Challenges and Opportunities for the Wealth Sector in Spain 2013

Published: Jan, 2014 | Pages: 65 | Publisher: WealthInsight
Industry: Wealth Management | Report Format: Electronic (PDF)


Synopsis
 This report is the result of WealthInsight's extensive research covering the high net worth individual (HNWI) population and wealth management market in Spain.
 The report focuses on HNWI performance between the end of 2007 (the peak before the global financial crisis) and the end of 2012. This enables us to determine how well the country's HNWIs have performed through the crisis.
Summary
This report is a thorough analysis of Spain's Wealth Management and Private Banking sector, and the opportunities and challenges that it faces.
Scope
 Independent market sizing of Spain HNWIs across five wealth bands
 HNWI volume and wealth trends from 2008 to 2012
 HNWI volume and wealth forecasts to 2017
 HNWI and UHNWI asset allocations across 13 asset classes 
 Number of UHNWIs in each state and all major cities
 Fastest growing cities and states for UHNWIs (2008-2012)
 Insights into the drivers of HNWI wealth
Reason 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 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.
 Report includes comprehensive forecasts to 2017.
Key Highlights
 In 2012, real estate was the largest asset class for HNWIs in Spain 21.7% of total HNWI assets, followed by business interests 17.5%, equities 17.1%, fixed-income 16.7%, cash 16.5% and alternatives 10.4%.
 Alternatives, equities and fixed-income products recorded the strongest growth during the review period, driven by strong recovery in the US economy, and the eurozone crisis. 
 The value of business interests decreased during the review period, from 17.8% of Spanish HNWI assets in 2008 to 17.5% in 2012. 
 After posting strong growth during the review period, alternative holdings are expected to decrease substantially over the forecast period due to increasing volatility and growing interest in other asset classes, whereas real estate, which was an underperforming sector during the review period, will grow over the forecast period.
 As of 2012, Spanish HNWI liquid assets amounted to US$256 billion, representing 25.8% of wealth holdings.

 TABLE OF CONTENTS
1 Introduction
1.1 Details of this Report
1.2 Definitions
2 Executive Summary
3 Wealth Sector Fundamentals
3.1 Political Background
3.2 Economic Background
3.3 Social Background
3.4 Benchmarking Spanish Wealth in Context
3.4.1 Distribution of wealth in Spain
3.5 HNWI Volume and Wealth Trends
4 Competitive Landscape of the Wealth Sector
4.1 Competitive Landscape
4.1.1 Private Banks
4.1.2 Wealth managers
4.1.3 Family offices
4.1.4 Financial advisors
4.2 Developments in the Spanish Private Banking Industry
4.3 Spain Wealth Management Industry - Clientele Model and Maturity
4.4 Behavioral Mapping of Wealth Management and Private Banking in Spain
4.5 Financial Services Review
4.5.1 Retail Banks
4.5.2 Asset management in Spain
5 Appendix
5.1 Additional Components of the Wealth Sector in Spain
5.1.1 Philanthropy
5.1.2 Demand for intergenerational wealth transfer
5.1.3 Human resource availability for the wealth management industry
5.2 Regulations on Taxes
5.3 Regulations Related to Immigration, Investment and Employment
5.4 Key Drivers
5.4.1 Euro to US$ exchange rate
5.4.2 Real GDP growth
5.4.3 Per capita GDP
5.4.4 Domestic market capitalization
5.4.5 Commodity index
5.4.6 Foreign direct investments - inflow and outflow
5.4.7 Inflation rate
5.4.8 Interest rate
5.4.9 Balance of payments
5.4.10 Government debt
5.4.11 Stock market performance
5.5 Wealth Breakdowns
6 About WealthInsight

LIST OF TABLES
Table 1: HNWI Wealth Band and Group Definitions
Table 2: Regions in Spain, 2012
Table 3: Largest Cities in Spain, 2012
Table 4: Top 10 Local Private Banks in Spain by AuM, 2012
Table 5: Top 10 Foreign Private Banks in Spain by AuM, 2012
Table 6: Spanish Wealth Management Offices per City, 2012
Table 7: Spanish Family Offices, 2012
Table 8: Spanish Family Offices per City, 2012
Table 9: Spanish Financial Advisors in Top Cities, 2012
Table 10: Wealth Management Industry - Recent Deal Activity in Spain, 2013
Table 11: Spanish Income Tax Rates for the Year Ended December 31, 2013
Table 12: Spanish Capital Gains Tax Rates for the Year Ended December 31, 2013
Table 13: Euro to US$ Exchange Rate, 2008-2017
Table 14: Spanish Real GDP Growth (%), 2008-2017
Table 15: Spanish GDP Per Capita (US$), 2008-2017
Table 16: Spanish Domestic Market Capitalization (US$ Billions) 2008-2012
Table 17: Spanish Commodity Indices, 2008-2017
Table 18: Spanish Foreign Direct Investments (US$ Billion), 2008-2017
Table 19: Spanish Inflation Rate (%), 2008-2017
Table 20: Spanish Money Market Rate (%), 2008-2017
Table 21: Spanish Balance of Payments (US$ Billion), 2008-2012
Table 22: Spanish Government Debt as a Percentage of GDP (%), 2008-2017
Table 23: Spanish Stock Market Performance, 2008-2012
Table 24: Spanish HNWI Wealth vs GDP Ratio, 2008-2017
Table 25: Spain Appendix One
Table 26: Spain Appendix Two