VHNW（超富裕層）向け金融サービス

金融サービス業界は常に、最も裕福な米国人のニーズに応え、利益を上げるという課題に取り組んでいます。この業界のアドバイザーとウェルスマネージャーは、富と富裕層の変容に対応するため、戦略を転換しています。

当レポートでは、VHNW（超富裕層）向け金融サービスについて調査し、各セグメント（富裕層、超富裕層、超富裕層）と、金融サービス業界との関係について分析しています。

目次

• 範囲と調査手法
• 報告の範囲
• 報告の調査手法

第1章 エグゼクティブサマリー

• 真の富裕層/VHNW市場が存在する理由
• 投資家の4つのバケット
• 世代によって異なる製品やサービスのニーズ

第2章 米国世帯の富

• 上位1%を決定する世界経済と米国経済
• 純資産が映し出す米国社会

第3章 VHNWの人口統計

• VHNWの人口統計

第4章 金融サービスとVHNW

• 金融サービス業界のVHNW収益
• ウェルスマネジメント企業
• 複雑な財務にはウェルスマネージャーが必要
• ファミリーオフィス
• 銀行口座
• ウェルスマネージャー
  • 富裕層が高いリターンを得る理由
  • 富裕層はより高いリスク調整後リターンを享受
  • マネーマネージャーの種類
  • 独立系マネーマネージャー
  • 銀行系ウェルスマネージャー
  • 世界最大のウェルスマネージャー
  • ウェルスマネジメント企業に警鐘を鳴らすWells Fargo
  • UBS Global Wealth
  • Credit Suisse
  • Morgan Stanley
  • Bank of America
  • J.P. Morgan Private Bank and Asset/Wealth Management
  • Goldman Sachs Global Wealth Management

The financial services industry always rises to the task of profitably serving the needs of the most affluent Americans. The industry's advisors and wealth managers have pivoted their strategies as they respond to the mutability of wealth and the wealthy. Over time, wealth managers have seen every characteristic of wealth management change; from the magnitude of that wealth (today, the 10 richest Americans own 288% more of the world's wealth than in 1960) to its origins in entrepreneurship rather than inheritance and to the holding of wealth in a sophisticated array of investment vehicles rather than bank trusts.

The new Packaged Facts report, "Financial Services for the Very High Net Worth (VHNW)" analyzes each segment of the affluent market (high-net-worth, very high-net-worth and ultra high-net-worth) and its relationship with the financial services industry. The report offers a particular focus on the very high-net-worth (truly affluent) segment.

Two concurrent trends have left a gap in market research into the affluent market: The rise of defined contribution plans and the increasing wealth of the ultra high-net-worth. The rise of defined contribution retirement plans (e.g., 401(k)s) shifted retirement savings obligations from employers and their pension plans to employees themselves. Each time an employee changes jobs or retires, the balance in their retirement savings account moves with them, shifting over $500 billion a year from 401(k)s to traditional IRAs. This "new" money funneling into traditional financial services companies offering rollover IRA accounts created an industry-wide focus on the mass affluent and high-net-worth markets ($500,000 to $5 million in investable assets).

The ultra high-net-worth individual, with $30 million or more in investable assets, has always beguiled the money management industry. The wealthiest Americans, with their multi-generational wealth, corporations and foundations and complex financial and estate planning strategies have generated enormous fees for financial services firms and as the cohort's control of American wealth continues to increase (from 29% of household net worth in 2007 to 32% in 2022), the competition to serve the top 300,000 of the wealthiest American households only intensifies.

This new research has a particular focus on the group of wealthy individuals who comprise the very high-net-worth segment (those with $5 million to $30 million in net worth). With the financial services industry focused on the wealth directed their way through rollover IRAs and their traditional focus on the ultra high-net-worth market, the group of 1.8 million households, that are all in the top 1% and top 2% of households by net worth, have needed a fresh analysis to understand who is in the very high-net-worth category, what these households own and how their assets are managed, as well as the group's demographics and their lifestyle preferences.

