JSB Market Research: Ultra HNWIs in Japan 2014

Ultra HNWIs in Japan 2014 

On 6 th May 2014 

Synopsis 

This report is the result of WealthInsights extensive research covering the high net worth 

individual (HNWI) population and wealth management market in Japan. 

The report focuses on HNWI performance between the end of 2008 (the peak before the global 

financial crisis) and the end of 2013. This enables us to determine how well the countrys 

UHNWIs have performed through the crisis. 

Summary 

This report reviews the performance and asset allocations of Ultra HNWIs in Japan, and 

highlights top-performing cities. It also includes an evaluation of the local wealth management 

industry. 

Scope 

UHNWI volume, wealth and allocation trends from 2009 to 2013 

UHNWI volume, wealth and allocation forecasts to 2018 

UHNWI asset allocations across 13 asset classes 

Number of UHNWIs in each state and all major cities 

Fastest growing cities and states for UHNWIs (2009-2013) 

Number of wealth managers in each city 

City wise ratings of wealth management saturation and potential 

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Details of the development, challenges and opportunities of the Wealth Management 

and Private Banking sector in Japan 

Size of Japan wealth management industry 

Largest domestic private banks by AuM 

Detailed wealth management and family office information 

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 dossiers on over 60,000 HNWIs from around the world. 

The Intelligence Center also includes tracking of wealth and liquidity events as they happen and 

detailed profiles of major private banks, wealth managers and family offices in each market. 

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. 

Report includes comprehensive forecasts to 2018. 

Also provides detailed information on UHNWIs in each major city. 

Key Highlights 

There were 16,584 UHNWIs in Japan in 2013, with an average per capita wealth of US$176.4 

million, making them the prime target group for wealth sector professionals. Of this total, there 

were 24 billionaires, 1,954 centimillionaires and 14,606 affluent millionaires. 

UHNWIs accounted for 0.8% of the total HNWI population of Japan in 2013, slightly higher than 

the global average of 0.7%. During the review period, the number of UHNWIs in Japan 

increased by 56.3%, from 10,608 in 2009 to 16,584 in 2013. 

There was a wide range of performance between the different UHNWI wealth bands; the 

number of billionaires increased by 41.2%, while the number of centimillionaires and affluent 

millionaires increased by 53.5% and 56.8% respectively. 


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WealthInsight expects the number of UHNWIs to increase by 7%, to reach 17,911 in 2018. This 

will include 28 billionaires, 2,110 centimillionaires and 15,774 affluent millionaires. 

Other industries we cover: 

 

 

 

 

 

 

 

 

 

Advertising and Media 

Automotive and Parts 

Consumer Goods 

Healthcare and Medical 

Finance and Banking 

Food and Beverages 

Travel and Tourism 

Textiles and Clothing 

SWOT Analysis 

Table of Content 

1 Introduction 

1.1 Details of this Report 

1.2 Definitions 

2 Summary 

3 Wealth Sector Fundamentals 

3.1 Political Background 

3.2 Economic Background 

3.3 Benchmarking Japans Wealth in Context 

3.3.1 Distribution of wealth in Japan 

3.4 HNWI Volume and Wealth Trends 


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4 Findings from the WealthInsight HNWI Database 

4.1 Trends in HNWI Wealth to 2018 

4.1.1 HNWI trend analysis 

4.1.2 Trends of the wealth bands 

4.1.3 Demographic breakdown of HNWIs 

4.1.4 HNWIs job titles 

4.1.5 HNWIs industry breakdown 

4.1.6 HNWIs industry performance 

4.1.7 HNWIs breakdown by city 

4.1.8 HNWIs city performance 

4.1.9 HNWIs city population densities 

4.1.10 HNWIs city forecasts 

4.1.11 HNWIs breakdown by state 

4.1.12 HNWIs state performance 

4.1.13 HNWIs state population densities 

4.2 UHNWIs 

4.2.1 UHNWI volume trend analysis 

4.2.2 UHNWI wealth trend analysis 

4.2.3 Demographic breakdown of UHNWIs 

4.2.4 UHNWIs industry breakdown 


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4.2.5 UHNWIs city breakdown and performance 

