18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017

18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017

The world has 18.1 million HNWIs (High Net Worth Individuals) with total wealth of $70.2 trillion in 2017, in the latest World Wealth Report 2018 Report released by Capgemini.  On average, each HNWI has an individual wealth of $3.87 million.

” 18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017 “

HNWIs population grew from 16.6 million to 18.1 million in 2017, adding 1.5 million more HNWIs.  The total wealth of HNWIs grew from $63.5 trillion to $70.2 trillion in 2017, adding $6.7 trillion of wealth to the HNWIs population.  Asia-Pacific has the most HNWIs with 6.18 million while North America has 5.66 million and Europe with 4.83 million.  Asia-Pacific HNWIs also held the most wealth with $21.59 Trillion, North America has $19.79 Trillion while Europe has $15.85 Trillion.

HNWI Population 

  • Asia-Pacific 6.18 Million (+12.1%)
  • North America 5.66 Million (+9.9%)
  • Europe 4.83 Million (+7.3%)
  • Latin America 0.60 Million (+7.3%)
  • Middle East 0.66 Million (+2.1%)
  • Africa 0.17 Million (+0.69%)

HNWI Wealth

  • Asia-Pacific $21.59 Trillion (+14.8%)
  • North America $19.79 Trillion (+10.3%)
  • Europe $15.85 Trillion (+7.8%)
  • Latin America $8.74 Trillion (+8.8%)
  • Middle East 2.49 Trillion (+2.9%)
  • Africa $1.7 Trillion (+0.3%)

HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

Source: Capgemini

 

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Paradise Papers Reveals Famous Celebrities, Politicians and Billionaires in Appleby’s Data Leak

 Paradise Papers Reveals Famous Celebrities, Politicians and Billionaires in Appleby’s Data Leak

The Paradise Papers have exposed hundreds of politicians, multinationals, celebrities and high-net-worth individuals.  Famous celebrities in the papers includes Lewis Hamilton, Madonna, Shakira, Keira Knightley, U2 singer Bono and Amitabh Bachchan.  Corporations and businessmen names includes Apple, Nike, Facebook, Glencore, Private Equity firm Blackstone, George Soros, Microsoft co-founder Paul Allen Microsoft and Irish Billionaire Dermot Desmond.

” Madonna, Shakira, Lewis Hamilton, Nike, Apple, Facebook names mentioned in Paradise Papers “

Royalties, politicians and ex-politicans were also listed in the papers with names like Queen Elizabeth II, Prince Charles, former Japanese Prime Minister Yukio Hatoyama, family members of former Japanese Prime Minister Yukio Hatoyama, former Pakistan Prime Minister Shaukat Aziz and a Cayman Islands trust managed by Canadian Prime Minister Justin Trudeau.

Questionable deals mentioned includes Twitter and Facebook received hundreds of millions in investments that are traced to Russian state financial institutions, two billionaires buying stakes in Arsenal and Everton football clubs and Prince Charles for not disclosing his private estate had an offshore financial interest while promoting altering climate-change agreement.

The name of the “Paradise Papers” was chosen due to the idyllic profiles the offshore jurisdictions such as Bermuda as tax havens, and is also a French term for a tax haven – paradis fiscal.  It contains 1,400 GB of data and 13.4 million of documents.  The leak came from legal service provider Appleby, corporate service provider Estera and Asiaciti Trust.  German newspaper Süddeutsche Zeitung, obtained the original data and documents.  The International Consortium of Investigative Journalists are currently working on the project to uncover more insights.

Leaks since 2010:

  • Panama Papers in 2016
  • Bahamas leaks in 2016
  • Swiss leaks in 2015
  • Luxembourg leaks in 2014
  • Offshore leaks in 2013
  • Wikileaks or “cablegate” in 2010.

Source: BBC, The Guardian, Business Insider, ICIJ

 

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Ultra Rich in London Protecting Wealth with Family Offices

Ultra Rich in London Protecting Wealth with Family Offices

Research from the London School of Economics has shown that the ultra rich in London are protecting their wealth with family offices.  According to the study, a family needs to be worth at least US$100 million to employ a multi-family office or ar least US$250 million for a single family office.

“According to the study, a family needs to be worth at least US$100 million to employ a multi-family office or ar least US$250 million for a single family office. “

~ London School of Economics

Family office employees can manage every aspect of the families lives, ranging from personal to professional and it can consist of economists, lawyers or psychologists. Family offices could set out family constitutions which define the rules all members have to follow or even assume a lifestyle management function which oversees their daily lives.

Research Reports: BBC, London School of Economics

 


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Zara Founder Overtakes Bill Gates as Richest Man

Zara Founder Overtakes Bill Gates as Richest Man

Zara founder Amancio Ortega recently surpassed Bill Gates to become the world’s richest man with $78 billion compared to Bill Gate’s estimate of $77.4 billion. Ortega whose father was a railway worker in La Coruna founded the world famous clothing empire from this living room with Rosalia Mera, his ex wife before establishing the Inditex fashion group.

