WEALTH-X-2021年超高凈值報(bào)告（英文）-2021.5-29正式版

APPLIEDWEALTHINTELLIGENCE

VERYHIGHNETWORTH

HANDBOOK2021

VERYVERYHIGHHIGHNETNETWORTHWORTHHANDBOOKHANDBOOK20212021

JAMESLAVELL

CHIEFEXECUTIVEOFFICER,EUROMONEYPEOPLEINTELLIGENCE

RICHARDGREEN

CHIEFCOMMERCIALOFFICER,EUROMONEYPEOPLEINTELLIGENCE

MANUELBIANCHI

MANAGINGDIRECTORANDGLOBALHEADOFBUSINESSDEVELOPMENT,WEALTH-X

MICHAELPHILLIPS

VICEPRESIDENT,MARKETINGANDCOMMUNICATIONS,EUROMONEYPEOPLEINTELLIGENCE

LEADAUTHORS

MAYAIMBERG

SENIORDIRECTOR,THOUGHTLEADERSHIPANDDATAANALYTICS,WEALTH-X

MAEENSHABAN

DIRECTOR,RESEARCHANDDATAANALYTICS,WEALTH-X

STEPHANIEWARBURTON

DIRECTOROFVISUALCOMMUNICATIONS,EUROMONEYPEOPLEINTELLIGENCE

?WEALTH-XAPRIL2021,APARTOFTHEEUROMONEYINSTITUTIONALINVESTORPLCGROUP.ALLRIGHTSRESERVED.

THISPUBLICATIONISFORYOURINFORMATIONONLYANDISNOTINTENDEDASANOFFER,ORASOLICITATIONOFANOFFER,TOBUYORSELLANYPRODUCTOROTHERSPECIFICSERVICE.ALLINFORMATIONANDOPINIONSINDICATEDARESUBJECTTOCHANGEWITHOUTNOTICE.

TABLEOFCONTENTS

ExecutiveSummary

Introduction

AWealthTierofConsiderableImportance

GlobalMapoftheVeryHighNetWorth

TheVeryHighNetWorthin2020

8VHNWRegionsin2020ataGlance

13Top10VHNWCountries

15Top10VHNWCities

Five-YearOutlook

ProfilingToday'sVHNWIndividuals19SourceofWealth

20Gender

21Age

23PrimaryIndustry

25AssetAllocation

26Interests,PassionsandHobbies

Methodology

AboutWealth-XandEuromoneyPeopleIntelligence

Wealth-XAnalytics

WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

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EXECUTIVESUMMARY

Theglobalveryhigh

networth(VHNW)

populationincreased

slightlyin2020by.3%

to.million

people.Combined

wealthrose$26.8

by1.2%to

trn

Thiswasaresilientperformancesetagainstthebackdropofaglobalpandemicandthedeepestcontractioninworldeconomicoutputforageneration.

NorthAmericaandAsiawere,byfar,thebestperformingregions.

Allremainingfiveregions,incontrast,postedfallsinthesizeoftheirVHNWclassandcombinedwealth.

Amongthetop10VHNWcountries,theUS,China,JapanandSouthKoreaallperformedwell.

TheUSVHNW

populationgrew

Themajorityoftop

byalmost

rankingAsian

countriesperformed

8%

strongly,incontrast

toHongKong.A

US

CHINA

JAPAN

S.KOREA

notablefeaturewas

theirmoree?ective

managementofthe

pandemicthanmost

oftheirglobalpeers.

2025F

By€?

20152020

weforecasttheglobal

VHNWpopulationwilltotal

3.8millionindividuals,a

riseof.millionon2020.

World

WeexpectarebalancingofgrowthamongVHNWregions,followingafive-yearperiodinwhichgrowthhasbeenpoweredmainlybyNorthAmericaandAsia.

LONDONfelloutofthetop€citylistforthefirsttimeinourrecords.

OngoingBrexit-relateddamage,poorlyperformingequitymarketsandpandemic-relatedeconomicweaknessallcontributed.

TheaverageageoftheglobalVHNWpopulation

isjustover60…

Ittakestimetocreateand/oraccumulatesignificantwealth.TheUAE,BangladeshandQatarhavetheyoungestVHNWpopulations

—theyrepresenteconomieswherewealthcreationhasbeenfairlyrecent.

