Product Type: Market Research Report
Published by: Datamonitor
Published: January 2002
Product Code: R313-3199Description Wealth Management in Asia-Pacific 2001 presents a clear and insightful picture of the retail savings and investments sector and market for wealthy individuals in seven countries in the region. The countries included are: Australia; China; Hong Kong; Japan; Singapore; South Korea; and Taiwan. The motivation for undertaking this study was the apparent lack of high quality information on these subjects in the Asia-Pacific region. Moreover, both issues are currently experiencing important changes. Within retail savings and investments, a key question is whether retail investors in these Asia-Pacific countries will follow the lead of their counterparts in Europe and direct a greater proportion of their savings into security-based products. As for wealthy individuals, Datamonitor’s three scenario-based forecasts (neutral, optimistic and pessimistic) for each country indicate how their number and aggregate wealth could grow from 2001 to 2004. Methodology: Retail savings and investments Datamonitor’s information on retail savings and investments markets in each country is, typically, drawn together from a combination of primary and secondary research. Data on the different markets is often available in published sources although rarely in the format (ie. with retail business split out) that is most useful. Therefore, Datamonitor usually has had to undertake substantial, additional primary research in order to arrive at an analysis that is representative of the retail market, in isolation, as opposed to the total market. Typically, sources used for both primary and secondary research include: central banks; industry associations (for mutual funds, life insurance etc.); stock exchanges; government statistics; and companies operating in the market. Wealthy individuals: Datamonitor’s analysis of the number and segmentation of wealthy individuals in each country is drawn from its proprietary model that is able to model logically the wealthy population in any developed country worldwide. This is itself based upon work that Datamonitor has undertaken in the UK, US and selected European countries for which it has established the characteristics of the wealthy market on the basis of income distribution and tax return information. Other qualitative information: Primarily qualitative information about the needs of wealthy individuals and the positioning of the competitors who aspire to serve them is drawn from a program of over 150 primary research interviews carried out by the report’s authors in May and June 2001.Table of Contents CHAPTER 1 EXECUTIVE SUMMARY
CHAPTER 2 INTRODUCTION
Project catalyst
Methodology
The Wealth Service
The model
CHAPTER 3 ASIA-PACIFIC MARKET COMPARISONS
Introduction
Key findings
Macroeconomic background
China and Japan are the heavyweights of population and GDP respectively
Wealth and inequality in Asia-Pacific
Analysis of the retail savings and investments market
Comparisons of the total market
Retail deposits
Mutual funds
Life insurance and pensions
Direct equity investment
Direct bond investment
High net worth individuals
Comparisons of the total market
Segmentation of the Asia-Pacific region by wealth band
Scenario-based forecasts
Neutral forecast for retail savings and investments
Neutral forecast for wealthy individuals
CHAPTER 4 AUSTRALIA
Chapter summary
Economic environment
General overview
Drivers of growth in wealth management
Retail savings and investments in Australia
Savings and investments data
Wealthy individual market size and growth
Wealth management data
Characteristics and preferences of wealthy individuals
Competitive environment
Market forecasts
Retail savings and investments
Wealthy individuals
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
CHAPTER 5 CHINA
Chapter summary
Economic environment
General overview
Drivers of growth in wealth management
Retail savings and investments in China
Savings and investments data
Wealthy individual market size and growth
Wealth management data
Characteristics and preferences of wealthy individuals
