人口增长：高净值手册2021

TABLEOFCONTENTS

1ExecutiveSummary

2Introduction

3AWealthTierofConsiderableImportance

5GlobalMapoftheVeryHighNetWorth

7TheVeryHighNetWorthin2020

8VHNWRegionsin2020ataGlance

13Top10VHNWCountries

15Top10VHNWCities

17Five-YearOutlook

19ProfilingToday'sVHNWIndividuals

19SourceofWealth

20Gender

21Age

23PrimaryIndustry

25AssetAllocation

26Interests,PassionsandHobbies

28Methodology

29AboutWealth-XandEuromoneyPeopleIntelligence

30Wealth-XAnalytics

WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

EXECUTIVESUMMARY

Theglobalveryhigh

networth(VHNW)

populationincreased

slightlyin2020byl

«to2.7million2/U

|Jjpeople.Combined

wealthrose$26.8

by1.2%toLtrn」NorthAmericaand

Asiawere,byfar,the

:Thiswasaresilientperformanceset

：againstthebackdropofaglobalpandemicbestperformingregions.

Jandthedeepestcontractioninworld：Allremainingfiveregions,incontrast,

:economicoutputforageneration.•postedfallsinthesizeoftheirVHNW

:classandcombinedwealth.

Amongthetop10VHNWcountries,

theUS,China,JapanandSouthLONDONfelloutofthe

Koreaallperformedwell.top10citylistforthefirst

TheUSVHNWtimeinourrecords.

populationgrewThemajorityoftop

rankingAsian：OngoingBrexit-relateddamage,

byalmostcountriesperformed：poorlyperformingequitymarkets

8%.strongly,incontrast•andpandemic-relatedeconomic

toHongKong.A：weaknessallcontributed.

X

/notablefeaturewas

山

NBtheirmoree"ective

xomanagementofthe

/

dxpandemicthanmost

4oftheirglobalpeers.

sS

D「Theaverageageofthe

globalVHNWpopulation

isjustover60.

Ittakestimetocreateand/oraccumulate

significantwealth.TheUAE,Bangladeshand

QatarhavetheyoungestVHNWpopulations

By202s冢—theyrepresenteconomieswherewealth

increationhasbeenfairlyrecent.

weforecasttheglobal8

VHNWpopulationwilltotal

3.8millionindividuals,a

riseof1.2millionon2020.World

：Weexpectarebalancingofgrowthamong

：VHNWregions,followingafive-yearperiodin

•whichgrowthhasbeenpoweredmainlyby

:NorthAmericaandAsia.

INTRODUCTION

TheWealth-XVeryHighNetWorthHandbook2021,thesecondeditionandmostrecent

memberofourannualflagshipreportseries1,focusesonanimportantandrelatively

largegroupofwealthyindividuals:thosewithanetworthof$5mto$30m.

Perhapsmoresothananyothercohortamongthewealthy2,theveryhighnetworth

(VHNW)groupcomprisesahighlyvariedcollectionofindividuals:fromentrepreneurs

andbusinessowners,tocorporateexecutivesandretireesaswellasinheritors.

Wefirsttakealookatwealthdistributionamongthewealthy,providingcontextof

wheretheVHNWgroupsits.WenextexploretheglobalVHNWpopulationandits

wealthin2020,setagainstthebackdropofatumultuousyearofaglobalpandemic,

internationaltravelbans,tradedisruptionandthedeepestcontractioninworld

economicoutputforageneration.Weanalyzewealthdrivers,regionaltrendsand

presentarankingoftheleadingVHNWcountriesandcities.Albeitinanenvironmentof

considerableuncertainty,weexaminethefive-yearoutlookforwealthbyregion.

Diggingdeeper,weprofiletheglobalVHNWpopulationbyexploringkeycharacteristics,

suchaswealthsource,genderage,industryfocus,assetholdingsaswellasinterestsand

hobbies.Whilemembersofthiscohortshareanumberofdefiningtraits,wealso

highlightthesubstantialvariationsamongsuchindividuals(thisyearfocusinglargelyon

regionaldifferences)andalsohowtheycomparewiththosewithlessandmorewealth.

TheWealth-XVeryHighNetWorthHandbook2021offersunrivaledinsightintothis

groupofindividuals,theircharacteristicsandtheconstantlychanginglandscapeof

wealthcreation,making计anessentialreadforanyproviderlookingtoprospectfor

andengagewithindividualsinthisuniquegroup.