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INTRODUCTION

TheWealth-XVeryHighNetWorthHandbook2021,thesecondeditionandmostrecent

memberofourannualflagshipreportseries1,focusesonanimportantandrelativelylargegroupofwealthyindividuals:thosewithanetworthof$5mto$30m.

Perhapsmoresothananyothercohortamongthewealthy2,theveryhighnetworth(VHNW)groupcomprisesahighlyvariedcollectionofindividuals:fromentrepreneursandbusinessowners,tocorporateexecutivesandretireesaswellasinheritors.

Wefirsttakealookatwealthdistributionamongthewealthy,providingcontextofwheretheVHNWgroupsits.WenextexploretheglobalVHNWpopulationanditswealthin2020,setagainstthebackdropofatumultuousyearofaglobalpandemic,internationaltravelbans,tradedisruptionandthedeepestcontractioninworldeconomicoutputforageneration.Weanalyzewealthdrivers,regionaltrendsandpresentarankingoftheleadingVHNWcountriesandcities.Albeitinanenvironmentofconsiderableuncertainty,weexaminethefive-yearoutlookforwealthbyregion.

Diggingdeeper,weprofiletheglobalVHNWpopulationbyexploringkeycharacteristics,suchaswealthsource,gender,age,industryfocus,assetholdingsaswellasinterestsandhobbies.Whilemembersofthiscohortshareanumberofdefiningtraits,wealsohighlightthesubstantialvariationsamongsuchindividuals(thisyearfocusinglargelyonregionaldifferences)andalsohowtheycomparewiththosewithlessandmorewealth.

TheWealth-XVeryHighNetWorthHandbook2021offersunrivaledinsightintothisgroupofindividuals,theircharacteristicsandtheconstantlychanginglandscapeofwealthcreation,makingitanessentialreadforanyproviderlookingtoprospectforandengagewithindividualsinthisuniquegroup.

KEYDEFINITIONS

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5m-$30m.

Ultrahighnetworth(UHNW)individuals

Thosewithanetworthof$30m+(alsoreferredtoasthe‘ultrawealthy’).

WepublishtheWorldUltraWealthReportandBillionaireCensusonanannualbasis.

2Wealth-X’sdemarcated‘major’wealthtiers,inascendingorderofwealth,are:peoplewith$1mto$5minnetworth;theVHNWwith$5mto$30m;theultrawealthy(thosewith$30m+);andbillionaires.

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AWEALTHTIEROFCONSIDERABLEIMPORTANCE

Oneinevery10oftheworld’smillionairepopulationisVHNW.

In2020therewere25.6millionglobalmillionaires(thosewithanetworthofmorethan$1m),withcombinedassetstotalingjustunder$105trn.Almost90%ofallmillionaireshaveanetworthof$1mto$5m,the‘lowest’ofthethreemajorwealthtiers.Reflectingthelargesizeofthisgroup,theircombinednetworthisthelargestofthethreetiersat$42.3trn(accountingfora40%shareofglobalmillionairewealth).

Exclusivityrisesaswealthincreases.Oneinevery10oftheworld’smillionairesisaveryhighnetworth(VHNW)individual—eachwithanetworthofbetween$5mand$30m.With$26.8trnincombinedwealth,theVHNWclassaccountsforjustover25%ofglobalmillionairewealth,atestamenttotheirimportanceasinvestors,consumersofluxuryproducts,anddonorstothenot-for-profitsector.Attheupperendofthewealthscale,theultrawealthy(thosewithanetworthofmorethan$30m)representjust1.1%of

theglobalmillionairepopulation,yettheircombinednetworthaccountsforasubstantial34%share,highlightingthevastamountsofwealthheldbyanexclusivegroupofindividuals.

POPULATIONANDWEALTHBYMAJORWEALTHTIER2020

POPULATIONWEALTH

293,120 $35,555bn

2,694,480 UHNW $26,812bn UHNW

VHNW VHNW

22,593,780

$1m-$5min

networth

$42,312bn

$1m-$5min

networth

Note:UHNWdenotesultrahighnetworthindividuals,thosewith$30mandmoreinnetworth.

