本報告已在2011年07月19日停止出版。
2004 年，匈牙利、波蘭、捷克的成年人口中，平均 1.5％是富裕階層，0.1％ 是極富裕階層，1.4％是中產階級。
擅長多領域市調分析的英國專業公司 Datamonitor Corporation（總公司：倫敦），調查分析了中東歐財富管理市場後，出版了一本綜合報告書"Wealth Management in Central and Eastern Europe 2005"。
報告書內容包括：至 2009 年的各國市場預測、儲蓄與投資資料、中產階級與極富裕階層的規模預測等等，內容綱要摘記如下：
第1章 摘要
第2章 前言
第3章 經濟性要素
- 前言
- 加入歐盟後中東歐的經濟發展
- 目前中東歐各國的經濟動向
- 2002 年以後調查三國的 GDP 成長
- 2001 年下跌以後，股票市場的復甦
- 與西歐各國比較，中東歐走向儲蓄與均富
- 資料表
第4章 市場概要
- 前言
- 中東歐成年人口中的富裕階層
- 波蘭與匈牙利極富裕階層的成長
- 各國中產階級
- 波蘭投資人的投資額領先鄰國
- 資料表
第5章 競爭動向
- 前言
- 中東歐的金融業由海外策略性投資人支配
- 匈牙利：認知市場有擴大的可能後，針對民間金融客戶的競爭開始提高
- 波蘭：財富管理部門的競爭已經白熱化，未來將面對更大規模的整合
- 捷克：民間金融客戶是最具魅力的市場
第6章 顧客動向與需求
- 前言
- 匈牙利：保守的顧客與官僚制度阻礙新民間金融產品的開發
- 波蘭：民間金融產品的新研發慢慢聚集力量
- 捷克：投資人慎重，需求低，因此妨礙「真正的」民間金融服務發展
第7章 未來的市場開發
- 前言
- 匈牙利：強勁的經濟成長，刺激中產階級與極富裕層擴張
- 波蘭
- 捷克
- 資料表
第8章 附錄
Abstract
Overview
Introduction
Central and Eastern European Wealth Management 2005 sizes the mass affluent
and high net worth markets across Hungary, the Czech Republic and Poland,
investigating the major competitive trends. It also provides extensive
forecasts for the mass affluent and high net worth sectors through 2007,
allowing the reader to understand both the current state and future potential
of the specific countries.
Scope
- Report covers the Czech Republic, Hungary and Poland
- Onshore liquid wealth is segmented into nine asset bands, from EUR50,000
to 3,000,000+ from 2000 to 2004 and forecasts to 2009
- The macroeconomic and savings and investment data was collected directly
from governmental sources such as the Czech National Bank
- Sizing and forecasting of mass affluent and high net worth individuals
were generated from Datamonitor's proprietary Global Wealth Model
Report Highlights
In 2004, wealthy clients accounted on average for 1.5 per cent of total adult
population in Hungary, Poland and the Czech Republic. Within this, on average
0.1 per cent were represented by high net worth individuals, while on average
1.4 per cent of the total population fell within the mass affluent category.
Poland is the country where the Italo-German merger has the potential to
drastically change the domestic banking landscape, with HVB being the core
shareholder of the country's third largest bank - Bank BPH - and UniCredit
controlling the number two - Bank Pekao. The potential amalgamation will
result in the emergence of a new market leader.
The 'private banking' offerings of many Czech banks rarely meet the criteria
set for such services in the West. Providers often offer their clients
standard products through personal bankers who 'skip' the counters when
serving wealthy clients. This approach is sometimes called the 'red carpet'
treatment, instead of its true name - premium banking.