4.3 UHNWIs Billionaires 

4.3.1 Billionaire volume trend analysis 

4.3.2 Billionaire wealth trend analysis 

4.3.3 Billionaire per capita net worth trend analysis 

4.3.4 List of billionaires 

4.4 UHNWIs Centimillionaires 

4.4.1 Centimillionaire volume trend analysis 

4.4.2 Centimillionaire wealth trend analysis 

4.4.3 Centimillionaire per capita net worth trend analysis 

4.5 UHNWIs Affluent Millionaires 

4.5.1 Affluent millionaire volume trend analysis 

4.5.2 Affluent millionaire wealth trend analysis 

4.5.3 Affluent millionaire per capita net worth trend analysis 

4.6 Core HNWIs 

4.6.1 Core HNWI volume trend analysis 

4.7 Core HNWIs Mid-Tier Millionaires 

4.7.1 Mid-tier millionnaire volume trend analysis 

4.7.2 Mid-tier millionaire wealth trend analysis 

4.7.3 Mid-tier millionaire per capita net worth trend analysis 


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4.8 Core HNWIs Lower-Tier Millionaires 

4.8.1 Lower-tier millionaire volume trend analysis 

4.8.2 Lower-tier millionaire wealth trend analysis 

4.8.3 Lower-tier millionaire per capita net worth trend analysis 

5 Analysis of Japanese HNWI Investments 

5.1 Analysis by Asset Class 

5.1.1 Trends in alternative assets 

5.1.2 Trends in art, wine and wheels 

5.1.3 Trends of investment in real estate 

5.1.4 Trends of investment in cash and deposits 

5.1.5 Trends of investment in fixed-income 

5.1.6 Trends of investment in equity 

5.1.7 Trends of investment in business interests 

5.2 Analysis of Foreign Investments 

5.2.1 Investments in Europe 

5.2.2 Investments in North America (including the US, Mexico and the Caribbean) 

5.2.3 Investments in Asia-Pacific 

5.2.4 Investments in Central and South America 

5.2.5 Investments in the Middle East 

5.2.6 Investments in Africa 


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5.3 Alternative Breakdown: Liquid vs Investable Assets 

5.4 Analysis of Japanese UHNWI Investments 

6 Competitive Landscape of the Wealth Sector 

6.1 Competitive Landscape 

6.1.1 Private banks 

6.1.2 Wealth managers 

6.1.3 Family offices 

6.1.4 Financial advisors 

6.2 Developments in the Japanese Private Banking Industry 

6.3 Wealth Management and the Private Banking Industry 

6.4 Japanese Wealth Management Industry Clientele Model and Maturity 

6.5 Behavioral Mapping of Wealth Management and Private Banking in Japan 

7 Appendix 

7.1 Regulations on Taxes 

7.2 Key Drivers 

7.2.1 JPY to US$ exchange rate 

7.2.2 Real GDP growth 

7.2.3 Per capita GDP 

7.2.4 Domestic market capitalization 

7.2.5 Commodity index 


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7.2.6 Foreign direct investments (FDI) inflows and outflows 

7.2.7 Inflation rate 

7.2.8 Interest rate 

7.2.9 Balance of payments 

7.2.10 Government debt 

7.2.11 Stock market performance 

7.3 Wealth Breakdowns 

8 About WealthInsight 

List of Tables 

Table 1: HNWI Wealth Band and Group Definitions 

Table 2: Japanese Population Volume of Key Cities (Million), 2013 

Table 3: Japanese HNWIs Volume Distribution (%), 2013 

Table 4: Japanese HNWIs Wealth Distribution Wealth Pyramid (%), 2013 

Table 5: Japanese HNWIs Industry Performance (%), 20092013 

Table 6: Japanese HNWIs Populations in Cities and Percentage of HNWIs, 2013 

Table 7: Japanese HNWIs Growth in Top Cities (Thousand), 20092013 

Table 8: Japanese HNWIs Population Density in Major Cities (Thousand), 2013 

Table 9: Japanese HNWIs Population in Top Cities (Thousand), 20092018 


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Table 10: Japanese HNWIs Growth Rates for Top Cities (%), 20092018 

