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市場調查報告書

英國的資產市場:規模的檢測與市場機會

Wealth in the UK: Sizing the Market Opportunity 2017

出版商 GlobalData 商品編碼 354449
出版日期 內容資訊 英文 58 Pages
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英國的資產市場:規模的檢測與市場機會 Wealth in the UK: Sizing the Market Opportunity 2017
出版日期: 2017年03月14日 內容資訊: 英文 58 Pages
簡介

本報告以英國的資產及零售儲蓄 (零售儲蓄) ·投資市場上之高淨值投資者(HNW) (富裕階級) 市場區隔為焦點加以分析,提供您富裕階級市場規模的檢測,英國的投資者偏好的資產類別分析及其偏好對儲蓄·投資市場成長帶來的影響,並彙整非流體投資的高淨值投資者(HNW)客戶之態度分析等相關資料。

摘要整理

英國資產市場上規模的檢測與預測

  • 英國主要是境內市場,但也有重要的海外商務
  • 境內市場的成長由高淨值投資者(HNW) (富裕階級) 市場部門所促進

英國的資產市場的促進因素

  • 零售儲蓄·投資的成長率鈍化,但未來仍維持Plus
  • 零售存款 (小額存款) 超過GDP·平均名目工資
  • 零售債權投資雖然僅佔英國零售儲蓄的極小部分,但由於低通貨膨脹成長促進
  • 未來股票價格實際成果的不確定性在抑制股票持有的同時,更促使投資信託取代股票持有

高淨值投資者(HNW) (富裕階級) 的投資趨勢

  • 英國的高淨值投資者(HNW)有強烈的傾向喜歡有流體的投資
  • 加上境內的組合,23.5%英國的高淨值投資者(HNW)海外持有資產

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目錄

"Wealth in the UK: Sizing the Market Opportunity 2017" analyzes the UK's wealth and retail savings and investments markets, with a focus on the HNW segment. The report is based on our proprietary datasets.

Despite the surprising result of the Brexit referendum and a slowing economy, the UK's liquid assets grew by over 8% in 2016, the highest growth rate since the end of the financial crisis. Growth continues to be driven mainly by mutual funds, which performed well despite the volatility, as fund managers were able to capitalize on the opportunities provided by the UK stock market. With low interest rates, UK investors may be showing growing demand for well-performing funds. However, as the country's economy faces the challenges of lower GDP expansion and growing inflation, future growth will remain muted. Wealth managers will still be able to find opportunities to grow their business, with demand for tax and estate planning advice remaining high as the government continues to fiddle with tax or pensions regulations.

Specifically, the report -

  • sizes the affluent market (both by the number of individuals and value of their liquid assets) using GlobalData's proprietary datasets
  • analyzes which asset classes are favored by UK investors and how their preferences impact the growth of the total savings and investments market
  • examines HNW clients' attitudes towards non-liquid investments, such as property and commodities
  • identifies key drivers and booking centers for offshore investments

Scope

  • Affluent individuals represent less than 29% of the UK population but hold 91.8% of the UK's liquid assets.
  • UK wealth is concentrated mainly in London and the South East, and the unequal wealth distribution is unlikely to change during the period of economic slowdown.
  • 48.4% of UK savings are held in deposits (mostly in instant access accounts), but the solid performance of mutual funds has been attracting inflows to this asset class.
  • Despite holding 11% of their investment portfolios in commodities, property, and alternatives, the UK's wealthiest individuals show a strong preference for liquid products.
  • Tax efficiency remains the main driver for HNW individuals opting to offshore wealth, with the Isle of Man and Ireland being the preferred booking centers.

Reasons to buy

  • Benchmark your share of the UK wealth market against the current market size.
  • Forecast your future growth prospects using our projections for the market to 2020.
  • Identify your most promising client segment by analyzing the penetration of affluent individuals in the UK - both at country and regional level.
  • Evaluate your HNW proposition by understanding how the ever-changing UK tax system affects your HNW clients.
  • Review your offshore strategy by learning about HNW motivations for offshore investments and their preferred booking centers.