Competitive environment
Retail banks
Fund management companies
Securities companies
Advisors
Life companies
Market forecasts
Retail savings and investments
Wealthy individuals
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
CHAPTER 6 HONG KONG
Chapter summary
Economic environment
General overview
Retail savings and investments in Hong Kong
Wealthy individual market size and growth
Characteristics and preferences of wealthy individuals
Competitive environment
Market forecasts
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
CHAPTER 7 JAPAN
Chapter summary
Economic environment
General overview
Retail savings and investments in Japan
Overview
Wealthy individual market size and growth
Characteristics and preferences of wealthy individuals
Competitive environment
Market forecasts
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
CHAPTER 8 SINGAPORE
Chapter summary
Economic environment
General overview
Drivers of growth in wealth management
Retail savings and investments in Singapore
Savings and investments data
Wealthy individual market size and growth
Wealth management data
Characteristics and preferences of wealthy individuals
Competitve environment
Market forecasts
Retail savings and investments
Wealthy individuals
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
CHAPTER 9 SOUTH KOREA
Chapter summary
Economic environment
Retail savings and investments in South Korea
Savings and investments data
Wealthy individual market size and growth
Wealth management data
Characteristics and preferences of wealthy individuals
Competitive environment
Market forecasts
Retail savings and invesments
Wealthy individuals
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
A market that is breaking out of its shell
Increased financial services dynamism makes up for moderate wealth market
growth
CHAPTER 10 TAIWAN
Chapter summary
Environment
Political overview
Economic overview
Wealth in Taiwan
Drivers of growth in wealth management
Retail savings and investments in Taiwan
Regulation
Where the Taiwanese invest
Savings and investments data
Wealthy individual market size and growth
Wealth management data
Characteristics and preferences of wealthy individuals
Competitive environment
Market forecasts
Retail savings and investments
Wealthy individuals
Retail savings and investment data
Wealth management data
Future decoded and key opportunities
LIST OF TABLES
Table 1: Asia-Pacific population, 1995-2000
Table 2: Real GDP per country in Asia-Pacific region, 1995-2000
Table 3: Annual change in real GDP in Asia-Pacific, 1996-2000
Table 4: Stock market capitalization, 1995-2000
Table 5: Stock market capitalization as a proportion of GDP, 1995-2000
Table 6: GDP per capita in Asia-Pacific region, 1995-2000
Table 7: Gini index, 2000
Table 8: Comparative price levels and GDP per capita, 2000
Table 9: Exchange rates used in this report
Table 10: Retail savings and investments assets in Asia-Pacific, 1995-2000
(deflated values)
Table 11: Retail savings and investment assets per capita, 1995-2000 (deflated
values)
Table 12: Geographic shares of total retail assets, 1995-2000
Table 13: Difference between retail savings and investments and GDP per
capita, %, 1995-2000
Table 14: Distribution of retail savings and investments by asset type in Asia-
Pacific, 1995-2000
Table 15: Distribution of retail savings and investments by asset type in each
country, 2000
Table 16: Other retail financial assets, Singapore and South Korea 1995-2000
Table 17: Proportion of stock market owned held directly by domestic retail
investors, 1995-2000
Table 18: Retail deposits in Asia-Pacific, 1995-2000
Table 19: Mutual funds in Asia-Pacific, 1995-2000
Table 20: Life insurance and pension assets in Asia-Pacific, 1995-2000
Table 21: Direct retail equity investments in Asia-Pacific, 1995-2000
Table 22: Direct retail bond investments in Asia-Pacific, 1995-2000
Table 23: Total number of wealthy individuals, 1995-2000
Table 24: Geographic distribution of wealthy individuals, 1995-2000
Table 25: Number of wealthy individuals as % of total population, 1995-2000
Table 26: Liquid assets of wealthy individuals, 1995-2000
