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Challenges and Opportunities for the Wealth Sector in Australia
The report is a thorough analysis of Australia’s Wealth Management and Private Banking sector, and the opportunities and challenges that it faces. In addition to providing a comprehensive and robust background of the local economy, including, uniquely, detailed analysis of economic and political risks to HNWI wealth creation, the report provides robust projections of the volume and wealth of Australia’s HNWIs.
Scope
The report features:
- Independent market sizing of Australia’s HNWIs
- Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Australia
- Insights into the drivers of HNWI wealth
- Detailed family office information and trends from 2007 to 2011
- Insights into the drivers of HNWI wealth
- 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 up to one hundred data-points on over 100,000 HNWIs from around the world. It also includes profiles on major private banks, wealth managers and family offices in each country. 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
- Comprehensive forecasts to 2015
Key Highlights
- There are just over 274,000 HNWIs in Australia, with an average wealth of US$3.1 million per person and a combined wealth of US$845 billion.
- The number of Australia’s HNWIs increased by 8.9% (2.2% pa) over the review period (2007-2011), while total wealth grew by 0.9% (0.2% pa).
- The number of Australian HNWIs is expected to rise by 20% (4.7% pa) from 2011 to reach over 330,000 individuals by 2015, while HNWI wealth will grow by 26% (6.0% pa) to reach US$1.1 trillion in 2015. Most of the growth in wealth will be driven by the lower-tier millionaires, whose wealth is expected to rise by over 33%.
- Australia is one of the largest private banking centres in Asia, with AuM of US$350 billion. The local market is dominated by local wealth managers and family offices. The single family office segment alone constitutes over US$180 billion in AuM.
- It should be noted that the size of the wealth management industry is limited by the dominant pension fund market, which makes it less necessary for core millionaires, and especially lower-tier millionaires, to use wealth managers.
- New South Wales is home to the largest number of SFOs in Australia (39%), followed by Victoria (27%), Queensland (19%) and then Western Australia (11%).
- Western Australia offers the greatest potential for new family offices as it has relatively few SFOs compared to its total number of UHNWIs
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