África y Latinoamérica liderarán el crecimiento de individuos ultra ricos

África y Latinoamérica liderarán el crecimiento de individuos ultra ricos durante los próximos cinco años
Por Janette Recarte

Estos dos continentes registrarán las mayores tasas de crecimiento en cuanto al número de individuos de altos patrimonios (con más de 30 millones de dólares), conocidos como individuos ultra-high-net-worth (UHNW). Se estima que Latinoamérica registrará un incremento del 6,5% anual durante los próximos cinco años, sólo superado por África, con una tasa del 6,9% durante el mismo período, según el último estudio de Wealth-X.

Sin embargo, la región latinoamericana es la que lidera la lista cuando se habla de la evolución de los patrimonios de los individuos UHNW. Wealth-X estima un incremento del 11,2% anual de la riqueza de este colectivo en África, frente al 12,1% anual que se espera para Latinoamérica.

Sea como sea, estos datos contrastan en gran medida con las expectativas que la firma maneja para Estados Unidos. Se estima un incremento del 2,4% de la población UHNW en el país, y un incremento anual durante los próximos cinco años del 3,4% para el patrimonio de este colectivo.

China superará a EE.UU. en 2025

Por otra parte, se espera que Asia supere a Estados Unidos en 2025 con la mayor población de individuos con más de 30 millones de dólares. Siete años antes de lo que Wealth-X había estimado anteriormente. «Un punto clave que responde al incremento de este colectivo en China se debe a las empresas que obtienen ingresos de las empresas estatales», indica David Friedman, presidente de Weatlh-X. «Si bien el crecimiento económico de China se ha estancado un poco, las empresas privadas que pueden nadar entre las empresas estatales y los gobiernos locales, continuarán catapultando a los individuos UHNW», concluye.

Fuente: Funds Americas, 21/11/12.

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More information: 2012-US-Trust-insights-wealth-and-worth-full-report-BofA

High-net-worth individual

A high-net-worth individual (HNWI) is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable finance (financial assets not including primary residence) in excess of US$1 million.[1][2] As explained below, the U.S. Securities and Exchange Commission has promulgated a different definition of «high net worth individual» for regulatory purposes.

World’s Wealth Report 2009

The Merrill Lynch – Capgemini World’s Wealth Report 2009[3] defines HNWIs as those who hold at least US$1 million in financial assets and ultra-HNWIs as those who hold at least US$30 million in financial assets, with both excluding collectibles, consumables, consumer durables and primary residences. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$32.8 trillion, a 19.5% decrease from 2007. The ultra-HNWIs experienced the greater loss, losing 24.6% in population size and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $48.5 trillion advancing at an annual rate of 8.1%.

Ultra high net worth individuals

Ultra high net worth individuals (UHNWIs) are individuals or families who have, by one definition, at least US$30 million in investable assets,[2] or with a disposable income of more than US$20 million.[19] The exact dividing lines depend on how a bank wishes to segment its market; for example, the term «very high net worth individuals»[20] can refer to those with assets between $5 million and $50 million, with ultra high net worth individuals only those with above $50 million.

Banking and finance

Most global banks, such as Credit Suisse, Barclays, BNP Paribas, Citibank, Deutsche Bank, HSBC, JPMorgan Chase and UBS, have a separate business unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. Because of their extreme high net worth and the way their assets were generated, these clients are often considered to have characteristics similar to institutional investors.

Retail

Brands in various sectors, such as Bentley, Maybach, and Rolls-Royce in motoring, actively target UHNWI and HNWI to sell their products. Figures gathered by Rolls-Royce suggest there are 80,000 people around the world with disposable income of more than $20 million.[19] They have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht.

SEC regulations

The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file a report known as Form ADV.[21] Among other things, Form ADV requires each investment adviser to state how many of his clients are «high net worth individuals.» The Form ADV Glossary of Terms explains that a «high net worth individual» is an individual with at least $1,000,000 managed by the reporting investment adviser, or whose net worth the investment adviser reasonably believes exceeds $2,000,000 (or who is a «qualified purchaser» as defined in section 2(a)(51)(A) of the Investment Company Act of 1940). The net worth of an individual for SEC purposes may include assets held jointly with his or her spouse. Unlike the definitions used in the financial and banking trade, the SEC’s definition of HNWI would include the value of a person’s verifiable non-financial assets, such as a primary residence or art collection.

