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NZZ: Reichen-ParadiesSchweiz

norman — Thu, 02 May 2013 07:37:06 +0000

Trend zu Philanthropie

Die Analysefirma Wealth-X aus Singapur hat die Daten, die über die Angaben in ihrem Jahresbericht hinausgehen, exklusiv der «NZZ am Sonntag» zur Verfügung gestellt.

UK University UHNW Alumni Rankings Special Report

norman — Tue, 23 Apr 2013 09:40:06 +0000

The 18-page report features 20 universities with a total of 2,318 UHNW alumni. These UHNW individuals (UHNWIs) have a combined net worth of US$267 billion. Oxford University tops the list with the highest UHNW alumni population count of 401, making it the university that grooms the largest number of UHNWIs in the UK.

The University of Manchester and the University of Warwick have the highest percentage of male representation at 96% while King’s College London has the highest percentage of female representation at 20%.

The University of Birmingham has the highest percentage of self-made UHNW alumni at 84%.

Commenting on the report, Mike Byrne, European Sales Director, Wealth-X, noted, “17 out of the 24 Russell Group universities are featured in the report, which reflects the ability of such prestigious institutions to attract high calibre individuals, who proceed to create financial success.”

Wealth-X CEO, Mykolas D. Rambus added, “Our analysis conveys the global nature of these UHNWIs, many of whom have multiple residences, reinforcing the need for educational institutions to identify, build and maintain closer relationships with these potential major donors.”

Italian Family-Owned Luxury Goes On The Block

norman — Fri, 19 Apr 2013 08:31:49 +0000

By Silvia Marchetti

A new trend is emerging in Italy: foreign companies are buying up traditional Italian luxury brands. Just a few days ago, high-quality suit-maker Pal Zileri was put up for sale for €73 million. The four family shareholders are looking for investors to support the brand’s expansion in emerging markets and to reduce debt.

Pal Zileri’s announcement is the latest in a string of recent fire sales. A deal still in the pipeline is the sale of jewel brand Pomellato at a price above €300 million to parties including the two French giant luxury rivals, LVMH and PPR, with the latter having just offered €13 million to take over Ginori, Italy’s luxury artisan ceramics. Meanwhile the Marzotto family, a textile-making dynasty which recently offloaded its Valentino Fashion Group to Qatar’s Emir, is now considering to get rid of Hugo Boss as well.

According to a report issued by the Pambianco Institute, that analyzes sector trends, nearly 20 Italian luxury brands have been controlled by foreign companies in the last two years, putting the “Made-in-Italy” heritage and tradition at risk.

This phenomenon has two major catalysts.

First, luxury groups in Italy are coping with a severe economic crisis which has led the Italian government to raise taxes and crack down on fiscal evasion. Many brands have created off-shore offices but are now in trouble with the law. Dolce & Gabbana are facing a €343-million fine for tax-dodging. The Bulgari brothers are suspected of hiding €46 million in off-shore havens, while the Marzotto family are accused of evading €65 million of the Valentino deal through a Luxembourg holding.

Second, the traditional, multi-generational family-run structure of Italian luxury groups is crumbling: heirs are lacking and these groups are too small to compete in emerging markets, which are dominated by large luxury conglomerates such as LVMH and PPR. In today’s world where luxury is now the core trait of the rising middle-class, family-run luxury companies are now forced to partner up with bigger foreign companies.

The result is a flurry of Italian brand sales. Bulgari now belongs to LVMH, owner of Fendi and Emilio Pucci, while historical dressmaker Brioni (clients include Obama, Putin and ‘James Bond’) is now a part of PPR, which already owns Gucci. High-quality bags brands Mandarina Duck and Coccinelle have been taken over by Korean fashion retailer E. Land, Ferré has been bought by the Paris Group of Dubai while 40 per cent of Ballantyne fine wool is in the hands of an Abu Dhabi fund. Belstaff jackets is now owned by Austrian Labelux and even department store chain La Rinascente has been acquired by Thailand’s Central Retail Corporation.

Qatar’s Emir has pledged to invest €2 billion in Italian luxury firms over the next four years and would reportedly love to get his hands on Versace. However, thanks to last year’s €410 million profits, Donatella Versace, her brother Santo and daughter Allegra have just turned-down an apparently high-value offer from him as the Versace family intends to retain family leadership in the company.

A Family Affair

Although Italian luxury brand ownership appears to be on the decline, the families that own these luxury firms, who mostly ultra-high net worth (UHNW), are getting richer. Thanks to successful IPOs, there have been sky-high profits for Prada and Ferragamo, an 8 per cent rise in the hands of Hong Kong real estate tycoon Peter Woo. In exchange of their stakes to LVMH, the Bulgari brothers have gained a personal fortune of US$1.5 billion each and have entered the team of world billionaires. Their meagre 2.4 percent stake has risen 20 percent in value due to LVMH’s record market capitalization of US$90 billion.