Table of Contents

Table of Contents

  • EXECUTIVE SUMMARY 2
  • 1.1. Growth in the UK will be muted after a strong 2016 2
  • 1.2. Key findings 2
  • 1.3. Critical success factors 2
  • 2. SIZING AND FORECASTING THE UK WEALTH MARKET 8
  • 2.1. The UK has a major offshore business 8
  • 2.2. Growth in the onshore market is driven by the HNW segment 9
  • 2.2.1. The UK affluent market remains the fourth largest in the world 9
  • 2.2.2. Affluent individuals represent 28.9% of the adult population 10
  • 2.2.3. The affluent population holds 91.8% of retail liquid assets, with the wealthiest set to record the strongest growth 11
  • 2.2.4. The UK's onshore wealth is concentrated in London and the South East 13
  • 3. DRIVERS OF GROWTH IN THE UK WEALTH MARKET 14
  • 3.1. 2016 saw the highest growth in retail savings and investments since the financial crisis 14
  • 3.1.1. The total value of savings and investments in the UK will exceed £3tn in 2018 14
  • 3.1.2. Deposits account for 48.4% of the total market 15
  • 3.1.3. Mutual funds will continue to drive growth 17
  • 3.2. Retail deposits have outperformed GDP 18
  • 3.2.1. After a strong 2016, shrinking real rates of return will limit future growth 18
  • 3.2.2. Net inflows have been the primary driver for standard deposit growth 19
  • 3.2.3. UK savers prefer instant access accounts to time deposits 19
  • 3.3. Bonds account for only a fraction of UK retail savings, and inflation will limit future growth 20
  • 3.4. Uncertainty regarding future stock market performance is restraining equity holdings but boosting mutual funds 22
  • 3.4.1. Fueled by the weak pound, the FTSE 100 reached record levels in 2016 22
  • 3.4.2. The performance of the stock market has had a direct impact on equities and mutual funds 23
  • 3.4.3. Mutual funds are relatively well diversified, which shields performance from the vagaries of the stock market 25
  • 4. HNW INVESTMENT PREFERENCES 27
  • 4.1. UK HNW individuals show a strong preference for liquid investments 27
  • 4.1.1. UK HNW investors have switched from direct property to ETFs 27
  • 4.1.2. The wealthiest UK individuals are once again turning their attention to hedge funds 27
  • 4.2. In addition to their onshore portfolios, UK HNW individuals hold 22.7% of their wealth offshore 28
  • 4.2.1. Tax efficiency remains the number one motivation for offshore investment 29
  • 4.2.2. The Isle of Man and Ireland are the primary booking centers for UK HNW offshore wealth 34
  • 5. APPENDIX 38
  • 5.1. Abbreviations and acronyms 38
  • 5.2. Supplementary data 38
  • 5.3. Definitions 49
  • 5.3.1. Affluent 49
  • 5.3.2. Domicile 49
  • 5.3.3. DTC 49
  • 5.3.4. Exchange of information 49
  • 5.3.5. FATCA 50
  • 5.3.6. HNW 50
  • 5.3.7. Liquid assets 50
  • 5.3.8. Mass affluent 51
  • 5.3.9. Mass market 51
  • 5.3.10. Net inflows 51
  • 5.3.11. Onshore 51
  • 5.3.12. Performance/interest growth 52
  • 5.3.13. Residency 52
  • 5.3.14. TIEAs 52
  • 5.4. Methodology 52
  • 5.4.1. GlobalData's 2016 Global Wealth Managers Survey 52
  • 5.4.2. Global Wealth Model methodology 53
  • 5.4.3. UK Retail Savings and Investments Methodology 53
  • 5.4.4. Exchange rates 54
  • 5.5. Bibliography 54
  • 5.6. Further reading 56