Source:Wealth-X

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AWEALTHTIEROFCONSIDERABLEIMPORTANCE

Two-thirdsoftheVHNWclasshaveanetworthof$5mto$10m—thelowestVHNWwealthtier.

AnunevendistributionofglobalwealthisevidentamongtheVHNWpopulationitself.Withanaveragenetworthperindividualof$10m,two-thirdsoftheVHNWclasshaveanetworththatplacestheminthelowestofthecohort’sfourwealthtiers($5mto$10m),commandingjustunderhalfoftotalVHNWwealth.Meanwhile,thoseinthecohort'suppertwowealthtiers($15mto$20mand$20mto$30m)representjustunder16%oftheVHNWpopulation,buttheirshareofthegroup’stotalwealthistwiceaslarge(32%).Thesedistributionstendtochangeverylittleovertime.

VERYHIGHNETWORTHPOPULATIONBYWEALTHTIER2020

2,694,480

Wealthtier

199,920$20m-$30m

221,250 $15m-$20m

493,400

$10m-$15m

1,779,910

$10m

Theaverage

networth

perVHNW

individual

Source:Wealth-X

$5m-$10m

Source:Wealth-X

4 WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

GLOBALMAPOFTHEVERYHIGHNETWORTH

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1.3%

%changeinpopulation

1.2%

%changeinwealth

from2019

from2019

2020

2,694,480

$26,812

VHNWpopulation

NumberofVHNW

Totalwealth

andtotalwealth

individuals

($bn)

ASIA

AFRICA

LATINAMERICAAND

THECARIBBEAN

23,610

-2.7%

NORTHAMERICA

56,220

-26.1%

1,118,740

7.1%

$235bn

-2.6%

EUROPE

623,880-7.0%

-6.9%

$6,275bn

761,0705.2%

5.1%

$7,632bn

MIDDLEEAST

67,340

-8.8%

PACIFIC

43,620-7.2%

$11,003bn

-26.1%

$560bn

7.0%

41.5%

0.9%

2.1%

23.2%

2.5%

-8.7%

$687bn

-7.1%

$419bn

28.2%

1.6%

oftheworld’sVHNWpopulation

5 WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

Note:VHNWstandsforveryhighnetworth—thoseindividualswith$5m-$30minnetworth.

Dataon%oftheworld’sVHNWpopulationmaynottotal100%owingtorounding.

Source:Wealth-X

WEALTH-XVERYHIGHNETWORTHHANDBOOK2021 6

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THEVERYHIGHNETWORTHIN2020

Wealthgains(forsome)inatumultuousyear

TheglobalVHNWpopulationincreasedslightlyin2020,risingby1.3%to2.7millionindividuals.Thiswasasharpslowdownfromdouble-digitgrowthayearearlier,andmaskedlargeregionaldifferences,butwasaresilientperformancesetagainstthebackdropofaglobalpandemic,nationallockdowns,internationaltravelbans,tradedisruptionandthedeepestcontractioninworldeconomicoutputforageneration.Acollapseinfinancialmarketsintheearlypartoftheyearwasmetwithanotherwaveofcentralbankmonetarystimulus,aswatheofgovernmentinterventionsandenormousfiscallargesse.Alongsidepromisinglate-yearvaccinedevelopments,thisnotonlystabilizedmarketsbuttriggeredasharpreboundinglobalequitiesandother‘risk-on’assets,withalmostallmajorstock-marketindicespostinghealthyannualreturns.Overall,thecombinednetworthoftheVHNWpopulationin2020roseby1.2%to$26.8trn.

Regionalwinnersandlosers

Onefeatureofthepandemichasbeenitsdisproportionateimpactoncertainbusinesses,industriesandpopulationgroups.TheunevennatureofthecrisiscanalsobeseeninthesignificantregionalvariationsinVHNWperformancein2020,reflectingthecontrastingoutcomesintermsofpublichealth,economicdamage,policyinterventionandvaccineprogressaroundtheworld.Asin2019,thebest-performingregionswerethetwolargestwealthhubsofNorthAmericaandAsia,whichsawhealthygrowthoftheirVHNWpopulationsandcollectivenetworth.Itwasaverydifferentpictureelsewhere,withtheotherfiveregionspostingfallsinthesizeoftheirVHNWclassandcombinedwealth.Africaheldupfairlywell,whereasEurope,thePacificandtheMiddleEastallregisteredsizeabledeclinesthatmorethanerasedthegainsofthepreviousthreeyearsineachregion.Theoutlier,however,wasLatinAmericaandtheCaribbean,whoseVHNWpopulationandcollectivenetworthslumpedbymorethanonequarter.

