[PDF] [PDF] Driving Global Wealth - Forbes

[PDF] Driving Global Wealth - Forbes

Mapping ultra high net worth individuals around the globe The minimum net worth of the individuals studied was US$1 billion, with three exceptions: India ($ 500 million cent clip The developed countries have enormous debt whereas the 

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Driving Global wealth

mapping ultra high net worth individuals around the globe in association with:

© copyright Forbes 20112

key findings 3 introduction: emerging wealth takes over 4 the Lingering impact of the global downturn 5 emerging wealth from emerging markets 6 managing family involvement 8 creating a philanthropic Legacy 11 finding success in public service 13 global citizens who stay put 15 conclusion: emerging wealth, emerging markets, emerging opportunities 16 methodology 16 appendix a: ultra high net worth individuals by country 17 appendix b: research definitions 29
tabLe of con tents

© copyright Forbes 20113

this study looks at the characteristics of Uhnwis in a dozen global markets: Brazil, china, France, Germany, hong Kong, india, Mexico, the Middle East, Russia, singapore, the U.K., and the U.s. analysis was conducted on ten dierent criteria, including: source of wealth: is the wealthy individual self-made, or did he or she inherit wealth? company ownership: is the individual's company private or publicly held? family: Does the individual have children or other relatives involved in his or her business? employment: is the individual still involved in the venture, retired, or a full-time investor? net worth: what is the range of the net worth of the individuals being analyzed? citizenship and residence: Does the individual hold citizenship and residence in the same country or in dif ferent countries? political involvement: how involved is the individual in national or local politics? charitable foundation: Does the individual fund or run his or her own charitable foundation, or does the individual otherwise make philanthropy and giving a large part of his or her life? age: how old is the individual? gender: is the individual male or female?at the same time, entering the second decade of the

21st century, the balance of global wealth has begun to

shift from traditional western economies to the newer emerging markets. the unprecedented growth of the chinese economy, the expansion of india as a repository for innovation, and the ongoing progress of markets in Russia, Brazil and other developing nations, has led to this swing in the nature of the world's richest individu- als and families. in fact, our study suggests that the center of growth for Uhnwis has shifted eastward. while the U.s. still has the greatest number of Uhnwis, china, Russia and india have overtaken western Europe in the number of billion- aires they produce. this marks a fundamental shift in the demographics of the world's ultra-rich, and this could have an impact on spending and investing in the future. simply put, it is not just the number of wealthy indi- viduals in these emerging markets, but how money is owing into these areas from around the globe. as they look for new investing opportunities, Uhnwis saw that these emerging markets were less aected by the 2008-09 downturn than were funds and investments in the U.s. and Europe. today, they are adding these opportunities to their wealth management portfolios. to gain a greater understanding of the characteristics of ultra high net worth individuals (Uhnwis), and how this investment segment is developing, Forbes insights, in association with societe Generale Private Banking, conducted an in-depth analysis of the world's wealthi- est individuals. this exclusive data is derived from forbes magazine's database of the world's wealthiest people, look- ing at both people who made the "billionaire's" list in

2010, as well as other Uhnwis.

he last few years have been historic for wealthy individuals—not so much in their importance but in

how they"ve changed some of the attitudes and characteristics of this unique investment sector. The

global credit crisis had an impact on all levels of society, including the very wealthy, that saw gains

they had made disappear in the sudden market volatility. and while signs of recovery appeared during the

past year, the wealthy, as everyone else, have been taking a more guarded approach to risk.

© copyright Forbes 20114

forbes insights, in association with societe generale private banking, examined the unique characteristics of ultra high net worth

individuals (uhnwis) in a dozen countries. the analysis is based on exclusive data from forbes magazine"s database of the world"s

wealthiest people. the minimum net worth of the individuals studied was us$1 billion, with three exceptions: india ($500 million

minimum), china ($425 million minimum), and singapore ($190 million minimum). key findings from this analysis include:

in particular, the impact has been on some of their investing attitudes and actions. based on interviews

and conversations with uhnwis, they appear to have reduced their risk exposure, but have significant concerns about the

possible impact of ination over the coming years. in addition, many are revising their portfolios with greater investment in

emerging markets such as china and the asia pacific region, where they believe there is less potential volatility. finally, for

some uhnwis, the post-downturn timeframe has been an opportunity to review their advisor relationships.