Table 11: Japanese HNWIs Population by State (Thousand), 2013 

Table 12: Japanese HNWIs Population and State Growth Data, (%) 20092013 

Table 13: Japanese HNWIs Population Density by State (%), 2013 

Table 14: Japanese UHNWIs Gender Performance, 20092013 

Table 15: Japanese UHNWIs Sources of Wealth (%), 2013 

Table 16: Japanese UHNWIs in Top Cities (Thousand), 20092018 

Table 17: Japanese UHNWIs Growth Rates for Top Cities (Thousand), 20092018 

Table 18: Japanese Billionaires Market Overview (US$ Billion) 20092018 

Table 19: Japanese Top-10 Billionaires (US$ Billion), 2013 

Table 20: Japanese Billionaire Wealth Growth (US$), 20092013 

Table 21: Japanese Centimillionaires Market Overview (US$), 20092018 

Table 22: Japanese Affluent Millionaires Market Overview (US$), 20092018 

Table 23: Japanese Mid-Tier Millionaires Market Overview (US$), 20092018 

Table 24: Japanese Lower-Tier Millionaires Market Overview (US$), 20092018 

Table 25: Japanese Allocations of HNWI Assets (%), 20092018 

Table 26: Japanese HNWIs Holdings Growth (%), 20092018 

Table 27: Japanese HNWIs Alternative Asset Composition (%), 20092018 

Table 28: Japanese HNWIs Trends of Investments in Alternative Assets (%), 20092018 

Table 29: Japanese Trends in Art, Wine and Wheels, 20092013 


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Table 30: Global Prime Real Estate Prices per m2 (US$), 2014 

Table 31: Japanese HNWIs Percentage of Foreign Investment Allocations (%), 20092018 

Table 32: Japanese HNWIs Liquidity Breakdown (US$ Billion), 20092018 

Table 33: Japanese HNWIs Liquidity Breakdown (%), 20092018 

Table 34: Japanese UHNWIs Allocations and Share of HNWI Assets, 2013 

Table 35: Japanese Leading Domestic Private Banks, 2013 

Table 36: Japanese Leading Foreign Private Banks, 2013 

Table 37: Japanese Wealth Managers, 2013 

Table 38: Japanese Family Offices, 2013 

Table 39: Japanese Wealth Management Industry Recent Deal Activity, 2013 

Table 40: Japanese Income Tax Bands (JPY), 20122013 

Table 41: Japanese Exchange Rate JPY to US$, 20092018 

Table 42: Japanese Real GDP Growth (%), 20092018 

Table 43: Japanese GDP Per Capita (US$), 20092018 

Table 44: Japanese Domestic Market Capitalization (US$ Billion), 20092013 

Table 45: Japanese Commodity Indices, 20092018 

Table 46: Japanese Foreign Direct Investments (US$ Billion), 20092018 

Table 47: Japanese Inflation Rate (%), 20092018 

Table 48: Japanese Money Market Rate (%), 20092018 

Table 49: Japanese Balance of Payments (US$ Billion), 20092013 


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Table 50: Japanese Government Debt as a Percentage of GDP (%), 20092018 

Table 51: Japanese Stock Market Performance (Index), 20092013 

Table 52: Japanese HNWI Wealth vs GDP Ratio (%), 20092018 

Table 53: Japan Appendix One 

Table 54: Japan Appendix Two 

List of Figures 

Figure 1: HNWI Wealth Band Definitions 

Figure 2: Map of Japan 

Figure 3: Japanese Asset Price Performance (US$), 20092013 

Figure 4: Japanese HNWI Performance, (US$), 20092018 

Figure 5: Japanese vs Global HNWIs in Terms of Volume and GDP per Capita Growth (US$), 