Packaged Facts estimates that the truly affluent generate, at a minimum, $568.9 billion in asset management and other financial transaction fees for the financial services industry.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, the food and beverage market, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

Table of Content

• SCOPE & METHODOLOGY
• REPORT SCOPE
• REPORT METHODOLOGY

CHAPTER 1: EXECUTIVE SUMMARY

• WHY THE TRULY AFFLUENT/VHNW MARKET?
• THE FOUR BUCKETS OF INVESTORS
• DIFFERENT GENERATIONS NEED AND WANT DIFFERENT PRODUCTS AND SERVICES

CHAPTER 2: WEALTH OF AMERICAN HOUSEHOLDS

• GLOBAL AND U.S. ECONOMIES DETERMINE THE TOP 1%
  • Wealth Concentration in the U.S.
  • Post-World War II, Many of the Richest Have Been Entrepreneurs
  • In 1957, 60% of the Richest Americans Had Inherited Their Fortunes
  • U.S.'s 8 Richest are Worth $1.1 Trillion
  • In 2022, Richest Americans are Entrepreneurs
  • Global Wealth Has Surged Since 1960
  • Figure 2-1. Global GDP, Current and Chained Dollars, 1960- - 2020, (dollars in trillions)
  • In 2019, Top 10% Saw Their Percentage Ownership of U.S. Assets Decline
  • While Share of Assets for Top 10% Declined, Top 1%'s Grew
  • Figure 2-2. Changes in U.S. Household Net Worth, by Type of Holding, 2013 - 2022 (dollars in trillions)
  • Bottom 50% of Households Did Not Recover From the Global Recession Until 2016
  • Global Recession Led to Asset Stagnation of More Affluent Population Percentiles
  • Figure 2-3. Total and Share of Net Worth by Percentile, 2007 - 2022
  • Figure 2-4. Percentage of Net Worth Held by Percentage Groups, 2007 - 2022
  • Composition of Assets Change as Household Wealth Declines
  • Figure 2-5. Asset Portfolio by Wealth Percentile Group, Q1 2022
• NET WORTH MIRRORS U.S. SOCIETY
  • Age and Wealth
    • Table 2-1 Median Family Net Worth by Age of Respondents, 2016 and 2019, (2019 dollars in thousands and percent change)
  • Education and Wealth
  • Table 2-2. Median Family Income by Education of Respondent, 2016 and 2019 (dollars in thousands and percent change)
  • Income Gap is Shrinking Slightly for Families With and Without College Degree
  • Table 2-3. Median Family Net Worth by Education of Respondents, 2016 and 2019, (2019 dollars in thousands and percent change)
  • Home Ownership and Wealth
  • Table 2-4. Median Family Net Worth by Housing Status of Respondent, 2016 and 2019, (dollar in thousands and percent change)
  • Race, Ethnicity and Wealth
  • Table 2-5. Median Value of Assets for Households, by Type of Asset Owned and Race or Ethnicity, 2020 (dollars)
  • Rising Wealth for Blacks and Hispanics Insufficient to Close Gap with White Wealth
  • Table 2-6. Net worth by race or ethnicity, 2010 - 2019 (dollars in thousands)
  • Wealth Begets Wealth
  • Table 2-7. Before-Tax Median Family Income, by Race or Ethnicity of Respondent, 2016 and 2019 (dollars in thousands and percent change)
  • Much White Wealth is Intergenerational
  • Table 2-8. Type and Amount of Financial Gift and Level of Education by Race and Ethnicity, 2020 (dollars in thousands and percentages)
  • Home Ownership and Net Worth
  • Many White Families Can Help Children Purchase a Home
  • By Race and Ethnicity, Home Ownership Rates Change by Age of Respondent
  • Table 2-9. Homeownership Rates Among Whites, Blacks and Hispanics Across Age Groups, 2019 (percentage)

