Marktanalyse - HNWI Asset Allocation in France to 2015

Synopsis
This report is the result of Wealth Insight’s extensive research covering the HNWI population and wealth management industry in France. It provides detailed figures on the current and expected HNWI asset allocations of French HNWIs to 2015.

Summary
This report provides the latest asset allocations of French HNWIs. The report also includes projections of the volume, wealth and asset allocation of French HNWIs to 2015 and a comprehensive and robust background of the local economy, including, uniquely, detailed analysis of economic and political risks to HNWI wealth creation.

Scope
The report features:
• Independent market sizing of French HNWIs
• Volume, wealth and allocation trends from 2007 to 2011
• Volume, wealth and allocation forecasts to 2015
• Insights into the drivers of HNWI wealth

Reasons 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 up to one hundred data-points on over 100,000 HNWIs from around the world. It also includes profiles on major private banks, wealth managers and family offices in each country. 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.
• Comprehensive forecasts to 2015.

Key Highlights
• As of 2011, there are just over 555,000 HNWIs in France, with a combined wealth of around US$2 trillion, accounting for roughly 16% of France’s total wealth.
• In 2011, real estate is the largest asset class for HNWIs in France, accounting for 24% of total HNWI assets, followed by fixed income, business interests, equities, cash and alternatives.
• Fixed income and cash holdings were the best performing asset classes over the review period, driven by flight to safety during and after the global financial crisis. Against international norms, the share of HNWIs assets held in real estate also increased substantially over the review period, as the French real estate market outperformed global markets.