Table 27: Geographic distribution of wealthy individuals' liquid assets, 1995-
2000
Table 28: Liquid assets of wealthy individuals as % of total retail liquid assets,
1995-2000
Table 29: Number of wealthy individuals by wealth band, 2000
Table 30: Liquid assets of wealthy individuals by wealth band, 2000
Table 31: Forecasts for retail savings and investment assets in Asia-Pacific
under a neutral scenario, 2001-4
Table 32: Forecast number of wealthy individuals in Asia-Pacific under a neutral
scenario, 2001-4
Table 33: Forecast liquid assets of wealthy individuals in Asia-Pacific under a
neutral scenario, 2001-4
Table 34: Forecast number of wealthy individuals as % of total population in
Asia-Pacific, neutral scenario, 2001-4
Table 35: Forecast liquid assets of wealthy individuals in Asia-Pacific as % of
total retail liquid assets, neutral scenario, 2001-4
Table 36: Australian GDP (real) US$ m, population m, stock market
capitalisation US$ m, 1995-2000
Table 37: Retail savings and investments, 1995-2000, A$ millions
Table 38: Retail savings and investments, deflated values, 1995-2000, A$
millions
Table 39: Number of wealthy individuals, segmented by liquid asset band, 1995-
2000
Table 40: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000
Table 41: Liquid assets of wealthy individuals as % of total retail assets, 1995-
2000
Table 42: Number of wealthy individuals as % of total population, 1995-2000
Table 43: Forecasts for retail S&I assets under an pessimistic scenario, 2001-4,
A$m
Table 44: Forecasts for retail S&I assets under a neutral scenario, 2001-4, A$m
Table 45: Forecasts for retail S&I assets under an optimistic scenario, 2001-4,
A$m
Table 46: Forecast number of wealthy individuals under a pessimistic scenario,
2001-4
Table 47: Forecast number of wealthy individuals under a neutral scenario,
2001-4
Table 48: Forecast number of wealthy individuals under an optimistic scenario,
2001-4
Table 49: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-4, US$M
Table 50: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-4, US$m
Table 51: Forecast liquid assets of wealthy individuals under an optimistic
scenario, 2001-4, US$m
Table 52: Forecast liquid assets of wealthy individuals as % of total retail assets,
neutral scenario, 2001-4
Table 53: Forecast number of wealthy individuals as % of total population,
neutral scenario, 2001-4
Table 54: Chinese GDP ( real) US$m, population m, stock market capitalisation
US$m, 1995-2000
Table 55: Retail savings and investments, 1995-2000, CNY billions, actual
values
Table 56: Retail savings and investments, 1995-2000, CNY billions, deflated to
2000 values
Table 57: Number of wealthy individuals, segmented by liquid asset band, 1995-
2000
Table 58: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000
Table 59: Liquid assets of wealthy individuals as % of total retail assets, 1995-
2000
Table 60: Number of wealthy individuals as % of total population, 1995-2000
Table 61: Ranking of fund management companies offering close-end funds in
China and assets under management, 2000
Table 62: Examples of agreements forged between foreign and domestic
companies to exploit the opening up of the mutual fund market
Table 63: Leading securities companies in China
Table 64: Foreign life insurers in the Chinese market, 2001
Table 65: Forecasts for retail S&I assets under a pessimistic scenario, 2001-4
Table 66: Forecasts for retail S&I assets under a neutral scenario, 2001-4
Table 67: Forecasts for retail S&I assets under an optimistic scenario, 2001-4
Table 68: Forecast number of wealthy individuals under a pessimistic scenario,
2001-4
Table 69: Forecast number of wealthy individuals under a neutral scenario,
2001-4
Table 70: Forecast number of wealthy individuals under a optimistic scenario,
2001-4
Table 71: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-4
Table 72: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-4
Table 73: Forecast liquid assets of wealthy individuals under a optimistic
scenario, 2001-4
Table 74: Forecast liquid assets of wealthy individuals as % of total retail assets
under a neutral scenario, 2001-4
Table 75: Forecast number of wealthy individuals as % of total population under
