise and collect data over a historical period of five years and
develop forecasts for a five-year forecast period. All WealthInsight wealth reports are rigorously sourced
and created according to a comprehensive methodological process:
Internal audit
Review of in-house databases to gather existing data:
Historic market databases and reports
HNWI Database
Wealth management, private bank and family office database
Financial deals and news archive
Secondary research
Collection of the latest market-specific data from a wide variety of industry sources:
Government statistics
Industry associations
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Company filings
Broker reports
International organizations
Primary research
Review of the latest wealth management and private banking industry trends
Surveys using panels compiled from across the wealth sector:
Wealth management and private banking professionals
Financial services experts
HNWIs
Expert opinion
Collation of opinion taken from WealthInsight interviews of leading industry experts
Analysis of third-party opinion and forecasts:
Broker reports
Industry associations
Wealth management and private banking media
Official government sources
Leading academic research and commentary
Data consolidation and verification
Consolidation of data and opinion to create historical datasets
Creation of models to benchmark data across sectors, asset classes and geographies
Market forecasts
Feed of forecast data into market models:
Macroeconomic indicators
Industry-specific drivers
Analysis of the WealthInsight HNWI Database and Wealth sector company databases to identify
key trends:
Latest wealth trends
Key drivers of the wealth management industry
Report writing
Analysis of market data
Discussion of company and industry trends and issues
Integration of survey results
Annual review of financial deals and wealth management trends
Standardization of market definitions using recognized industry classifications
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Quality control
Peer review
Senior-level QC
Random spot checks on data integrity
Benchmark checks across databases
Market data cross-checked for consistency with accumulated data from:
Internal databases
Company filings
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Contributors to this report:
Andrew Amoils
Senior Analyst & Head of Reports Team, WealthInsight
+44 (0)20 7406 6564
Shekhar Tripathi
Senior Analyst, WealthInsight
Sunil Agarwal
Analyst, WealthInsight
Disclaimer
All Rights Reserved.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note
that the findings, conclusions and recommendations that WealthInsight delivers will be based on information
gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position
to guarantee. As such WealthInsight can accept no liability whatever for actions taken based on any information
provided herein.
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