20092013 

Figure 6: Japanese HNWIs Growth Factor Correlation (Index), 20092013 

Figure 7: Japanese HNWIs Volume Distribution Wealth Pyramid (%), 2013 

Figure 8: Japanese HNWIs Wealth Distribution Wealth Pyramid (%), 2013 

Figure 9: Japanese HNWIs Age Distribution, 2013 

Figure 10: Japanese HNWIs Job Titles, 20092013 

Figure 11: Japanese HNWIs Distribution by Industry (%), 2013 

Figure 12: Japanese HNWIs City Performance (Thousand), 20092013 


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Figure 13: Japanese HNWIs City Population Volumes (Thousand), 20092013 

Figure 14: Japanese HNWIs City Forecasts (Thousand), 20142018 

Figure 15: Japanese HNWIs City Population Volumes (Thousand), 20142018 

Figure 16: Japanese UHNWIs Wealth Share vs Volume Growth (%), 20092013 

Figure 17: Japanese UHNWIs Volume by Wealth Band (Thousand), 20092018 

Figure 18: Japanese UHNWIs Wealth by Wealth Band (US$ Billion), 20092018 

Figure 19: Japanese UHNWIs Age Distribution (Percentage Share), 2013 

Figure 20: Japanese UHNWIs Distribution by Industry, 2013 

Figure 21: Japanese Billionaires Market Overview (US$), 20092018 

Figure 22: Japanese Centimillionaires Market Overview (US$), 20092018 

Figure 23: Japanese Affluent Millionaires Market Overview (US$), 20092018 

Figure 24: Japanese Mid-Tier Millionaires Market Overview (US$), 20092018 

Figure 25: Japanese Lower-Tier Millionaires Market Overview (US$), 20092018 

Figure 26: Japanese HNWIs Asset Class Composition (%), 20092018 

Figure 27: Japanese HNWIs Trends in Alternative Assets (US$ Billion), 20092018 

Figure 28: Japanese Trends in Art, Wine and Wheels, 20092013 

Figure 29: Japanese HNWIs Foreign Investment Allocation and Growth (%), 2013 

Figure 30: Japanese HNWIs Global Distribution of Foreign Investments (%), 20092018 

Figure 31: Japanese HNWIs Liquidity Breakdown (%), 20092018 

Figure 32: Japanese UHNWIs Asset Class Composition (%), 20092018 


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Figure 33: Japanese Wealth Management Industry Maturity Level of Operators 

Figure 34: Japanese Wealth Management Industry Behavioral Mapping, 2013 

Figure 35: Japanese Exchange Rate JPY to US$, 20092018 

Figure 36: Japanese Real GDP Growth (%), 20092018 

Figure 37: Japanese GDP Per Capita (US$), 20092018 

Figure 38: Japanese Domestic Market Capitalization (US$ Billion), 20092013 

Figure 39: Japanese Commodity Indices, 20092018 

Figure 40: Japanese Foreign Direct Investments (US$ Billion), 20092018 

Figure 41: Japanese Inflation Rate (%), 20092018 

Figure 42: Japanese Money Market Rate (%), 20092018 

Figure 43: Japanese Balance of Payments (US$ Billion), 20092013 

Figure 44: Japanese Government Debt as a Percentage of GDP (%), 20092018 

Figure 45: Japanese Stock Market Performance (Index), 20092013 

Figure 46: Japanese HNWI Wealth vs GDP Ratio (%), 20092018 

Figure 47: Japanese HNWIs Volume by Wealth Band, 20092018 

Figure 48: Japanese HNWIs Wealth by Wealth Band (US$ Billion), 20092018 

Figure 49: Japanese HNWIs Wealth per Capita (US$ Million), 20092018 


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JSB Market Research: Ultra HNWIs in Japan 2014

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