KEYDEFINITIONS

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5m-$30m.

Ultrahighnetworth(UHNW)individuals

Thosewithanetworthof$30m+(alsoreferredtoasthe'ultrawealthyJ.

IWepublishtheWorldUltraWealthReportandBillionaireCensusonanannualbasis.

2Wealth-X'sdemarcated'major'wealthtiers,inascendingorderofwealth,are:peoplewith$1mto$5minnetworth;theVHNW

with$5mto$30m;theultrawealthy(thosewith$30m+);andbillionaires.

AWEALTHTIEROF

CONSIDERABLE

IMPORTANCE

Oneinevery10oftheworld'smillionairepopulationisVHNW.

In2020therewere25.6millionglobalmillionaires(thosew计hanetworthofmorethan

$lm),withcombinedassetstotalingjustunder$105trn.Almost90%ofallmillionaires

haveanetworthof$lmto$5m,thelowest'ofthethreemajorwealthtiers.Reflecting

thelargesizeofthisgroup,theircombinednetworthisthelargestofthethreetiersat

$42.3trn(accountingfora40%shareofglobalmillionairewealth).

Exclusivityrisesaswealthincreases.Oneinevery10oftheworld'smillionairesisavery

highnetworth(VHNW)individual—eachwithanetworthofbetween$5mand$30m.

With$26.8trnincombinedwealth,theVHNWclassaccountsforjustover25%ofglobal

millionairewealth,atestamenttotheirimportanceasinvestors,consumersofluxury

products,anddonorstothenot-for-profitsector.Attheupperendofthewealthscale,

theultrawealthy(thosew什hanetworthofmorethan$30m)representjust1.1%of

theglobalmillionairepopulation,yettheircombinednetworthaccountsforasubstantial

34%share,highlightingthevastamountsofwealthheldbyanexclusivegroup

ofindividuals.

POPULATIONANDWEALTHBYMAJORWEALTHTIER2020

令POPULATIONWEALTH

293,120$35,555bn

2,694,480UHNW$26,812bnUHNW

$42,312bn^M

$lm-$5min$lm-$5min

netwoOrthnetwo(rth

Note:UHNWdenotesultrahighnetworthindividuals,thosewith$30mandmoreinnetworth.

Source:Wealth-X

AWEALTHTIEROFCONSIDERABLEIMPORTANCE

Two-thirdsoftheVHNWclasshaveanetworthof$5m

to$10m—thelowestVHNWwealthtier.

Anunevendistributionofglobalwealthisevidentamong$10m

theVHNWpopulationitself.WithanaveragenetworthperTheaverage

individualof$10m,two-thirdsoftheVHNWclasshaveanetnetworth

perVHNW

worththatplacestheminthelowestofthecohort'sfourwealth

individual/

tiers($5mto$10m),commandingjustunderhalfoftotalVHNW

wealth.Meanwhile,thoseinthecohort'suppertwowealthtiers

($15mto$20mand$20mto$30m)representjustunder16%ofSource:Wealth-X

theVHNWpopulation,buttheirshareofthegroup'stotalwealth

istwiceaslarge(32%).Thesedistributionstendtochangevery

littleovertime.

VERYHIGHNETWORTHPOPULATIONBYWEALTHTIER2020

$5m-$10m

Source:Wealth-X

ToTabteofContents

%changeinpopulation%changeinwealth

畲1.3%

from2019from2019

20202,694,480$26,812

GLOBALMAPOFTHEVHNWpopulation

MNumberofVHNWTotalwealth

VERYHIGHNETWORTHandtotalwealthBJindividuals($bn)

ASIA

o

□761,070畲5.2%

>5.1%

AFRICAEUROPE

$7z632bn

LATINAMERICAAND--

THECARIBBEANMIDDLEEAST

23,610<-2.7%口623,880-7.0%

NORTHAMERICAoo

U67,340PACIFIC

号56,220「26.1%-8.8%

-2.6%-6.9%

>7.1%

c$235bn$6275bn

fYi,

a口口「26.1%-8.7%

$560bn$687bn

7.0%

$llz003bn

23.2%

2.5%

28.2%

'(1.6%

Note:VHNWstand，forveryhighc*柿”hthoseindividuaBwith$5m-$30minne，worth,

Daroon%ofthewood'sVHNWpopulolionmaynoticm%owingtorounding.