Despite the economic crisis, luxury remains a winning asset. According to the latest Wealth-X data, global luxury spending has soared to US$70 billion with a total US$1.1 trillion in luxury assets concentrated in the hands of 187,386 UHNW individuals.

What are the successful brands that lure UHNW market-making spenders? Wealth-X has identified high-quality textile and fine-knit wear Loro Piana (cashmere leader), Brunello Cucinelli, Rubinacci, Brioni, Valextra, Kiton and Ambrosi Napoli. “UHNW individuals revere these brands, which are more than simple labels. They enjoy purchasing them because they stand for craftsmanship, limited production, high-quality design”, explains David Lincoln, research director at Wealth-X Institute.

The mature ultra wealthy segment are not interested in the mass appeal of Gucci and Louis Vuitton, but are more drawn to the high quality of brands that hold intangible values. “Young professionals with first access to luxury look for mass brands but mature wealth seeks a lifestyle behind the brand, wants prestige, looks for a long-celebrated history. UHNW individuals want to know the history, the manufacturing process behind the brand. They love to possess things that are the product of decades of training and craftsmanship”, stresses Lincoln. The theme of niche brands for the privileged few resonates in the world of the ultra wealthy.

The Iron Lady Was No Gold Digger

norman — Tue, 09 Apr 2013 15:46:31 +0000

Written by Tara Loader Wilkinson

The late Baroness Margaret Thatcher’s legacy was a powerful one, whether you deem her hero or villain. As the sole woman to have ever become prime minister of Britain, she was known as The Iron Lady for her toughness of spirit, both in politics and personality.

She served from 1975 to 1990 as ruler of the British Conservative party. Her proponents emphasise her national pride, her unwavering moral resolution, and her conviction on the rights of the individual over the state.

Opponents accused Thatcher of widening the gap between the rich and poor, warring with the lower classes, crippling the industries and favouring capitalism over democracy. She was the only British prime minister to serve three consecutive terms but was eventually ousted after an internal conflict within her own party.

But notwithstanding her reputation as a beacon for capitalism, as national leaders go, Thatcher had a relatively modest personal pocketbook.

Before she died, Margaret Thatcher had a net worth of US$16 million, according to Wealth-X data, of which US$13 million was tied to her property in Chester Square, Belgravia, in London. The rest was amassed through proceeds from royalties, consultancy fees and salaries, and entirely self-made. The daughter of a grocer from Grantham, Lincolnshire, Thatcher once famously said: “pennies don’t fall from heaven, they have to be earned here on Earth.”

Her US counterpart at the time, former movie star and her self-professed “political soulmate”, former president Ronald Reagan, is estimated to have amassed at least US$13 million before he died in 2004, according to Wealth-X. He owned several properties in his lifetime including a 700-acre mansion in California.

These two founders of modern day capitalism come in at the lower end of the personal wealth scale. While wealth and power have always been allies, as global wealth has mushroomed in the last couple of decades, so have ultra high net worth politicians.

For example, 66 year-old Bill Clinton, a successor of Reagan’s who served between 1993 and 2001, has an estimated net worth of US$90 million. This bounty he continues to add to through speaking and consultancy fees. Meanwhile former prime minister of the UK, Tony Blair, has at least US$30 million in net assets, also entirely self-made, according to Wealth-X.

At the extreme end of the spectrum are the likes of former Italian prime minister Silvio Berlusconi, who has an estimated net worth of US$7.8 billion, and current Lebanese prime minister Najib Mikati, with assets of at least US$2.9 billion.

The world’s wealthiest prime minister today is the UAE’s Mohammed bin Rashid Al Moktoum, with a net worth of at least $10.6 billion, according to Wealth-X data. His fortune comes mainly from inheritance and fluctuates with the performance of Dubai World and Dubai Holding, in which he has large stakes. Al Maktoum reportedly owns three Mercedes-Benz G63s and bought his second 40-metre luxury super yacht last month, according to reports.

As for the other extreme, Jose Mujica, the leader of Uruguay, has been dubbed the world’s poorest president. He turned down the Uruguyan presidential residence in favour of his wife’s rundown farm, and gives away 90 per cent of his annual wage. Media reports say his salary is roughly in line with the national average of $770 a month.

Some would argue that being very rich makes it difficult to be a popular leader of choice. A case in point was the US presidential race last year. The nail that sealed Republican Candidate Mitt Romney’s electoral coffin, was the candid comments he made to a group of wealthy donors about the high number of shirkers in US society. With an estimated net worth of US$240 million compared with President Obama’s US$7 million, according to Wealth-X, his remarks were seen as out of touch.