Thisdiversewealthperformancecanmainlybeattributedtopandemic-relateddevelopments,withdominantmarketmovers,suchasthefloodofliquidityinfinancialmarketsandtheacceleratedadoptionoftechnologies,furtheraccentuatingthepositivewealthcreationtrendsseeninNorthAmericaandAsiaoverrecentyears.Buttherewerealsootherinfluencingfactors,includingvolatilecommodityandcurrencymarkets,theUSpresidentialelection,apro-democracyclampdowninHongKong,heightenedtensionsacrosstheGulfregion,andstillelevatedBrexituncertainty.

TheglobalVHNWpopulationroseby1.3%in2020—aresilientperformancesetagainstthebackdropofaglobalpandemicandthedeepestcontractioninworldeconomicoutputforageneration

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THEVERYHIGHNETWORTHIN2020

VHNWREGIONSIN2020ATAGLANCE

ANNUALCHANGEINVHNWPOPULATION

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ANNUALRATEOFCHANGE

DECLINE GROWTH

STRONG MEDIUMLOW LOW MEDIUM STRONG

NORTHAMERICA

Surgingequitiesalongside

extensivefiscalstimulus

measures

LATINAMERICA

Hitbyasharpdeclinein

EUROPE

Fairlysteepeconomic

contractionsamidvirusspread

andrestrictivelockdowns

ASIA

Fastereconomicbounce-backandstronglyperformingequitymarkets

PACIFIC

Assetportfolioshitby

theslumpincommodity

marketsandtheimpact

ofpandemicrestrictions

economicactivity,weakened

commoditymarketsand

subduedequitymarkets

8 WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

MIDDLEEAST

Slumpindemandfor

oil,travelrestrictions

andaweakeningof

localcurrencies

AFRICA

Currencyandportfolio

effectslimitedwealthlosses

Note:CategorizationsoftheannualrateofgrowthinregionalVHNWpopulationarebasedon

incrementsof5percentagepoints:0%to5%forlowgrowth;5%to10%formediumgrowthand10%

andmoreforstronggrowth;withthesameranges(butnegative)forannualratesofdecline.

Source:Wealth-X

WEALTH-XVERYHIGHNETWORTHHANDBOOK2021 9

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THEVERYHIGHNETWORTHIN2020

NorthAmerica:surgingequitiesdrivewealthexpansion

NorthAmericabolstereditsstatusastheworld’sleadingVHNWregionin2020,recordingthemostdynamicpopulationgrowthandwealthgainsofanyregion.ThenumberofVHNWindividualsincreasedby7.1%fromayearearlierto1.1million,equivalenttoaglobalshareof41.5%.Collectivenetworthexpandedby7%to$11trn.Equitymarketsweretheprimarydriverofwealthcreation,alongsideextensivefiscalstimulusmeasures(thelargestbeingtheUSCARESAct)thathelpedtounderpinbusinessandconsumersentimentintheearlystagesofthepandemic.TherewasmodestsupportfromtheUSdollar,whichappreciatedagainstmostmajorcurrenciesbeforealate-yeardip.

Mirroringtheglobaltrend,equitymarketsslumpeddramaticallyinMarchbutthenstagedaremarkablerallyaftertheUSFederalReserve(theUScentralbank)slashedinterestratestozero,significantlyexpandeditsquantitativeeasingprogramandlaunchedarangeofspecialfinancingschemes.Surginggainsformega-capUStechstocks,suchasMicrosoft,AmazonandFacebook,helpedtopropelthemainUSindicestorecordhighs,withtheS&P500closingtheyearup18%andthetech-heavyNASDAQCompositeIndexupastaggering45%.ThesereturnssignificantlyoutperformedtheirglobalpeersandmorethanoffsetconcernsovertheUSgovernment’slaissez-faireattitudetothepandemic,deeplypartisanelectoraldivisions,andwidespreadciviltensionsoverthesummerlinkedtopolicingandracialjustice.JoeBiden’spresidentialelectionvictoryinNovemberpavedthewayforanotherlate-yearstimulusprogram.