Reasons to Purchase
- This report forecasts the market to 2009, allowing competitors to plan
strategies on the basis of detailed market information
- Allows wealth managers to monitor threats and opportunities posed by their
main competition
- Determines which CEE countries are most attractive in terms of the size
and composition of their potential market
Table of Contents
- CHAPTER 1 EXECUTIVE SUMMARY
- Economic factors
- Hungary
- Poland
- The Czech Republic
- Market context
- Competitive developments
- Hungary
- Poland
- The Czech Republic
- Client trends and needs
- Hungary
- Poland
- The Czech Republic
- Future market developments
- Hungary
- Poland
- The Czech Republic
- CHAPTER 2 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- CHAPTER 3 ECONOMIC FACTORS
- Introduction
- Economies in the examined CEE states have witnessed healthy growth
following the EU accession
- Overview of the current economic situation in each of the examined CEE
states
- Hungary - the lack of fiscal discipline may threaten the planned
introduction of the Euro in 2010
- Poland - political differences may delay the introduction of the
Euro to 2012
- The Czech Republic - record low interest rates are boosting credit
expansion
- GDP growth in all three countries has been strong since 2002
- Stock markets have recovered well following the declines of 2001
- On average, CEE citizens save more and enjoy more equal distribution of
wealth than people in Western European countries
- National savings ratios are relatively high in all three countries
- According to the Gini Index, the distribution of wealth in the Czech
Republic is more equal than in other CEE states
- Data tables
- CHAPTER 4 MARKET CONTEXT
- Introduction
- Wealthy customers account for a tiny proportion of adult population in
the examined Central & Eastern European markets
- In terms of onshore liquid assets, Poland has the most potential
- The Polish HNW market may be the most populous, but the Hungarian HNW
market is showing the most growth potential
- The number of HNWs in Hungary and the value of their assets has
registered strong and consistent growth since 1999
- The number of HNW customers in Poland and the value of their assets
have experienced a slow down in growth levels in recent years
- The number of HNWs in the Czech Republic has grown more modestly
- Mass affluent by country
- The number of mass affluent customers in Hungary and the value of
their assets has grown strongly since 2002
- Polish mass affluents and their assets suffered during 2001-2002
period but recovered strongly in recent years
- The recent growth of mass affluent segment in the Czech Republic has
been more subdued than in the neighboring CEE countries
- Polish investors are ahead of their neighbours where the value of their
investments is concerned
- The vast majority of Hungarian investors prefer retail deposits to
other investment products
- Polish retail investors have much more diversified portfolios than
their CEE neighbors
- Retail investors in the Czech Republic remain the most conservative
among their neighbors
- Data tables
- HNW tables
- Mass affluent tables
- Retail savings and investments data tables
- CHAPTER 5 COMPETITIVE DEVELOPMENTS
- Introduction
- The CEE banking landscape is dominated by strategic foreign investors
- HVB/UniCredit merger will drastically transform the CEE banking
landscape
- The biggest effect of the merger will be felt in the Polish banking
market
- Hungary - a recognition of the market's growth potential has resulted in
fierce competition for private banking clients
- A period of further consolidation is likely for the Hungarian banking
sector
- The private banking landscape is dominated by subsidiaries of
international banks
- Raiffeisen Bank is the undisputed private banking leader
- The Hungarian private banking market is becoming increasingly crowded
- Poland - already hotly contested wealth management sector faces further
consolidation
- Recent consolidation has led to domination by foreign competitors
- Relative underdevelopment of the private banking sector offers
considerable future potential
- Private banking pioneer, BRE Bank, is still the strongest competitor
in the sector
- The Czech Republic - private banking client segment is considered to be
the most attractive in the CEE
- Foreign competitors enjoy a position of complete domination in the
Czech banking market
- Established private banking subsidiaries are being challenged by
specialized niche players
- Foreign competitors also dominate the domestic private banking sector
- CHAPTER 6 CLIENT TRENDS AND NEEDS
- Introduction
- Hungary - conservative clients and bureaucracy inhibit the development
of potential new private banking products
- Private banks' rather unimaginative offerings reflect conservative
mentality of Hungarian investors
- International investment products are expected to become more popular
- Offshore services have not yet taken off
- 'Private banking' services are often misrepresented
- Few players specifically target higher mass-affluent segment
- High yields and low costs have attracted foreign competitors to the
domestic investment fund sector
- High fees may inhibit foreign players' success following the
introduction of the Euro
- Customer segmentation - art investors represent a promising private
banking client niche in Hungary
- Other customer niches are also attracting attention....