“Zara founder Amancio Ortega recently surpassed Bill Gates to become the world’s richest man with $78 billion.”

~ Luxury Insider

Ortega briefly took the title of world’s richest man for the first time in October 2015, when his shares hit an all-time high and boosted his net worth to $80 billion. But the stock quickly dipped, and Gates once again took the throne. Both  will likely continue to exchange the title as the stock prices of their holdings continue to bounce up and down.

Related Reports: Luxury Insider, Forbes

 

About Inditex

Inditex is a fashion retailer which dates back to 1963 when it started life in a small workshop making women’s clothing. Today it has more than 7,000 stores throughout the world. Through its history the Group has evolved to become the business it is today reaching many notable milestones along its journey. But it has always remained focused on listening closely to its customers to offer them the fashions they desire.

Visit: Inditex

 


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Top 10 Billionaires in Hong Kong Worth 35% of City’s GDP

Top 10 Billionaires in Hong Kong Worth 35% of City’s GDP

The top 10 billionaires in Hong Kong have a combined net worth equal to 35% of the city’s economy, compared with ratios of 5.2 percent in India and 1.4 percent in China, according to calculations based on the Bloomberg Billionaires Index and International Monetary Fund estimates of gross domestic product.

“The top 10 billionaires in Hong Kong have a combined net worth equal to 35% of the city’s economy.”

~ Bloomberg

The highest proportions in Europe are Sweden at 25 percent, Switzerland at 9.2 percent and Russia at 8.8 percent.

Related Reports: Bloomberg

 

About International Monetary Fund

The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.

The IMF’s responsibilities: The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.

Visit: IMF

 


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Corporate Jets On a Decline

Corporate Jets On a Decline

With many emerging markets declining, oil companies trimming costs and commodities prices going down, Business-jet sales tumbled 16% to $3.53 billion in the first quarter, the biggest drop in almost five years, according to the General Aviation Manufacturers Association. Large-cabin jets led the decline.

“Business-jet sales tumbled 16% to $3.53 billion in the first quarter, the biggest drop in almost five years.”

~ General Aviation Manufacturers Association

The slump extends even to the Gulfstream G650 — just two years ago an aircraft so coveted by well-heeled buyers that some would pay $10 million above list for a used jet rather than wait four years for a new model. Now there are 19 G650s for sale, about 11 percent of the global fleet in operation. One 2013 plane that first was posted for sale in June at $68 million has had its asking price cut twice, to $58.8 million.

Related Reports: Bloomberg,

 

About Gulfstream

Gulfstream has led the evolution of business and personal aviation since the 1958 debut of the Gulfstream I, the world’s first purpose-built business aircraft. Today, Gulfstream produces the world’s most advanced business aircraft, with innovations from nose to tail and wingtip to wingtip, all while offering unmatched global product support and service.

Gulfstream engineers, manufactures and services the world’s finest business aircraft. Headquartered in Savannah, Georgia, USA, Gulfstream operates facilities on four continents and employs more than 15,000 people worldwide.

Visit: Gulfstream


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ICBC Private Banking Launches Family Wealth Management Service

ICBC Private Banking Launches Family Wealth Management Service

ICBC Private Banking has officially launched the family wealth management business targeting the needs of mainland’s ultra high net worth families with asset management, including investment with huge wealth, management of family assets, separation of family from business, planning on inheritance of wealth and family governance.

” Family wealth management business targeting the needs of mainland’s Ultra High Net Worth families “

ICBC’s family wealth management service is positioned as an integrated service provider with all family wealth management institutions to create the wealth management platform

Related Reports: ICBC, Asian Private Banker

 

About ICBC

Through its continuous endeavor and stable development, the Bank has developed into the top large listed bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. The Bank has its presence in six continents, and its overseas network has expanded to 41 countries and regions.The Bank provides comprehensive financial products and services to 5,090 thousand corporate customers and 465 million personal customers by virtue of the distribution channels consisting of 17,122 domestic institutions, 338 overseas institutions and 2,007 correspondent banks worldwide, as well as through its E-banking network comprising a range of Internet and telephone banking services and self-service banking centers, forming a diversified and internationalized operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in the commercial banking sector.In 2014, the Bank was named the “Global Bank of the Year” by The Banker, ranked the first place among the Top 1000 World Banks by the Banker and the largest enterprise in the world among the Global 2000 listed by the US magazine Forbes for the second consecutive year.

Visit: ICBC


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Gambling Tycoon Sheldon Adelson Contemplates Selling Casino Resort Retail Assets

Gambling Tycoon Sheldon Adelson Contemplates Selling Casino Resort Retail Assets

Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns Singapore’s landmark Marina Bay Sands, said he’s considering selling the casino resort’s retail assets after a government-imposed moratorium expires next year. The company has spoken with potential buyers, Chairman Adelson said in a conference call after Las Vegas-based Sands announced first quarter results Wednesday.

“Las Vegas Sands always have thoughts of monetising anything except its core casino assets.”