MAJORWEALTHDRIVERSIN2020

Positive

Negative

Neutral

(low,medium,high)

(low,medium,high)

Localcurrency

Region

GDP

Equities

againstthe

USdollar

Africa

MiddleEast

NorthAmerica

Pacific

LatinAmericaandtheCaribbean

Europe

Asia

World

Note:GDPrepresentsthesumofeachcountry’srealGDP(constant2010$prices)withineachregionandforequities,thesumofstock-marketvalues.Currencymovementswereaggregatedbasedoneachcountry’sproportionofGDPwithinitsregion.

Sources:Wealth-X;InternationalMonetaryFund;WorldBank;nationalstockmarketexchanges

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THEVERYHIGHNETWORTHIN2020

Asia:wealthgainssupportedbyfastereconomicbounce-back

Astheonlyotherregiontoregisteranincreaseinwealth,Asiaconsolidateditssecond-placedpositionaheadofEurope.ItsVHNWpopulationroseby5.2%to761,070individuals,withasimilarexpansionliftingcollectivenetworthto$7.6trn,equivalenttoalmost29%ofglobalVHNWwealth.Onthewhole,equitymarketsperformedstrongly,withmostcurrenciesresilientagainsttheUSdollar.Theregion’soverridingfeaturewasthemoreeffectivecontrolandsuppressionofthevirusthaninmostofitsglobalpeers,allowingforaquickerandmoresustainedrecoveryineconomicactivity(ChinawastheonlyG20economytoreportfull-yearGDPgrowthin2020).

Thiswasparticularlythecaseintheregion’stwolargestwealthmarketsofChinaandJapan,aswellasSouthKoreaandTaiwan—allfourrecordedsolidgrowthintheirVHNWpopulationsandcollectivenetworth.TheShanghaiCompositeIndexendedtheyearup14%(inlocalcurrencyterms),withJapan’sNikkeiIndex16%higher,althoughbothwereoutshonebya31%jumpinSouthKorea’stech-heavystockmarket.Therewereunderperformersintheregion,includingIndiaandHongKong,bothofwhichexperiencedfallsintheirVHNWpopulationsandtotalwealth.

Europe:VHNWwealthhitbyvirusspread,lockdownsandBrexit

ThethirdmajorwealthregionofEuropesignificantlyunderperformeditsglobalpeers,withtheVHNWpopulationdecliningby7%to623,880individuals.Theregion’sshareofthetotalVHNWclassfellto23.2%,fivepercentagepointsbelowthatofAsia.Collectivenetworthdroppedby6.9%to$6.3trn,itslowestlevelsince2016.Thisweakoutturnreflectedarangeoffactors:elevatedlevelsofviruscasesanddeaths(especiallyintheUKandSpain);comparativelystrictlockdownrestrictions;aseverewintersecondwaveofinfections;manycountries’highdependenceonconsumer-facingindustries,suchashospitalityandtourism;amorelimitedinfluenceoftechstocksonregionalequityindices;andongoingBrexit-relatedweaknessintheUK.

DespitefairlyextensivepolicystimulusfromtheEuropeanCentralBank,amajorfiscalexpansioninGermanyandagreementona€750bnEuropeanrecoveryfund,mostregionalstockmarketsstruggledin2020.ThereweremodestgainsontheGermanDAXandsomemid-sizedindices,butdouble-digitfallsintheUK’sFTSE100,Spain’sIbex35andtheMSCIRussiaindex.Alongsidefairlysteepeconomiccontractionsinmostoftheregion’smajoreconomies,thiscontributedtoabroad-baseddeclineinVHNWwealthportfolios,withthelargestfallsofaround12%inFranceandtheUK.