a neutral scenario, 2001-4
Table 76: Hong Kong GDP (real) US$m, population (m) & stockmarket
capitalization (US$m), 1995-2000
Table 77: Retail savings and investments, 1995-2000, HK$ millions
Table 78: Retail savings and investments, deflated values, 1995-2000, HK$
millions
Table 79: Number of wealthy individuals, segmented by liquid asset band, 1995-
2000
Table 80: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000, US$m
Table 81: Liquid assets of wealthy individuals as % of total retail assets, 1995-
2000
Table 82: Number of wealthy individuals as % of total population, 1995-2000
Table 83: Origin and total net asset value of unit trusts and mutual funds offered
in Hong Kong, April 2001
Table 84: Forecasts for retail S&I assets under a pessimistic scenario, 2001-4
Table 85: Forecasts for retail S&I assets under a neutral scenario, 2001-4
Table 86: Forecasts for retail S&I assets under an optimistic scenario, 2001-4
Table 87: Forecast number of wealthy individuals under a pessimistic scenario,
2001-2004
Table 88: Forecast number of wealthy individuals under a neutral scenario,
2001-2004
Table 89: Forecast number of wealthy individuals under an optimistic scenario
2001-2004
Table 90: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-2004
Table 91: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-2004
Table 92: Forecast liquid assets of wealthy individuals under an optimistic
scenario, 2001-2004
Table 93: Forecast liquid assets of wealthy individuals as % of total retail assets
under a neutral scenario, 2001-2004
Table 94: Forecast number of wealthy individuals as % of total population under
a neutral scenario, 2001-2004
Table 95: Japanese GDP (real) US $bn, population m, stock market
capitalisation US $bn, 1995-2000
Table 96: Retail savings and investments, 1995-2000, Yen billions
Table 97: Deflated retail savings and investments values, 1995-2000, Yen
billions
Table 98: Number of wealthy individuals, segmented by liquid asset band, 1995-
2000
Table 99: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000
Table 100: Liquid assets of wealthy individuals as % of total retail assets, 1995-
2000
Table 101: Number of wealthy individuals as % of total population, 1995-2000
Table 102: Forecasts for retail S&I assets under a pessimistic scenario, 2000-4
Table 103: Forecasts for retail S&I assets under a neutral scenario, 2000-4
Table 104: Forecasts for retail S&I assets under an optimistic scenario, 2000-4
Table 105: Forecast number of wealthy individuals under a pessimistic scenario,
2001-4
Table 106: Forecast number of wealthy individuals under a neutral scenario,
2001-4
Table 107: Forecast number of wealthy individuals under an optimistic scenario,
2001-4
Table 108: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-4
Table 109: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-4
Table 110: Forecast liquid assets of wealthy individuals under an optimistic
scenario, 2001-4
Table 111: Forecast liquid assets of wealthy individuals as % of total retail assets,
2001-4
Table 112: Forecast number of wealthy individuals as % of total population, 2001-
4
Table 113: Singaporean GDP (real) US$ m, population m, stock market
capitalisation US$ m, 1995-2000
Table 114: Retail savings and investments, 1995-2000, S$ million
Table 115: Retail savings and investments, deflated values, 1995-2000, S$
millions
Table 116: Number of wealthy individuals, segmented by liquid asset band, 1995-
2000
Table 117: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000
Table 118: Liquid assets of wealthy individuals as % of total retail assets, 1995-
2000
Table 119: Number of wealthy individuals as % of total population, 1995-2000
Table 120: Forecasts for retail S&I assets under a pessimistic scenario, 2001-4,
S$m
Table 121: Forecasts for retail S&I assets under a neutral scenario, 2001-4, S$m
Table 122: Forecasts for retail S&I assets under an optimistic scenario, 2001-4,
S$m
Table 123: Forecast number of wealthy individuals under a pessimistic scenario,
2001-4
Table 124: Forecast number of wealthy individuals under a neutral scenario,
2001-4
Table 125: Forecast number of wealthy individuals under an optimistic scenario,
