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市場調查報告書

美國的資產市場:規模的測量與市場機會

Wealth in the US: Sizing the Market Opportunity

出版商 Verdict Financial 商品編碼 356445
出版日期 內容資訊 英文 39 Pages
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美國的資產市場:規模的測量與市場機會 Wealth in the US: Sizing the Market Opportunity
出版日期: 2016年04月23日 內容資訊: 英文 39 Pages
簡介

美國為全球最大的資產市場,以高度發展的投資信託為首,提供各種金融服務。國民多有金融資產相關知識,積極投資股票和投資信託。美國的成人總人口中「中產以上」(有5萬美元以上的流動資產者) 的比率也達到約2/3。這與全球第二大市場歐洲的相比(20.1%),可說是非常高的比率。還有富裕階級 (流動資產100萬美元以上) 的人數也達到總人口的1.8%,預計以每年7%左右的速度增加。

本報告提供美國的資產市場相關分析,中產以上者 (Affluent individuals) 及富裕階級 (高淨值投資者(HNW)) 的人口和流動資產總額趨勢,存款、資產投資的偏好和想法,非流動資產 (避險基金、不動產、商品等) 的想法,主要的推動及阻礙市場要素,今後的市場趨勢預測等相關調查。

摘要整理

  • 分析的要點
  • 主要的成功因素

美國的資產市場規模與其預測

  • 美國的中產以上者,達到成人總人口的約2/3
    • 富裕階級 (高淨值投資者(HNW)) 的投資者達到整體市場的1.8%,一年比一年富裕
  • 流動資產總額的增加率,每年激烈變動
    • 中產以上的投資者的資產額大幅度增加,帶給資產管理企業巨大的市場機會
    • 富裕階級保有流動資產的1/3市場,其比率年年上升

美國的資產管理市場的促進成長要素

  • 2015年的市場成長率低迷,今後5年其趨勢將不變
    • 美國市場,股票、投資信託的比重非常大
    • 債權市場也正逐漸復活,不過,市場上股票、投資信託的比重至今仍重
  • 存款總額,受到緩慢的通貨膨脹和利率上升的恩惠,減速並踏實增加
    • 通貨膨脹率緩慢上升,和利率的窄幅提升,都幾乎沒有影響存款市場
    • GDP成長,只要不喚起實際工資率的上升和消費考量,對存款分配影響不強
  • 存款、股票、投資信託,更強力連結股市的整體趨勢
    • 近幾年有停頓趨勢美國的股票市場規模,2016年在艱難中起步
    • 由於量的緩和 (QE) 和零利率政策的影響消失,個人債權市場自2016年開始急速成長
    • 股市的業績也直接影響股票、投資信託

富裕階級對投資的偏好

  • 傳統投資富裕階級的可運用資產的28.1%,投入不同的領域
    • 避險基金:富裕階級中最受歡迎的非流動資產
  • 富裕階級的總資產的6.1%,投入委外市場
    • 「客戶的匿名性」、「節稅效果」,是海外投資的最大的推動因素
    • 英國和日本,是最受美國的富裕階級歡迎的金融中心

附錄

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目錄
Product Code: VF0111CI

Summary

The US is home to the largest affluent population in the world and hosts a very advanced financial services sector, including the most sophisticated mutual fund and equity markets globally. The large affluent population is financially literate with high retail participation in both equities and mutual funds. US wealth managers thus have a lucrative target market onshore. In the future, growth in the affluent population's liquid assets will be pronounced compared to other developed economies. At the end of 2015, nearly two thirds of the US adult population was considered affluent, making the US home to the largest affluent population in the world. This compares very favorably to Western Europe, the second-largest wealth market in the world, where only 20.1% of the population is considered affluent.

Key Findings

  • High net worth (HNW) individuals account for 1.8% of the US population, and their numbers are expected to swell by nearly 7% year-on-year to 2019. Ultra-high net worth individuals (those with over $10m in assets) are expected to increase by over 10%.
  • The US retail investments market remains buoyant, but growth slowed significantly throughout 2014 and 2015, largely due to outflows of equities following a bumper year for the stock market in 2013. Against an uncertain economic backdrop, bonds are already bouncing back and are predicted to record 4% year-on-year growth to 2019.
  • HNW individuals are now allocating 28.1% of their investible assets outside of traditional investments, with hedge funds the most popular alternative option in 2015 and private equity a relatively close second.
  • Offshore investment continues to decrease (now at 6.1%) following the onset of the Foreign Account Tax Compliance Act (FATCA), with client anonymity and tax efficiency the key drivers.