Table of Contents

1 Introduction

1.1 What is this Report About?

2 Executive Summary

3 Wealth Sector Fundamentals

3.1 Political Background to the Wealth Sector

3.2 Economic Background to the Wealth Sector

3.3 Benchmarking French Wealth in Context

3.3.1 Distribution of Wealth

4 Analysis of French HNWI Investments

4.1 Analysis by Asset Classes

4.1.1 Changing Trends in Liquid Assets — Equity, Fixed Income and Cash and Deposits

4.1.2 Trends in Alternative Assets

4.1.3 Trends in 'Art, Wine and Wheels”

4.1.4 Trends of Investments in Real Estate

4.1.5 Trends of Investments in Cash and Deposits

4.1.6 Trends of Investments in Fixed Income

4.1.7 Trends of Investments in Equity

4.1.8 Trends of Investments in Business Interest

4.2 Analysis of Foreign Investments

4.2.1 Trend of Investments in Rest of Europe

4.2.2 Trend of Investments in Asia-Pacific

4.2.3 Trend of Investments in North America

4.2.4 Trend of Investments in Latin America, the Middle East and Africa

4.3 Analysis of French Ultra HNWI Investments

4.4 Case Study: Non-resident real estate investment in the French Riviera

4.5 Case Study: Luxury goods in France

5 Appendix

5.1 Major Cities and Departments in France

5.2 Challenges and Opportunities for the Wealth Sector in France

5.2.1 Regulatory Environment

5.2.2 Human Resource availability for the wealth management industry

5.2.3 Philanthropy

5.2.4 Demand for Intergenerational Wealth Transfer and Younger Clientele

5.3 Regulatory Environment in France

5.3.1 Banking Regulations

5.3.2 Regulations on Taxes

5.3.3 Regulations on Wealth Management and Private Banking

5.3.4 Regulations on Fund Management

5.3.5 Regulations on Foreign Investment

5.3.6 Regulations on Hedge Funds

5.3.7 Regulations on Private Equity and Venture Capital

5.4 Key Economic Trends and Drivers

5.4.1 EUR to USD Moving Annual Average Exchange Rate

5.4.2 Real GDP Growth

5.4.3 Per Capita GDP

5.4.4 Gross Savings Rate as a Percent of GDP

5.4.5 Domestic Market Capitalization

5.4.6 Housing Price Index

5.4.7 Commodity Index

5.4.8 Foreign Direct Investment

5.4.9 Investments of FII’s in Equity Products

5.4.10 Inflation Rate

5.4.11 Interest Rate

5.4.12 Balance of Payments

5.4.13 Government Debt

5.4.14 Stock Market Performance

5.4.15 HNWI Wealth vs. GDP Ratio

5.4.16 Capital Formation as Percent of GDP

5.4.17 Disposable Income as Percent of GDP

5.5 Case Study: Financial Regulation in the European Region

6 About WealthInsight







List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Largest Regions, 2010

Table 3: HNWIs — HNWI Holdings Growth (%), 2007-15

Table 4: HNWIs — Liquid Asset Composition (%), 2007-15

Table 5: HNWIs — Trends of Investments in Alternative Assets (%), 2007-15

Table 6: HNWIs — Alternative Asset Composition (%), 2007-15

Table 7: HNWIs — Trends in 'Art, Wine and Wheels”, 2006-11

Table 8: HNWIs — Residential real estate performance per region, 2007-2011

Table 9: HNWIs — Residential real estate performance in Ile-de-France, 2007-2011

Table 10: HNWIs — Real Estate investment in Paris, 2007-2015

Table 11: HNWIs — Composition (%) of Foreign Assets, 2007-15

Table 12: HNWIs — % Growth, 2007-15 — Y Axis

Table 13: HNWIs — % Foreign Allocation, 2007-15 — X Axis

Table 14: UHNWIs — Allocations and Share of HNWI Assets, 2011

Table 15: Major cities on the French Riviera

Table 16: HNWIs — Trends in UK HNWI real estate investment per region, 2007-2011

Table 17: Major Luxury Brands Market

Table 18: Largest 10 Cities in France by population

Table 19: Il-de France Departments

Table 20: Euro to USD Moving Annual Average Exchange Rate, 2006—15

Table 21: Real GDP Growth Rate, 2006—15

Table 22: GDP Per Capita, 2006—15

Table 23: Gross Savings as a % of Real GDP, 2006—2015

Table 24: Domestic Market Capitalization, 2006—10

Table 25: Housing Price Index, 2006—10

Table 26: Commodity Indices, 2006—15

Table 27: Foreign Direct Investments, 2006—2015

Table 28: Investments of FIIs in Equity Products, 2006—10

Table 29: Inflation Rate, 2006—15

Table 30: Money Market Rate, 2006—15

Table 31: Balance of Payments, 2006-10

Table 32: Government Debt to GDP, 2006—15

Table 33: Stock Market Performance, 2006—11

Table 34: HNWI Wealth vs. GDP Ratio, 2006—15

Table 35: Capital Formation as % of GDP, 2006-15

Table 36: Disposable Income as % of GDP, 2006-15







List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of France

Figure 3: Asset Price Performance, 2007-11

Figure 4: French HNWI Performance, 2007-15

Figure 5: HNWI — France vs. the World

Figure 6: HNWIs — Asset Class Composition, 2007-15

Figure 7: HNWIs — Changing Trends in Total Liquid Assets (as % of Total Assets), 2007-15

Figure 8: HNWIs — Liquid Assets Composition (US$ Billions), 2007-15

Figure 9: HNWIs — Trends of Investments in Alternative Assets (in US$ Billion), 2007-15

Figure 10: HNWIs — Trends in 'Art, Wine and Wheels”, 2006-11

Figure 11: HNWIs —Foreign Asset Allocation vs. Growth, 2011-2015

Figure 12: HNWIs — Global Distribution of Foreign Investments, 2007-15

Figure 13: UHNWIs — Asset Class Composition, 2007-15

Figure 14: GBP to USD Moving Annual Average Exchange Rate, 2006—15

Figure 15: Real GDP Growth (%), 2006—15

Figure 16: GDP Per Capita, 2006—15

Figure 17: Gross Savings as a % of Real GDP, 2006—2015

Figure 18: Domestic Market Capitalization, 2006—10

Figure 19: Housing Price Index, 2006—10

Figure 20: Commodity Indices, 2006—15

Figure 21: Foreign Direct Investments, 2006—2015

Figure 22: Investments of FIIs in Equity Products, 2006—10

Figure 23: Inflation Rate, 2006—15

Figure 24: Money Market Rate, 2006-15

Figure 25: Balance of Payments, 2006-10

Figure 26: Government Debt to GDP, 2006—15

Figure 27: Stock Market Performance, 2006—11

Figure 28: HNWI Wealth vs. GDP Ratio, 2006—15

Figure 29: Capital Formation as % of GDP, 2006-15

Figure 30: Disposable Income as % of GDP, 2006-15

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