CHAPTER 3: DEMOGRAPHICS OF THE VHNW

• DEMOGRAPHICS OF THE VHNW
  • Counting the VHNW/VHNW
  • Table 3-1. Growth in Wealthy U.S. Households, by Type, 2017 - 2021 (number in millions and percent change)
  • Breaking Out the Data: Who's In the Top 1%?
  • Table 3-2. Assets by Wealth Percentile Group, 2022: Q1 (dollars in trillions)
  • Table 3-3. Assets by Wealth Percentile Group, 2022: Q1 (percent of total per group)
  • Very High Net Worth is Relative
  • Table 3-4. Timeline Schedule for Joining Top 1%: Net Worth Levels by Age 2022 (dollars)
  • Where Do the VHNW Live?
  • Globally, San Jose CA Has Highest Per Capita Rate of VHNW
  • In U.S., Affluent and VHNW Disproportionately Favor New England and Pacific Coast
  • Table 3-5. U.S. Subregional Preferences of Affluent/VHNW 2022 (percentage)
  • Composition of HNW, VHNW and UHNW Households
  • Table 3-6. Composition of Affluent Households, 2022 (number in thousands and percentage)
  • Affluents and Employment
  • Table 3-7. Job Function/Area Of Responsibility of Highest Income Earners ($250K+), 2022 (number in thousands and percentage)
• CHAPTER 4 FINANCIAL SERVICES AND THE VHNW
• VHNW REVENUE FOR FINANCIAL SERVICES INDUSTRY
  • Table 4-1. Revenue Generated by VHNW for Financial Services Industry, 2022 (dollars in billions)
  • Table 4-2. Assets of Top 0.1%, 1%, and 10% of U.S. Households, 2018 - 2022 (dollars in trillions)
• WEALTH MANAGEMENT FIRMS
  • Fintech Enters the Field
  • Wealthfront Advisors
  • Table 4-3. Wealthfront, Assets Under Management and Number of Clients, 2018 - 2022 (dollars in billions and number of clients)
  • Big Brokerages Have Swamped Smaller Robo-Advisors
  • Vanguard Robo-Advisors
  • Schwab Intelligent Portfolios
  • Betterment
• COMPLEX FINANCES REQUIRE WEALTH MANAGERS
  • Wealth Managers Access Multiple Layers of Experts for VHNW
  • Perks Offered VHNW are Less Impressive than Those Offered by High End Credit Cards
  • What are the Valuable Privileges Offered to VHNW?
  • VHNW are Accredited Investors
  • Only Accredited Retail Investors Can Participate in Unregistered Securities
  • Top Wealth Managers Provide Access to pre-IPOs, Private Equity and Hedge Funds
  • Private Capital and the Wealthy Investor
  • Hedge Funds and Leverage
  • Example of Everyday Leverage - Getting a Mortgage
  • Leveraged Borrowing Can Be a Disaster or May Create a Windfall
  • Venture Capital
  • Private Equity
• FAMILY OFFICES
  • The Largest Family Offices Have Assets of Billions
  • VHNW Can Access Family Offices
• BANK ACCOUNTS
  • Bank of America Private Bank
  • Table 4-4. Bank of America Preferred Rewards for VHNW Private Bank Clients, 2022
  • Citigold Private Client
• WEALTH MANAGERS
  • Why Do Rich People Earn High Returns?
  • Wealthy Enjoy Higher Risk-Adjusted Returns
  • Types of Money Managers
  • Independent Money Managers
  • Bank-affiliated Wealth Managers
  • The Largest Global Wealth Managers
  • Table 4-5. Largest Global Wealth Managers, 2021 (billions in dollars)
  • Wells Fargo Offers a Cautionary Tale for Wealth Management Firms
  • Table 4-6. Deposit Market Share Growth, Three Largest U.S. Banks 2017-2021 (dollars in billions)
  • UBS Global Wealth
  • Table 4-7. UBS Global Wealth Management, 2020 - 2021, (dollars in millions and billions and percent change)
  • Credit Suisse
  • Table 4-8. Credit Suisse Results Overview, 2Q 2022 (Swiss francs in millions)
  • Table 4-9. Credit Suisse Wealth Management Divisional Results, 2021 - 1Q 2022 (Swiss francs in millions and billions and percent change)
  • Morgan Stanley
  • Table 4-10. Morgan Stanley Financial Summary Highlights, Q2 2022 (dollars in millions and billions)
  • Bank of America
  • Table 4-11. Bank of America: Global Wealth & Investment Management Key Indicators, 2021 and 2022 (dollars in millions)
  • J.P. Morgan Private Bank and Asset/Wealth Management
  • Figure 4-1. JPMorgan Chase Assets and Wealth Management Client Asset Net Flows, 2019, 2020, and 2021 (dollars in billions)
  • Table 4-12. J.P. Morgan Asset & Wealth Management, 2006 - 2021 (dollars in billions and trillions)
  • Goldman Sachs Global Wealth Management
  • Table 4-13. Goldman Sachs, Financial Highlights for Private Banking and Wealth Management, 2Q and YTD, 2021 and 2022 (dollars in millions and percent change)
  • Figure 4-2. Goldman Sachs Revenue by Segment, 2Q 2022 (dollars in millions)