- Poland - innovative private banking product development is slowly
gathering momentum
- The nature of Polish banking clients mean that private banking is
primarily oriented towards the active management of funds
- The majority of services offered to wealthy Poles do not fall under
the remit of 'private banking' services
- Very few providers offer 'true' private banking services to their
wealthy clients
- The traditional private banking market place is dominated by foreign
players
- Increasing sophistication of clients is benefiting new private banking
product and services development
- Asset management products are gathering momentum
- A recent new tax legislation has sparked off the development of
tax-efficient investment vehicles
- Hedge funds have also made an appearance
- Financial advisory services offering is also expanding
- Customer acquisition - targeting the attractive self-employed segment
is proving challenging
- The Czech Republic - the lack of demand from cautious investors has
hindered the development of 'true' private banking services
- The majority of wealthy Czechs are largely content with traditional
banking products
- Few Czech clients are able to take advantage of 'true' private banking
services
- The threshold levels for various private banking offerings vary from
EUR50,000 to EUR0.5m
- Many competitors supplement their private basic banking offering by
additional non-financial services
- 'True' private banking product innovation developments are somewhat
thin on the ground
- Customer acquisition - regional expansion looks like the way forward
- CHAPTER 7 FUTURE MARKET DEVELOPMENTS
- Introduction
- Hungary - strong economic performance will stimulate the growth of mass
affluent and high net worth wealth
- Hungary's macro-economic drivers are forecast to perform solidly over
the next five years
- Hungarian mass affluents in the lowest asset band will continue to
dominate the market in terms of the number of individuals
- The richest high net worths in Hungary will account for the biggest
proportion of total onshore liquid wealth by 2009
- Poland
- Poland's real GDP will experience slower annual growth but other
macro-economic indicators will remain strong
- Mass affluents with EUR150K-EUR300K in onshore liquid assets
represents the customer group with most potential
- Polish HNWs in the lowest asset band will dominate the market in terms
of individuals, but the majority of the wealth will continue to be held by
the richest investors
- The Czech Republic
- Czech macro-economic indicators will show steady but consistent growth
over the next five years.
- The fastest growing asset group is forecast to be represented by the
richest mass affluent individuals in the Czech Republic
- The richest high net worth individuals will represent the best
performing asset band in terms of onshore liquid wealth growth in the
Czech Republic
- Data tables
- Hungary
- Poland
- The Czech Republic
- CHAPTER 8 APPENDIX
- Methodology
- Global Wealth Model methodology
- The UK sub model
- European sub model
- Forecasting methodology
- Continuous refinement to the understanding of liquid wealth
distribution
- Specific changes to data this year
- Datamonitor's wealth numbers compared with other wealth numbers
- Definitions
- CAGR
- HNW
- Liquid assets
- Mass affluent
- Mass market
- Further Reading
- Datamonitor Global Wealth Service SPP: Reports
- Datamonitor Global Wealth Service SPP: Insight Reports
- Datamonitor Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP: Reports
- Datamonitor Savings & Investments SPP: Reports & Briefs
- Asset Management and Funds
- Offshore Financial Services
- Retail Savings and Investments
- Datamonitor Savings, Investments and Protection SPP: Interactive Models
- SPP writing team
- List of Tables
- Table 1: Income inequality, as measured by Gini index and income
distribution, 1999-2003
- Table 2: Real GDP growth 1999-2004
- Table 3: Stock exchange performance (as measured by major index),
1999-2004
- Table 4: Stock exchange performance year-on-year growth (as measured
by major index), 2000-2004
- Table 5: National savings ratio, 2000-2007f
- Table 6: The number of HNW individuals in Hungary
- Table 7: The value of HNW onshore liquid assets in Hungary
- Table 8: The number of HNW individuals in Poland
- Table 9: The value of HNW onshore liquid assets in Poland
- Table 10: The number of HNW individuals in the Czech Republic
- Table 11: The value of HNW onshore liquid assets in the Czech Republic
- Table 12: The number of mass affluent individuals in Hungary
- Table 13: The value of mass affluent assets in Hungary
- Table 14: The number of mass affluent individuals in Poland
- Table 15: The value of mass affluent onshore liquid assets in Poland
- Table 16: The number of mass affluent individuals in the Czech Republic
- Table 17: The value of mass affluent onshore liquid assets in the
Czech Republic
- Table 18: Retail savings & investments balances in Poland
- Table 19: Retail savings and investments balances in Hungary
- Table 20: Retail savings & investments balances in the Czech
Republic
- Table 21: Overview of the banking sector indicators in the examined
CEE states, 2004
- Table 22: HVB and UniCredit-controlled institutions in the examined
CEE states
- Table 23: Top banks in the Hungarian market, 2004
- Table 24: Top banks in the Polish market, 2004