MiddleEast:slumpindemandforoilandtravelrestrictionstaketheirtoll

TheMiddleEastretaineditspositionasthefourth-largestVHNWregionin2020butrecordedthesecond-largestdeclines(inrelativeterms)inpopulationandcollectivenetworth.Thesizeoftheregion’sVHNWclassfellby8.8%to67,340individuals,equivalenttoa2.5%shareoftheglobaltotal,whilecombinedwealthslidby8.7%to$687bn.Theregion’slargestwealthmarketswerehitbyapandemic-drivenslumpinoildemandandrestrictionsoninternationaltravelandtourism,whichweighedondomesticstockmarketsandcontributedtoabroadweakeningoflocalcurrenciesagainsttheUSdollar.Oilpricestemporarilyplungedtoamulti-decadelowinAprilandweredownbyanaverageof20%overtheyearasawhole,despiteasecond-halfrecovery.Atabroaderlevel,risingdisaffectionamongmarginalizedyoungpopulationsacrosstheregionremainedaconstraintonwealthcreationopportunities,asdidelevatedgeopoliticaltensionsinvolvingIran,Syria,YemenandSaudiArabia.Morepositively,theinitialvaccinerolloutprogressedwellinseveraloftheGulfstatesandIsrael.

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THEVERYHIGHNETWORTHIN2020

LatinAmericaandtheCaribbean:wealthportfoliossufferapainfulslump

TheVHNWclassinLatinAmericaandtheCaribbeantookaseverehitfromthepandemic,withthesizeofthepopulationdecliningby26.1%to56,220individuals.Collectivenetworthalsoplungedbymorethanonequarterto$560bn,equivalenttoa2.1%globalshare.Thisslumpfollowedarelativelyweakperformancefortheregionin2018-19.Wealthportfoliosweredamagedbyasharpdeclineineconomicactivity,weakenedcommoditymarkets,subduedequitymarketsand,inparticular,amarkeddepreciationofmostlocalcurrenciesagainsttheUSdollar.Thatsaid,developmentswerebynomeansuniformacrosstheregion’slargestmarkets.Ineconomicterms,Argentina,MexicoandPeruwereamongtheworsthit(withArgentinadefaultingonitsexternaldebt),whereasBrazil,ChileandColombiafaredlessbadly.

Pacific:VHNWwealthdraggeddownbycommoditiesandvirusrestrictions

TherelativefallsintheVHNWpopulationandcombinedwealthinthePacificregionwereofasimilarscaletothoseinEurope,withthenumberofindividualsdecliningby

7.2%,to43,620,andtotalnetworthdownby7.1%to$420bn.TheregionaltotalprimarilyreflectsdevelopmentsinAustralia,whereassetportfolioswerehitbythedemandslumpincommoditymarketsandtheimpactofpandemicrestrictionsonthelargetourismsector,whichcontributedtothecountry’sfirsteconomicrecessioninalmost30years.Someoffsettingsupportcamefromasignificantexpansionofmonetarystimulusand

aresilientAustraliandollar(whichisviewedbyfinancialmarketsasaproxyfortheeconomicperformanceofChina,itslargesttradingpartner).

Africa:currencyandportfolioeffectslimitwealthlosses

ThesmallestVHNWregionofAfricafaredslightlybetterthansomeofitslargerpeersin2020,withfallsof‘only’2.7%initsVHNWpopulation—to23,610individuals—and2.6%incollectivenetworthto$235bn.Thecontinent'stwoeconomicpowerhouses,NigeriaandSouthAfrica,hadadifficultyear,eitherbecauseofprotractedlockdowns(inSouthAfrica)orlowglobaloilprices(inNigeria)but,onanaggregatebasis,portfolioeffectsfromequitymarketperformanceandcurrencydepreciationagainsttheUSdollarwerelessdamagingthaninsomeotherwealthmarkets.

12WEALTH-XVERYHIGHNETWORTHHANDBOOK2021

THEVERYHIGHNETWORTHIN2020

TOP10VHNWCOUNTRIES

Rankand

Year-on-yearchange

wealth($bn)

VHNWpopulation2020

inpopulation(%)

1UnitedStates

1,045,865

7.9

$9,497

2China

281,400

9.0

$2,572

3Japan

196,920

5.7

$1,849

4Germany

123,640

-3.8

$1,305

5France

89,215

-12.3

$1,105

6UnitedKingdom

84,270

-11.8

$945

7Canada

72,880

-4.0

$789

8HongKong*

60,425

-5.4

$667

9SouthKorea

58,290

13.0

$512

10Switzerland

49,375

-0.6

$514

Note:Populationnumbersareroundedtothenearest5.Annualchangesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublishedfigures.ForfurtherinformationaboutourWealthandInvestableAssetsModel,pleaseseetheMethodologysection.