2001-4
Table 126: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-4, US$M
Table 127: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-4, US$m
Table 128: Forecast liquid assets of wealthy individuals under an optimistic
scenario, 2001-4, US$m
Table 129: Forecast liquid assets of wealthy individuals as % of total retail assets,
neutral scenario, 2001-4
Table 130: Forecast number of wealthy individuals as % of total population,
neutral scenario, 2001-4
Table 131: South Korean GDP (real) US$ m, population m, stock market
capitalization US$ m, 1995-2000
Table 132: Retail savings and investments, 1995-2000, KRW billions
Table 133: Retail savings and investments, deflated values, 1995-2000, KRW
billions
Table 134: Number of wealthy individuals, segmented by liquid asset band, 1995-
2000
Table 135: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000
Table 136: Liquid assets of wealthy individuals as % of total retail assets, 1995-
2000
Table 137: Number of wealthy individuals as % of total population, 1995-2000
Table 138: Forecasts for retail S&I assets under a pessimistic scenario, 2001-4
Table 139: Forecasts for retail S&I assets under a neutral scenario, 2001-4
Table 140: Forecasts for retail S&I assets under an optimistic scenario, 2001-4
Table 141: Forecast number of wealthy individuals under a pessimistic scenario,
2001-4
Table 142: Forecast number of wealthy individuals under a neutral scenario,
2001-4
Table 143: Forecast number of wealthy individuals under an optimistic scenario,
2001-4
Table 144: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-4, US$m
Table 145: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-4, US$m
Table 146: Forecast liquid assets of wealthy individuals under an optimistic
scenario, 2001-4, US$m
Table 147: Forecast liquid assets of wealthy individuals as % of total retail assets,
neutral scenario
Table 148: Forecast number of wealthy individuals as % of total population,
neutral scenario, 2001-4
Table 149: Government support to Taiwanese industry has been extensive, 1973-
1998
Table 150: Taiwanese GDP (real) US$ m, population m, stock market
capitalisation US$ m, 1995-2000
Table 151: Technology stocks feature prominently on the Taiwanese stock
exchange
Table 152: Retail savings and investments, 1995-2000, NT$ billions
Table 153: Retail savings and investments, deflated values, 1995-2000, NT$bn
Table 154: Stock market capitalization, amount and percentage owned by
individuals, Taiwan 1995-2000
Table 155: Number of wealthy individuals segmented by liquid asset band, 1995-
2000
Table 156: Aggregate liquid assets of wealthy individuals, segmented by liquid
asset band, 1995-2000
Table 157: Liquid assets of wealthy individuals as % of total retail liquid assets,
1995-2000
Table 158: Number of wealthy individuals as % of total population, 1995-2000
Table 159: Forecasts for retail S&I assets under a pessimistic scenario, NT$bn,
2001-4
Table 160: Forecasts for retail S&I assets under a neutral scenario, NT$bn, 2001-
4
Table 161: Forecasts for retail S&I assets under an optimistic scenario, NT$bn,
2001-4
Table 162: Forecast number of wealthy individuals under a pessimistic scenario,
2001-4
Table 163: Forecast number of wealthy individuals under a neutral scenario,
2001-4
Table 164: Forecast number of wealthy individuals under an optimistic scenario,
2001-4
Table 165: Forecast liquid assets of wealthy individuals under a pessimistic
scenario, 2001-4, US$m
Table 166: Forecast liquid assets of wealthy individuals under a neutral scenario,
2001-4, US$m
Table 167: Forecast liquid assets of wealthy individuals under an optimistic
scenario, 2001-4, US$m
Table 168: Forecast number of wealthy individuals as % of total population,
neutral scenario, 2001-4
Table 169: Forecast liquid assets of wealthy individuals as % of total retail liquid
assets, neutral scenario, 2001-4
LIST OF FIGURES
Figure 1: South Korea’s roller-coaster economy, 1996-2000
Figure 2: Hong Kong’s stock market roars away against GDP, 1995-2000
Figure 3: GDP per capita adjusted for the cost of living
Figure 4: Japan and South Korea are the region’s big savers