©atth-X

5WEALTH-XVERYHIGHNETWORTHHANDBOOK2021WEALTH-XVERYHIGHNETWORTHHANDBOOK2021g

ToTableofContents

THEVERYHIGHNET

WORTHIN2020

Wealthgains(forsome)inatumultuousyear

TheglobalVHNWpopulationincreasedslightlyin2020,risingby1.3%to2.7million

individuals.Thiswasasharpslowdownfromdouble-digitgrowthayearearlier,and

maskedlargeregionaldifferences,butwasaresilientperformancesetagainstthe

backdropofaglobalpandemic,nationallockdowns,internationaltravelbans,trade

disruptionandthedeepestcontractioninworldeconomicoutputforageneration.A

collapseinfinancialmarketsintheearlypartoftheyearwasmetwithanotherwaveof

centralbankmonetarystimulus,aswatheofgovernmentinterventionsandenormous

fiscallargesse.Alongsidepromisinglate-yearvaccinedevelopments,thisnotonly

stabilizedmarketsbuttriggeredasharpreboundinglobalequitiesandother*risk-on'

assets,withalmostallmajorstock-marketindicespostinghealthyannualreturns.Overall,

thecombinednetworthoftheVHNWpopulationin2020roseby1.2%to$26.8trn.

Regionalwinnersandlosers

Onefeatureofthepandemichasbeenitsdisproportionateimpactoncertainbusinesses,

industriesandpopulationgroups.Theunevennatureofthecrisiscanalsobeseeninthe

significantregionalvariationsinVHNWperformancein2020,reflectingthecontrasting

outcomesintermsofpublichealth,economicdamage,policyinterventionandvaccine

progressaroundtheworld.Asin2019,thebest-performingregionswerethetwolargest

wealthhubsofNorthAmericaandAsia,whichsawhealthygrowthoftheirVHNW

populationsandcollectivenetworth.Itwasaverydifferentpictureelsewhere,withthe

otherfiveregionspostingfallsinthesizeoftheirVHNWclassandcombinedwealth.

Africaheldupfairlywell,whereasEurope,thePacificandtheMiddleEastallregistered

sizeabledeclinesthatmorethanerasedthegainsofthepreviousthreeyearsineach

region.Theoutlier,however,wasLatinAmericaandtheCaribbean,whoseVHNW

populationandcollectivenetworthslumpedbymorethanonequarter.

Thisdiversewealthperformancecanmainlybeattributedtopandemic-related

developments,withdominantmarketmovers,suchasthefloodofliquidityinfinancial

marketsandtheacceleratedadoptionoftechnologies,furtheraccentuatingthepositive

wealthcreationtrendsseeninNorthAmericaandAsiaoverrecentyears.Buttherewere

alsootherinfluencingfactors,includingvolatilecommodityandcurrencymarkets,the

USpresidentialelection,apro-democracyclampdowninHongKong,heightened

tensionsacrosstheGulfregion,andstillelevatedBrexituncertainty.

TheglobalVHNWpopulationroseby1.3%in

2020—aresilientperformancesetagainst

thebackdropofaglobalpandemicand

thedeepestcontractioninworldeconomic

outputforageneration

7WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

ANNUALRATEOFCHANGE

DECLINE;GROWTH

VHNWREGIONSIN2020ATAGLANCESTRONGMEDIUMLOW!LOWMEDIUMSTRONG

ANNUALCHANGEINVHNWPOPULATION

EUROPE

FairlysteepeconomicASIA

NORTHAMERICAcontractionsamidvirusspreadFastereconomicbounce-

Surgingequitiesalongsideandrestrictivelockdowns必backandstronglyperforming

extensivefiscalstimulusequitymarkets

measures

PACIFIC

Assetportfolioshitby

theslumpincommodity

marketsandtheimpact

LATINAMERICA|ofpandemicrestrictions

Hitbyasharpdeclinein

economicactivity,weakenecfMIDDLEEAST4

commoditymarketsandSlumpindemandfor

subduedequitymarketsoiltravelrestrictions

andaweakeningof

localcurrencies

AFRICA

Currencyandportfolio

effectslim什edwealthlosses

Note:CategorizationsoftheannualroteofgrowthinregionalVHNWpopulationerebasedon

incrementof5petconlcgepoints:0%to5%forlowgrcwlh:5%to10%formediumgrowthand10%

andmorefeestronggrowth:withthesameranges(butnegative)for