today, both china and russia have more than 100 billionaires in their ranks,

putting them second and third behind the u.s. but uhnwis in these emerging markets are different from those elsewhere in

the world. they are younger; the average age of the uhnwi in russia is just 49 and in china it is 50. they are predominantly

self-made, having been responsible for creating their own wealth. they remain involved in their businesses. but they are still

determining what they will do with their wealth, trailing other markets in areas such as philanthropy, for example.

this is a global phenomenon present in nearly all

markets, with a few notable exceptions such as russia. in many societies, keeping family close is a priority, as they have their

children and other family members involved in their businesses. still, as generations pass, some conicts can arise, particularly

when investments are managed by a family office. in three quarters of the markets studied, more than 40% of the uhnwis

fund their own charitable foundation, or run a charitable foundation founded or started by other family members. yet this is

not yet universal. china remains a significant outlier, as only 7% of uhnwis have foundations. but efforts are underway to

encourage greater giving and philanthropy from the emerging chinese billionaires.

tracking the political activity of the world"s richest people is difficult. in some nations such as the u.s.

or india, many uhnwis individuals are open in their support of certain political causes, and some billionaires have turned

from business to politics. but elsewhere in the world (such as in europe), uhnw individuals have been less open in their

political involvement, either not being involved or keeping their positions unknown. the figure is

over 90% for most markets studied. the biggest outlier is hong kong—still maintaining its image as a haven for global

wealth—where 28% of the uhnw individuals studied hold citizenship and residence in different countries.

Key finDinGs

© copyright Forbes 20115

"our advisors have been warning us about the risk of ination," said a second-generation Europe-based manu- facturer. "it makes sense to prepare for it." while he would not disclose his specic investing plan, he did allude to moving away from the dollar.

Looking at deve

Loping nations

as they assess their investment portfolios, some of the Uhnwis interviewed are examining putting a greater share of their capital into emerging markets, particularly in the asia Pacic area. while investments in emerging mar- kets also fell during the economic downturn, they were not as volatile as those in developed markets, and they recov- ered more quickly, said one interviewee. noted a U.K.-based investment advisor for Uhnwis, "the emerging markets as a whole are growing at a 7 per- cent clip. the developed countries have enormous debt whereas the emerging nations have healthy balance sheets." the advisor added that he has recommended building portfolios that "decouple the emerging world with the developed world. i believe that's going to play a role in nearly all strategic wealth management." turnover in investor reLationships it's hard to say whether it is attributable to the post-down- turn hangover or simply a matter of it being an opportunity to shake things up, but a number of Uhnwis indicated they were assessing new advisor relationships, or looking to restructure their existing investment advisor roster.

For one Uhnwi who made his money in the U.s.

retail industry, its nothing more than a matter of regular due diligence. "i'm not looking to have dierent broker- age advisors compete against each other, but i want to be sure that the people i work with are the best at exe- cuting my investment strategy." as he has rebalanced his assets to achieve his goals, he's also replaced a couple of his advisors because their areas of expertise no longer t the portfolio's approach. or as another Uhnwi indicated, "there's been some churn in relationships because sometimes, it's just time for

a change."nobody was untouched by the global recession of 2008-09, and the eect of the downturn lingered into 2010 for some Uhnwis. still, the overall impact wasn't just related

to the value of portfolios. certainly those were aected, but, for many Unhwis, the biggest shift may have been related to their investing attitudes and actions.

Based on conversations and interviews with Uhnwis

across the globe, as well as with some of their advisors, many of the world's wealthiest were stung by the down- turn, but not to the same extent as other investors. (Most of these interviews were conducted on the condition that they would be used for background and that information not be attributable to the individual.) in the words of a U.s.-based technology investor: "the thing to con- sider is that in this downturn, it wasn't just a few assets, it was nearly all asset classes. so everyone got burned nearly equally." still, the recession has inuenced how some of these Uhnwis are investing today, and how they interact with their advisors, as the anecdotes below describe: a speedy recovery Many of the Uhnwis interviewed indicated they felt their investments had recovered more quickly after the down- turn than perhaps the "general public" had. in some cases, they felt their advisors had helped them move away from the more volatile real estate and public markets prior to the depth of the downturn, and encouraged them to return to some of those investments at the right time. "i've done well," said one U.s.-based investor in charge of his family's oce. "i feel we saw what was coming and moved away at the right time."