Academic studies of asset management trends

The Wharton Global Family Alliance whitepaper was released in 2008 to study the investment strategies of single family offices in the United States and in Europe.[22] The research was segregated into sub-groups representing those with less than $1 billion in assets and those with assets above $1 billion. The study found that U.S. families reported a more aggressive attitude toward investment objectives than their counterparts in Europe. One recommendation of the WGFA study advised the advisors and family offices serving this niche to avoid complexity in the structure of portfolios.

The authors cite that the more complex the portfolio and number of holdings, the more difficult the job of performing adequate governance, reporting, and education. The Institute for Private Investors, a peer networking organization for wealthy families and their advisors, suggested a similar theme to its membership in 2008 with a conference themed, «The Return to Simplicity».[23] Kotak Wealth Management and CRISIL Research, published a report on the Ultra High Net Worth Individuals in India titled «Top of the Pyramid Report».[24] Author and portfolio manager Niall Gannon suggested in Investing Strategies for the High Net Worth Investor: Maximize Returns on Taxable Portfolios[25] that asset management for the ultra high net worth individual must be approached from a perspective which acknowledges the role of taxes in reducing portfolio returns. His research studied the S&P 500 index on an after-tax basis and found the return to be 6.63% after paying taxes at the top prevailing federal tax rate and a constant average of 6% for state taxes.

The study covered the period from January 1, 1957- December 31, 2010. Additional results from Gannon’s research found that a portfolio of municipal bonds out-performed the re-invested S&P 500 index in 17% of the rolling 20 year periods since the inception of the index. Gannon rejects the use of historical returns for future asset allocation modeling for high net worth investors. He argues that an observation of stock portfolio earnings yields (the inverse of the p/e ratio) are more indicative of the future return potential of the portfolio when modeled with the impact of taxation on performance.

References

1.^ «Capgemini 2007 World Wealth Report» (PDF). 2006-06-12. Retrieved 2007-07-08. «World Wealth Grows to $33.3 trillion Says Merrill Lynch»

2.^ a b For A Few Dollars More, by Nivedita Chakravartty, The Times of India, 18 Jan 2007

3.^ CapGemini. «2009 World Wealth Report». Thought Leadership.

4.^ Using http://www.bls.gov/data/inflation_calculator.htm

5.^ http://www.capgemini.com/m/en/doc/WWR98.pdf

6.^ http://www.capgemini.com/m/en/doc/WWR99.pdf

7.^ http://www.capgemini.com/m/en/doc/WWR00.pdf

8.^ http://www.in.capgemini.com/m/in/tl/pdf_2001_World_Wealth_Report.pdf

9.^ http://www.capgemini.com/m/en/tl/pdf_2002_World_Wealth_Report.pdf

10.^ http://web.archive.org/web/20100102085510/http://ml.com/media/14076.pdf

11.^ http://www.hr.capgemini.com/m/hr/tl/World_Wealth_Report_2004.pdf

12.^ http://www.hr.capgemini.com/m/hr/tl/World_Wealth_Report_2005.pdf

13.^ http://web.archive.org/web/20100102073453/http://ml.com/media/67216.pdf

14.^ http://web.archive.org/web/20100102074059/http://ml.com/media/79882.pdf

15.^ http://web.archive.org/web/20081123130251/http://www.ml.com/media/100472.pdf

16.^ http://www.ml.com/media/113831.pdf

17.^ http://www.at.capgemini.com/m/at/tl/World_Wealth_Report_2010.pdf

18.^ http://www.ml.com/media/114235.pdf

19.^ a b Rich spurn ultra-luxury cars, The Sunday Times (UK), 5 Nov 2006

20.^ Banking for Family Busi ness: A New Challenge for Wealth Management, by Stefano Caselli, Stefano Gatti, Springer, 2005, ISBN 3-540-22798-9

21.^ SEC Form ADV

22.^ Wharton Global Family Alliance. «Benchmarking the Single Family Office: Identifying the Performance Drivers».

23.^ Institute for Private Investors. [1].

24.^ http://www.indianexpress.com/news/ultra-hni-segment-set-to-treble-report/800562/

25.^ , McGraw-Hill, 2009, ISBN 978-0-07-162820-4

From: Wikipedia, 2012.