~ Mr Sheldon Adelson

The world’s largest casino operator missed analysts estimates as profit shrank amid a sharp decline in gambling at Sands China Ltd. The Hong Kong-listed company’s shares fell 4.9 percent to HK$29.05 by the close of trading Thursday, the lowest level in more than a month, even as Adelson bet Macau would see improvement from mass-market gamblers and tourists. In Singapore, casino revenue at Marina Bay Sands plunged 28 percent to $453.1 million in the first quarter, while mall revenue decreased 2 percent to $39 million, according to the parent company’s statement.  Hotel room revenue slipped 0.8 percent to $88.9 million, even as occupancy rose 3.1 percentage points to 97.9 percent.

Related Reports: Bloomberg, DealStreet Asia

About Las Vegas Sands Corp

In the 1990s, Las Vegas Sands TM (NYSE: LVS) created and introduced to the world an entirely new kind of travel destination: the Integrated Resort.  As one of the leading global developers of destination properties, unlike the other hotels on the Las Vegas Strip, we offer an array of high-end amenities and integrated them under one roof to provide the ultimate guest experience.  From sumptuous suites to plush meeting rooms, celebrity status night clubs, intimate lounges, headliner and resident shows, upscale gaming, ultra-relaxing spa services, a wide range of retail shops and award-winning cuisine, we created a self-sustained world of entertainment at each of our exquisite properties in Las Vegas, Bethlehem, Singapore and Macau.

Visit: Las Vegas Sands


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Wine Mogul Says Fidelity Has Cheated Him Out of Millions

Wine Mogul Says Fidelity Has Cheated him Out of Millions

Peter Deutsch is seeking as much as $400 million to $500 million in damages from Fidelity in arbitration before the Financial Industry Regulatory Authority. This amount is what he claims he could have earned if Fidelity had not prevented him from reaching his goal of a 66 percent stake in a company that he had already poured tens of millions of dollars into. Fidelity is contesting the claims and says it prevented Mr. Deutsch from trading as they were concerned that he was trying to illegally manipulate China Medical shares, according to documents entered into court and people familiar with the company’s views.

“Seeking as much as $400 million to $500 million in damages from Fidelity in arbitration before the Financial Industry Regulatory Authority”

~ Bloomberg

Among the things Deutsch learnt, according to papers he filed in the U.S. District Court for the Southern District of New York: While he was trying to gain control of China Medical, he alleges Fidelity  was secretly buying the stock so aggressively that it drove up the price of China Medical’s shares at a time when they were supposed to be helping him build his stake.

Related Reports: Bloomberg, Financial Advisor Magazine, Investment News

About Peter Deutsch

Deutsch Family Wine & Spirits was founded in 1981 by Chairman, Bill Deutsch, to market quality wine and spirits produced by prestigious families from major wine and spirits regions of the world. The business that initially began with two employees importing a few family producers from France over three decades ago has grown to include a prestigious roster of internationally renowned, award-winning brands serviced by over 170 employees.

Bill’s son Peter Deutsch is CEO. The two generations of the Deutsch family work side by side in their continuous quest to build strong brands and relationships throughout the wine and spirits industry.

Visit: Deutsch Family Wine & Spirits

 

About Fidelity

Fidelity is a privately held company founded by Edward C. Johnson II in 1946, which is owned by employees and the Johnson family. Fidelity Management & Research Company, the US investment management division of Fidelity Investments, acts as the investment adviser to Fidelity’s family of mutual funds. FMR Co has three fund divisions: Equity (head quartered in Boston, Massachusetts), High-Income (Boston) and Fixed-Income (Merrimack, New Hampshire).  As of 31 December 2014, Fidelity Investments’ assets under management stood at $2.03 trillion.

Visit: Fidelity


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Superyacht Industry is Poised to Grow

Superyacht Industry is Poised to Grow

Superyachts are defined as being at least 100ft in length. There are now 4,476 superyachts in the world of which roughly a quarter are available for charter. At the same time, there are over 200,000 Ultra High Net Worth (UHNW) households, meaning there is a large opportunity for the industry to see strong growth in the coming years if these households are willing to give the yachting lifestyle a try.

” 4,476 superyachts in the world “

~ Forbes

Camper & Nicholsons International, a leading yacht broker say there is an opportunity to grow the yacht ownership market. Over 300 new superyachts were delivered in the past two years, and there are 455 new yachts on order, with time from contract to launch taking as long as four to five years.

Related Reports: Forbes, Wealth-X, Camper & Nicholsons International

 

About Camper & Nicholsons International

Camper & Nicholsons is the global leader in all luxury yachting activities, specialising in the sale, purchase, charter, marketing, management and construction of the finest yachts in the world.

First founded in 1782 as a construction shipyard, the Camper & Nicholsons name became synonymous with expertise, market knowledge, design & build excellence and effortless performance, characteristics that are still echoed in the company’s core values today. The company’s team of dedicated sales and charter brokers, charter marketing agents, yacht managers, marketing specialists and staff all share a genuine passion for being at sea and collectively possess a range of experience and knowledge far beyond anyone else in the industry

Visit: Camper & Nicholsons International


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