Does wealth matter when it comes to leadership, or is it just down to public perception? What do you think is the ideal net worth for a president?

Statistical Profile of the Hong Kong UHNWI

norman — Thu, 04 Apr 2013 03:19:04 +0000

Against the backdrop of a red hot premium property market, Hong Kong’s ultra wealthy population holds US$43 billion worth of real estate assets, representing 9% of the total net worth of its UHNW population.

Gender representation among Hong Kong UHNWIs is skewed with a female in every 4 UHNWIs. The typical Hong Kong UHNWI is 57 years old, married and self-made with an average net worth of US$150 million and liquid assets of US$34 million. Collectively, Hong Kong UHNWIs own US$52 billion worth of luxury assets, ranging from private aircraft to art and collectibles. The average Hong Kong UHNWI owns US$14 million worth of real estate holdings.

“Among assets, real estate continues to dominate Hong Kong UHNWIs’ luxury portfolios,”
Wealth-X CEO, Mykolas D. Rambus said. “The continuing allure of property is very much attributable to wealth creation particularly for Hong Kong where real estate has been the source of wealth for many of Hong Kong’s storied billionaires that include Li Ka Shing, Lee Shau Kee and Cheng Yu Tung”.

Statistical Profile of the Middle Eastern UHNWI

norman — Wed, 13 Mar 2013 04:31:58 +0000

“The typical Middle Eastern UHNWI is not an oil baron,” noted Wealth-X Director of Business Development, Middle East and Africa, Michel Nassif. “He or she is most likely to represent the finance and banking sector or an industrial conglomerate.”

Although 55% of the total UHNW population in the Middle East are self-made individuals, 14% of Middle Eastern UHNWIs inherited their wealth and 31% have built upon their inherited wealth. Gender representation is skewed with female UHNWIs at 6% of the UHNW population.

Wealth-X CEO, Mykolas D. Rambus added, “With an average liquidity higher than that of the average US UHNWI, there is considerable room for greater luxury spend by Middle Eastern UHNWIs. Our analysis shows that wealth creation is largely concentrated in the United Arab Emirates, Saudi Arabia and Kuwait, with a new generation of increasingly younger male and female UHNWIs emerging. Understanding the UHNW population in these three countries is vital for institutions and professionals who seek to expand their businesses in the region.”

BBC x Wealth-X: Wealth Without Borders

norman — Sun, 10 Mar 2013 13:12:02 +0000

To be wealthy is to be mobile. And with so many HNWIs now able to move around the globe at will, certain international destinations are proving a magnet.

Download the latest BBC’s Changing Fortune Info graphic and find out Ultra High Net Worth historic data and predictions for the future.

Watch the latest series of episodes of BBC Changing Fortunes – Wealth Without Borders here.

Global Top 13 Female Self-Made Future Billionaires

norman — Thu, 07 Mar 2013 01:52:06 +0000

Wealth-X, the ultra high net worth (UHNW) business development solution for Global Private Banks, Luxury Brands, Educational Institutions and Non-Profits, has released a list of 13 female self-made future billionaires on the eve of International Women’s Day.

Qianqian Luo, who is co-founder of Shanda Interactive Entertainment, is most likely to be the next female billionaire with a net worth of US$910 million. Ms. Luo is also the youngest on the list at 33 years old.

Marissa Mayer, Silicon Valley’s golden girl and CEO of Yahoo, is highlighted for her potential to become a billionaire, given her extraordinary individual traits.

Of the top 13 list, over 60% are from Asia, mirroring the “emerging” theme seen across other sectors.

BBC x Wealth-X: Young Money, Old Money

norman — Wed, 06 Mar 2013 01:27:58 +0000

Given the natural tendency to accumulate wealth over a lifetime, older people have always been richer than the young – but what has changed is the disparity between the generations. Here, West and East are diverging sharply.

Download the latest BBC’s Changing Fortune Info graphic and find out the number of Ultra High Net Worth Individuals under 50.

Watch the latest series of episodes of BBC Changing Fortunes – Young Money, Old Money here.

BBC x Wealth-X: The Growing Feminisation of Wealth

norman — Tue, 26 Feb 2013 03:18:32 +0000

Many statistics point to ever more women playing a role in wealth creation and business, but as our inspirational contributors reveal, there are still huge barriers to overcome.

Download the latest BBC’s Changing Fortune Info graphic and find out the number of Female Ultra High Net Worth Individuals globally.

Watch the latest series of episodes of BBC Changing Fortunes – The Feminine Touch here.