- Table 25: Top banks in the Czech market, 2004
- Table 26: Selected wealth management offerings in the Hungarian
market, 2005
- Table 27: Selected wealth management offerings in the Polish market,
2005
- Table 28: Selected wealth management offerings in the Czech market,
2005
- Table 29: Hungarian macro-economic drivers forecasts, 2004-2009f
- Table 30: Polish macro-economic forecasts, 2004-2009f
- Table 31: Macro-economic forecasts for the Czech Republic, 2004-2009f
- Table 32: Forecasts for the number of Hungarian mass affluent
individuals and the value of their onshore liquid assets, 2004-2009f
- Table 33: Forecasts for Hungarian HNW individuals and the value of
their onshore liquid assets, 2004-2009f
- Table 34: Forecasts for Polish mass affluent individuals and the value
of their onshore liquid assets, 2004-2009f
- Table 35: Forecasts for Polish high net worth individuals and the
value of their assets, 2004-2009f
- Table 36: Forecast for Czech mass affluent individuals and the value
of the assets, 2004-2009f
- Table 37: Forecasts for Czech high net worth individuals and the value
of their onshore liquid assets, 2004-2009f
- List of Figures
- Figure 1: Poland represented the most promising wealth management
market in terms of total retail onshore liquid assets in 2004
- Figure 2: In terms of retail savings & investments balances,
Poland is far ahead of its CEE neighbors
- Figure 3: GDP growth in Central and Eastern European countries
continues to be relatively strong, 1999-2004
- Figure 4: The Budapest Stock Exchange has fared best in recent years
in terms of year-on-year growth levels, 2000-2004
- Figure 5: National savings ratios are forecasted to increase in all
three countries
- Figure 6: Wealthy customers account for a tiny proportion of the total
adult population in the examined CEE markets
- Figure 7: Poland represented the most promising wealth management
market in terms of total retail onshore liquid assets in 2004
- Figure 8: The number of HNW customers in Hungary has been growing
strongly since 1999
- Figure 9: The value of HNW liquid assets in Hungary has been rising
particularly strongly in recent years
- Figure 10: The number of HNW individuals in Poland has been increasing
on average by 12.1% each year since 1999
- Figure 11: The value of Polish HNW onshore liquid assets has been
increasing by an average of 11.5% each year since 1999
- Figure 12: The number of HNW individuals in the Czech Republic has
been increasing on average by 9.4% each year since 1999
- Figure 13: The value of HNW onshore liquid assets in the Czech
Republic has been growing by an average of 8.8% each year since 1999
- Figure 14: The number of mass affluent customers in Hungary has been
increasing on average by 11.1% each year since 1999
- Figure 15: The value of mass affluent onshore liquid assets in Hungary
has been increasing on average by 11.7 per cent each year since 1999
- Figure 16: The number of mass affluent Poles has been growing on
average by 9.1% each year since 1999
- Figure 17: The value of mass affluent onshore liquid assets in Poland
has shown strong recovery since 2002
- Figure 18: The number of mass affluent individuals in the Czech
Republic has registered strong increases since 2002
- Figure 19: The value of mass affluent liquid assets in the Czech
Republic has increased strongly following the downturn of 2002
- Figure 20: In terms of retail savings & investments balances,
Poland is far ahead of its CEE neighbors
- Figure 21: Retail mutual funds are more popular among Hungarian
investors than direct equity investments
- Figure 22: Retail deposits and direct bond investments have decreased
in popularity among Polish investors since 1999
- Figure 23: Czech investors are fairly conservative, strongly
preferring retail deposits ahead of other investment products
- Figure 24: The number of mass affluent Hungarian is forecast to
increase by 7% on average each year to 2009
- Figure 25: The value of Hungarian mass affluent liquid assets is
expected to grow by 7.7% per year on average to 2009
- Figure 26: The number of Hungarian HNW individuals is forecast to
increase on average by 7.8% each year to 2009
- Figure 27: The value of Hungarian HNW onshore liquid assets will
increase strongly, growing by 8.6% on average each year to 2009
- Figure 28: The number of Polish mass affluent individuals is forecast
to increase on average by 7.8 per cent each year to 2009
- Figure 29: Onshore liquid assets of mass affluent Poles are forecasted
to increase on average by 8.5 per cent each year to 2009
- Figure 30: The number of HNW individuals in Poland is expected to grow
on average by 8.7 per cent each year to 2009
- Figure 31: The value of onshore liquid asset held by Polish HNW
customers is forecast to grow on average by 9.5 per cent each year to 2009
- Figure 32: The number of Czech mass affluent individuals is forecast
to increase on average by 6 per cent each year to 2009
- Figure 33: The value of mass affluent onshore liquid wealth in Poland
is forecast to increase by 6.8 per cent on average each year to 2009
- Figure 34: The number of Czech high net worth individuals is forecast
to increase on average by 7 per cent each year to 2009
- Figure 35: The wealth of Czech high net worth customers will grow by
7.8 per cent on average each year to 2009
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