List of Tables

List of Tables

  • Table 1: UK Income tax rates 31
  • Table 2: Dividend tax rates 32
  • Table 3: Capital gains tax rates for individuals 32
  • Table 4: Stamp Duty Land Tax rates 33
  • Table 5: Land and buildings transaction tax rates in Scotland 33
  • Table 6: Annual tax on enveloped dwellings rates 34
  • Table 7: Total retail resident and non-resident deposits (£bn), 2006-16 38
  • Table 8: Total retail resident and non-resident deposits (£bn), 2006-16 38
  • Table 9: Total UK adult population by pound sterling asset bands (000s), 2010-15 39
  • Table 10: Forecast total UK adult population by pound sterling asset bands (000s), 2016e-20f 40
  • Table 11: Total UK adult population by US dollar asset bands (000s), 2009-15 41
  • Table 12: Forecast total UK adult population by US dollar asset bands (000s), 2016e-20f 42
  • Table 13: Total UK onshore liquid wealth by asset band (£bn), 2010-15 43
  • Table 14: Forecast total UK onshore liquid wealth by asset band (£bn), 2016e-20f 44
  • Table 15: Total UK onshore liquid wealth by asset band ($bn), 2010-15 45
  • Table 16: Forecast total UK onshore liquid wealth by asset band ($bn), 2016e-20f 46
  • Table 17: Total UK onshore liquid assets by region and affluent segment (£bn), 2016 47
  • Table 18: UK retail savings and investments by asset class ($m), 2010-15 47
  • Table 19: Forecast UK retail savings and investments by asset class ($m), 2016e-20f 48
  • Table 20: Net inflows and interest performance of UK retail deposits excluding cash ISAs (£m), 2007-16 48
  • Table 21: Net inflows and performance gains of UK retail equities (£m), 2007-16 48
  • Table 22: Net inflows and performance gains of UK mutual funds (unit trusts, OEICs, and investment trusts) (£m), 2007-16 48
  • Table 23: Pound sterling-US dollar exchange rate, December 31, 2015 and December 31, 2016 54

List of Figures

List of Figures

  • Figure 1: Non-resident deposits accounted for 41.7% of the UK retail deposit market in 2016 8
  • Figure 2: HNW individuals account for 0.69% of the UK adult population, making the big opportunity mass affluent-focused 10
  • Figure 3: The affluent population hold 91.8% of retail liquid assets in the UK 12
  • Figure 4: London and the South East account for 29.2% of onshore affluent liquid assets in the UK 13
  • Figure 5: The value of UK retail savings and investments increased by more than 8% in 2016 15
  • Figure 6: Deposits account for half of the UK retail savings and investments market 16
  • Figure 7: Mutual funds will be growing faster than any other savings or investment products 17
  • Figure 8: Retail deposits have shown strong growth, outperforming GDP 18
  • Figure 9: 2016 saw record-high inflows into deposits as savers shifted from ISA accounts to regular bank products 20
  • Figure 10: Higher inflation will limit growth in direct retail bond investments 21
  • Figure 11: As of December 2016, the oil and gas industry is the top industry in the FTSE 100 index 22
  • Figure 12: Retail mutual fund and equity investments correlate strongly with the performance of the UK stock market 23
  • Figure 13: Stock market volatility has had a negative effect on direct retail equity investments 24
  • Figure 14: UK mutual funds have been continuously attracting new money 25
  • Figure 15: Mutual funds in the UK are predominantly invested in equities 26
  • Figure 16: Outside traditional assets, property ETFs and hedge funds are the most notable components of UK HNW portfolios 28
  • Figure 17: UK HNW individuals hold 22.7% of their portfolios offshore 29
  • Figure 18: Tax is the key driver of offshore investment among UK HNW individuals 30
  • Figure 19: The Isle of Man and Ireland combined host almost half of UK HNW offshore wealth 35
  • Figure 20: The UK has DTCs and TIEAs with a number of global offshore centers 36
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