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The South Korean Wealth Market 2006Published by: Datamonitor Published: Dec. 26, 2006 - 46 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 9 What is this report about? 9 Who is the target reader? 9 How to use this report 9 CHAPTER 2 MACROECONOMIC OVERVIEW 11 Market comparisons 11 The four economies 11 Inflation and consumer prices 14 Population and unemployment 15 CHAPTER 3 THE SOUTH KOREAN WEALTH MARKET 18 Market background 18 Savings and investments 18 Size of the affluent market 19 Financial services and the regulatory environment 24 Financial sector restructure 24 Competitive dynamics 26 Commercial banks 26 Private/ premier banking and wealth management 27 Developments in 2006 28 July 2006 - UBS acquires a stake in Korean asset manager 28 August 2006 - Standard Chartered bullish on market share 29 Future focus 30 The affluent outlook 30 CHAPTER 4 APPENDIX 33 Data 33 Definitions 38 AAGR 38 Affluent 38 CAGR 38 Gini index 38 Liquid assets 39 Liquid asset bands 39 Research methodology 40 The Global Wealth Model 41 The UK sub model 41 Asia-Pacific sub model 41 Forecasting methodology 41 Datamonitor’s wealth numbers compared with others’ numbers 42 Bespoke Wealth Market Sizing 43 Further reading 44 Datamonitor Asia-Pacific Wealth Reports 44 Datamonitor Asia-Pacific Insight Reports 44 Datamonitor Global Wealth Service: Competitor Tracking 44 Asia-Pacific contacts 45 LIST OF TABLES Table 1: Sectoral breakdown of GDP in Malaysia, Thailand, South Korea and Taiwan, 2005 33 Table 2: Indexed GDP growth, 1999=100 33 Table 3: TypeTableTitleHere 33 Table 4: Consumer Price Indices of Malaysia, Thailand, South Korea and Taiwan, 2000-2005 34 Table 5: Rate of unemployment in Malaysia, Thailand, South Korea and Taiwan, 2000-2005 34 Table 6: Population breakdown by age in Malaysia, Thailand, South Korea and Taiwan, 2005 34 Table 7: South Korean retail savings and investments, 2000-2005 35 Table 8: Onshore liquid wealth owned by individuals in South Korea, 2001-2005 35 Table 9: Number of affluent individuals in South Korea, 2001-2005 36 Table 10: Onshore liquid wealth owned by individuals in South Korea, 2006-2010 36 Table 11: Number of affluent individuals in South Korea, 2006-2010 37 Table 12: Wealth markets that have been modelled using the Global Wealth Model 43 LIST OF FIGURES Figure 1: Report structure and research model 10 Figure 2: A sectoral breakdown of the four economies reveals varying reliance on the services sector, with Taiwan’s economy being the most reliant 12 Figure 3: South Korea’s economy grew at the fastest overall rate between 2001 and 2005 13 Figure 4: South Korea’s economy is by far the largest of the four and saw good average annual growth over the 2001-2005 period 14 Figure 5: All four economies have seen low inflation of consumer prices over the 2000-2005 period 15 Figure 6: Of the four countries Malaysia has the youngest population profile 16 Figure 7: All four countries have low unemployment on a global scale, with Thailand’s rate the lowest in 2005 17 Figure 8: Retail savings and investments growth flattened out in 2003, but the market did not see a major dip as other countries did 19 Figure 9: Individuals with between USD60,000 and USD500,000 in investible assets grew to more than 1.6 million in 2005 21 Figure 10: The number of high net worth individuals in South Korea dipped in 2003 before growing in 2004 and 2005 22 Figure 11: Typical diversified investment portfolio of a Korean individual with more than USD10m, as provided by Korean wealth managers, 2006 23 Figure 12: Commercial banks in South Korea fall into three categories, Nationwide Banks, Local Banks and Foreign Bank Branches 26 Figure 13: Mass affluent individuals with between USD60,000 and USD500,000 will own 50% of all retail liquid assets in 2010 30 Figure 14: The number of individuals with between USD60,000 and USD500,000 in investible assets will grow by more than 30% between 2005 and 2010 31 Figure 15: The overall liquid wealth of affluent individuals will grow at a rate of 6.4% compounded annually over the 2005-2010 period, not a great deal fasted than overall retail liquid wealth 32 AbstractIntroductionThe South Korean Wealth Market 2006 is Datamonitor’s guide to the affluent wealth landscape in South Korea. Following the popularity of Datamonitor’s recent research in the Indian and Chinese markets, the report explores one of the less high-profile emerging wealth markets in the Asia-Pacific region. Scope Data was collected directly from governmental sources such as central banks, mutual fund associations and stock exchanges. Insight into the respective financial services market was obtained through primary interviews with the main wealth managers and private bankers. Sizing and forecasting of high net worth individuals were generated by Datamonitor's proprietary Global Wealth Model. Report Highlights Citigroup Private Bank is seen as a big threat in the Korean market. The bank has a team of local Korean private bankers, which is important in the market. However, Citibank’s strength lies in combining this local team with its international network and subsequent access to a wide range of diverse products and services. In 2005 investors were selling their equity holdings to purchase property because of rapidly spiraling house prices. At the beginning of 2006 Korea Investment and Securities said that the investment pattern was ill advised and could be disastrous for the balanced investment portfolio as property prices had already approached their peaks. Foreign banks will have to contend with the fact that the domestic banks are using aggressive pricing tactics, which will make any growth very difficult - especially if the banks want to do it in a profitable way. Reasons to Purchase Find out why South Korea is an attractive market and its advantages over other emerging economies. Find out how large the market is now and how large it will be in 2010 Find out how big the gaps are and what the opportunities for growth will be going forward Get Full Details About This Report >> |
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