*HongKongisasemi-autonomous,specialadministrativeregionofChina.

Source:Wealth-X

WHATDRIVESTHEGROWTHOFWEALTH?

Amultitudeoffactorsinfluencethesizeofacountry’swealthy(andVHNW)population,itscombinednetworthandhowthatwealthisdistributedovertime.Theseincludethequalityofinstitutions,economicstructure,naturalresources,taxandtradepolicies,andthelevelofentrepreneurship,amongmanyothers.Thesefactorsshapethesizeofacountry’seconomy,thevalueofitsstockmarket(s)andthestrengthofitsexchangerate—allofwhichareleveragedinourWealthandInvestableAssetsModel3tomeasurewealthbycountry.

SeetheMethodologysectionforfurtherdetails.

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NOTABLEHIGHLIGHTS

THETOP10COUNTRIESACCOUNTFORTHREE-QUARTERSOFTHEWORLD’SVHNWPOPULATION.

Thedominantshareofthetop10showsthatthelargestwindowsofopportunityforprovidersthattargetorcatertothewealthytendtobeconcentratedamongaselectgroupofwealthmarkets.Eachyearbringssomesmallshiftswithinthetoprankings,butwealthislargelyresilientacrossthesemarkets.In2020,theUSandChinaconsolidatedtheirpositionasthetoptwoVHNWcountries,increasingtheircombinedshareoftheglobalVHNWpopulationbymorethanthreepercentagepointsto49%.

THEUS,THEWORLD’SLARGESTWEALTHMARKET,SAWFAIRLY

ROBUSTGROWTH.

TheUSremainsfarandawaythedominantlocationfortheglobalVHNWpopulation:withjustmorethan1millionindividuals,theUSVHNWclassoutnumbersthecombinedtotaloftheotherninecountriesintherankings.USwealthisindicativeoftheworld’slargesteconomy,backedbytheUSdollar’sglobalreservecurrencystatus,bolsteredbydominantfinancialservicesandtechnologysectors,andunderpinnedbyabusinessenvironmentlargelysupportiveofprivateenterpriseandcompetition.ItsVHNWpopulationgrewbyalmost8%in2020,largelyonthebackofstrongequitygainsandaneconomybufferedbyextensivepolicystimulus.Thisperformancewasincontrasttoeighth-placedCanada,wheretheVHNWpopulationdeclined,influencedbyacontractingeconomydespitemodestlypositivestock-marketreturns.

CHINA,JAPANANDSOUTHKOREAALLPERFORMEDSTRONGLYINASIA,INCONTRASTTOHONGKONG.

Anotablefeatureofallfourcountrieswastheirmoreeffectivemanagementofthepandemicthanthemajorityoftheirglobalpeers.Overrecentyears,Chinahascementedthesecond-placedpositionitassumedoverJapanin2014,butitremainsfarbehindtheVHNWstatusoftheUS(whichhasalmostfourtimesasmanyVHNWindividuals).WealthportfoliosinChinawerebuoyedbyafastereconomicrecoveryfromthepandemicthaninmostcountries,supportingfirmequitygains.ThiswassimilartoSouthKorea,wherenetworthwasespeciallyboostedbyasurgingstockmarket;whileinJapantheeconomycontractedbuttheNikkeiIndexhadasolidyear.InHongKong,China’simpositionofanewnational-securitylawledtowidespreadsocialunrestanddiminishedtheterritory’sattractivenessasaninternationalbusinesshub.

GERMANY,FRANCE,THEUKANDSWITZERLANDALLREGISTEREDFALLSINWEALTH.

AllmajorEuropeanmarketsexperienceddeclinesintheirVHNWpopulationsandtheircombinedwealth,ledbydouble-digitfallsinFranceandtheUK.Thepandemicanditsassociatedlockdownstookasubstantialtollontheseeconomies,withwealthportfoliosintheUKalsohitbyBrexit-relatedweakness.DespitepolicystimulusfromtheEuropeanCentralBank—andintheUK,theBankofEngland—aswellasextensivefiscalsupportmeasures,mostregionalstockmarke