Lowering risk, but fearing infLation

Unhwis, almost as a rule, are often more moderate risk tak- ers, focused more on wealth preservation and strategic growth rather than high-return/high-risk investment. Following the recession, some of those interviewed who had dabbled with higher-risk investments such as hedge funds were retreating from those in favor of more mainstream equities. the biggest concern many of the Uhnwis is ination. the L ingering impact of the global downturn

© copyright Forbes 20116

emerging market uhnwis are generaLLy younger the average age of the Uhnw individual in Russia is 49 and is 50 in china. (Fig. 1) compare that to more estab- lished economies such as the U.s., where the average age of a Uhnwi is 66, or France, where it is 74. in other words, emerging market Uhnwis are often just estab- lishing themselves, so their overall inuence and activity will likely continue for an additional decade or two. their wealthy status has just begun, and the long-term impact is likely to be sizable. emerging market uhnwis are seLf-made Entrepreneurship is alive and well in the BRic nations, and is paying o handsomely for those that have succeeded.

100% of the Uhnwis studied in Russia are self-made—

meaning every single one was responsible for creating their own wealth and did not inherit it. Few economic developments have compared to the mete- oric growth of china both as a global industrial powerhouse, and as a creator of unprecedented wealth for those entre- preneurs, industrialists, and investors who have succeeded over the past decade. while other economies contracted during the global credit crisis, china remained strong and vibrant, and today it leads the so-called BRic nations— Brazil, Russia, india and china—as the greatest areas of growth for Uhnwis. consider some recent numbers: in the 2011 forbes bil- lionaire's list, the BRic nations produced more than half of the new billionaires to join the ranking. Until the past

12 months, no nation other than the U.s. was home to

more than 100 billionaires—today china has 115 and

Russia 101.

the analysis shows that Uhnwis in these emerging markets—while they have much in common with their counterparts elsewhere in the world—also have a number of unique characteristics. emerging Wealth from emerging Markets 68
brazil 66

Germany

74
france 50
China 68
Hong Kong 60
india 61

Middle

east 49

Russia

62
singapore 65
u.K. 66
u.s. 64

Mexico

figure 1: Average age of UHNWIs, by country

The ultra-rich in emerging markets are

making their fortunes at a younger age than

UHNWIs in the West. China's and Russia's

wealthy are, on average, 15 years younger than their counterparts in the U.S., U.K. or Germany.

© copyright Forbes 20117

while Russia may be an extreme in that area—espe- cially given its political history over the past 90 years—other wealthy individuals in the BRic nations have been sim- ilarly entrepreneurial. in china, two thirds (66%) of the Uhnwis studied were self-made. For india, that gure is

65%, and for Brazil it is 67%. the impact of this entrepre-

neurialism is further evident in the ongoing involvement of these individuals in their businesses (see below), and what is likely to be a continued expansion of their wealth based on their desire for ongoing success. bric uhnwis are invoLved in their business whereas Uhnwis and entrepreneurs in some western markets appear eager to sell their companies once they are successful, most of those in the BRic nations remain actively involved with their businesses. this may be because they are younger and not yet ready to take a more passive role. or it may be attributable to the high growth trajectories for many of these companies, and the desire of the leaders to see that growth through. among the Uhnwis studied, 93% of Russian Uhnw individuals, and 85% of chinese Uhnwis are employed full time, meaning they are in control of, directing, or run- ning their companies. the gures for india and Brazil are

78% and 75%, respectively.

emerging market uhnwis are stiLL determining how to give back Philanthropy is a mixed bag among Uhnwis in emerg- ing markets. For many, determining how or when to give for uhnwis in emerging markets, determining how to give money away may be more difficult than earning it. gender diversity has not yet come to the world of ultra-high net worth.

in most of the markets studied, uhnw individuals are predominantly male. of the markets studied, the ones with

the highest percentage of female uhnw individuals were hong kong (23%) and germany (17%). in most other markets, more than 90% of uhnw were male. money away has been more dicult than earning it. as this new generation of titans emerges, it is unclear whether they will be as committed to giving back their wealth as some of their western counterparts have been. For instance, just

7% of chinese Uhnwis analyzed in the study have their

own charitable foundations, a far cry from the 55% that do so in the U.s. it may be premature to say that these individuals will not be philanthropic, however, as many may see themselves as being at the stage of "building" their wealth. there are also social and political issues that are unique to these mar- kets that are aecting giving strategies—for example, is philanthropy seen as a way to help a nation's people, or is that a role for the government?

Ultimately, how a select number of Uhnwis in

emerging markets approach philanthropy may end up guid- ing others. these nations have yet to have their carnegies or Rockefellers to usher in their ages of philanthropy.

© copyright Forbes 20118

managing family involvement

0% 50% 100%

children in business other family in business fiGuRe 2: family in business brazil

Germany

france China

Hong Kong

india

Middle east

Russia

singapore u.K. u.s.Mexico 11 2125

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