Synopsis

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

Specifically the report:

  • Sizes the affluent market (both by the number of individuals and value of their liquid assets) using our proprietary datasets.
  • Analyzes which asset classes are favored by American retail 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 hedge funds, property, and commodities.
  • Identifies key drivers and booking centers for offshore investments by HNW clients.

Reasons To Buy

  • Benchmark your share of the US wealth market against the current size of the market.
  • Forecast your future growth prospects using our projections for the market to 2019.
  • Identify your most promising client segment by analyzing penetration of affluent individuals in the US.
  • Evaluate your HNW proposition by understanding how FATCA is affecting your HNW clients.
  • Review your offshore strategy by learning HNW motivations for offshore investments and their preferred booking centers.

Table of Contents

EXECUTIVE SUMMARY

  • Key findings
  • Critical success factors

SIZING AND FORECASTING THE US WEALTH MARKET

  • Affluent individuals in the US account for nearly two thirds of the adult population
    • HNW investors account for 1.8% of the market, and the very rich will get richer
  • Overall growth of total liquid assets has been highly variable in recent years
    • Wealth held by affluent investors has risen robustly, providing wealth managers with ample opportunities
    • US HNW individuals hold over one third of total liquid assets, a share that will rise

DRIVERS OF GROWTH IN THE US WEALTH MARKET

  • 2015 saw growth stagnate, and this is unlikely to change over the next five years
    • The US market is heavily weighted towards equity and mutual funds
    • The bond market will rise again, but the market will remain weighted to mutual funds and equities
  • Deposits will see slightly slower but steadier growth, supported by benign inflation and higher interest rates
    • A moderate rise in inflation and small interest rate hikes will have little effect on the deposit market
    • GDP growth is also unlikely to strongly affect deposit allocations, especially if there is no real wage upturn on the horizon to kick-start consumer spending
  • Bonds, equities, and mutual funds are more closely aligned with the fortunes of the stock market
    • The US stock market has struggled to add value in recent years and has had a rough start to 2016
    • Retail bonds are set to grow significantly in 2016 as the effects of QE and the zero interest rate policy diminish
    • The performance of the stock market also has a direct impact on equities and mutual funds

HNW INVESTMENT PREFERENCES

  • HNW individuals allocate 28.1% of their investible assets outside of traditional investments
    • Hedge funds are the most popular HNW illiquid asset
  • HNW individuals hold 6.1% of their assets offshore
    • Client anonymity and tax efficiency are the biggest drivers of offshore investment
    • The UK and Japan are now the most popular booking centers for US HNW individuals

APPENDIX

  • Abbreviations and acronyms
  • Supplementary data
  • Definitions
    • Affluent
    • Bonds
    • Cash
    • Deposits
    • Domicile
    • Equities
    • Exchange of information
    • FATCA
    • HNW
    • Liquid assets
    • Mass affluent
    • Mutual funds
    • Onshore
    • Residency
  • Methodology
    • Verdict Financial's 2015 Global Wealth Managers Survey
    • Global Retail Investments Analytics methodology
  • Bibliography
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: Income tax rates and income bands for 2016
  • Table 2: US: number of affluent individuals by asset band (000s), 2011-15
  • Table 3: US: number of affluent individuals by asset band (000s), 2016e-19f
  • Table 4: US: value of liquid assets held by affluent individuals by asset band ($bn), 2011-15
  • Table 5: US: value of liquid assets held by affluent individuals by asset band ($bn), 2016e-19f

List of Figures

  • Figure 1: 62% of the total US population is affluent, which represents the world's largest wealth opportunity
  • Figure 2: HNW and mass affluent individuals account for almost all onshore US liquid assets
  • Figure 3: The US retail savings and investments market will stagnate over the forecast period
  • Figure 4: Equity and mutual fund holdings account for 67.3% of the total onshore market
  • Figure 5: The US market is heavily weighted towards equity and mutual funds
  • Figure 6: Deposits will see steadier growth, adding $2.46tn over four years
  • Figure 7: IT and financial services account for 37% of the NYSE Composite Index
  • Figure 8: Retail bond holdings will see strong growth in 2016
  • Figure 9: Mutual funds and equities mirror the NYSE Index
  • Figure 10: US retail mutual funds are heavily weighted in equities
  • Figure 11: Direct property investments are the most popular asset outside traditional liquid allocations among US HNW investors
  • Figure 12: US HNW individuals allocate 6.1% of their wealth offshore
  • Figure 13: Client anonymity is the primary reason HNW clients offshore wealth
  • Figure 14: The UK and Japan are now the booking centers of choice for US HNW citizens
  • Figure 15: FATCA agreements have been signed across the world
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