Figure 5: Retail deposits have grown in importance in Asia-Pacific, 19995-2000
Figure 6: The growth in the high net worth population stalled in 2000, not during
the 1998 Asian crisis
Figure 7: Wealthy individuals in Asia-Pacific by number and liquid assets, 2000
Figure 8: China and Japan have the most distinctive wealth profiles, 2000
Figure 9: Comparison of number and liquid assets of wealthy individuals in
Asia-Pacific, 2000
Figure 10: Forecast for wealthy individuals in Asia-Pacific by number and liquid
assets, neutral scenario for 2004
Figure 11: Numbers of wealthy individuals forecast to grow most in Australia,
Japan and Singapore, neutral scenario to 2004
Figure 12: Segmentation of the retail S&I market, 1995-2000
Figure 13: % of total stock market owned by retail investors, 1995-2000
Figure 14: Number of wealthy individuals, 1995-2000
Figure 15: Liquid assets of wealthy individuals, 1995-2000
Figure 16: Comparison of number and liquid assets of wealthy individuals, 2000
Figure 17: Forecast retail S&I assets under a neutral scenario, 2001-4, A$
Figure 18: Forecasts for number of wealthy individuals under a neutral scenario,
2001-4
Figure 19: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4, US$m
Figure 20: Forecasted comparison of number and liquid assets of wealthy
individuals, 2004
Figure 21: Deposits dominate in the segmentation of the retail S&I market, 1995-
2000
Figure 22: % of total stock market owned by retail investors, 1995-2000
Figure 23: Number of wealthy individuals, 1995-2000
Figure 24: Liquid assets of wealthy individuals, 1995-2000
Figure 25: Comparison of number and liquid assets of wealthy individuals, 2000
Figure 26: Forecasts for retail S&I assets under a neutral scenario, 2001-4
Figure 27: Forecasts for number of wealthy individuals under a neutral scenario,
2001-4
Figure 28: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4
Figure 29: Forecast comparison of number and liquid assets of wealthy
individuals, 2004
Figure 30: Segmentation of the retail S&I market, 1995-2000
Figure 31: Number of wealthy individuals, 1995-2000
Figure 32: Liquid assets of wealthy individuals, 1995-2000
Figure 33: Comparison of number and liquid assets of wealthy individuals, 2000
Figure 34: Forecasted retail S&I assets under a neutral scenario, 2001-4
Figure 35: Forecasts for number of wealthy individuals under a neutral scenario,
2001-4
Figure 36: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4, US$m
Figure 37: Forecasted comparison of number and liquid assets of wealthy
individuals, 2004
Figure 38: Segmentation of the retail S & I market, 1995-2000e
Figure 39: Proportion of total stock market owned by retail investors, 1995-2000
Figure 40: Number of wealthy individuals, 1995-2000
Figure 41: Liquid assets of wealthy individuals, 1995-2000
Figure 42: Comparison of number of liquid assets and number of wealthy
individuals, 2000
Figure 43: Forecasts for retail S&I assets under a neutral scenario
Figure 44: Forecasts for number of wealthy individuals under a neutral scenario,
2001-4
Figure 45: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4
Figure 46: Forecast comparison of number and liquid assets of wealthy
individuals, 2004
Figure 47: Segmentation of the retail S&I market, 1995-2000
Figure 48: % of total stock market owned by retail investors, 1995-2000
Figure 49: Number of wealthy individuals, 1995-2000
Figure 50: Liquid assets of wealthy individuals, 1995-2000
Figure 51: Comparison of number and liquid assets of wealthy individuals, 2000
Figure 52: Forecasted retail S&I assets under a neutral scenario, 2001-4, S$m
Figure 53: Forecasts for number of wealthy individuals under a neutral scenario,
2001-4
Figure 54: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4, US$m
Figure 55: Forecast comparison of number and liquid assets of wealthy
individuals, 2004
Figure 56: Segmentation of the retail S&I market, 1995-2000
Figure 57: Retail assets in beneficiary certificates and other bonds, 1995-2000.
Figure 58: % of total stock market owned by retail investors, 1995-2000
Figure 59: Number of wealthy individuals, 1995-2000
Figure 60: Liquid assets of wealthy individuals, 1995-2000
Figure 61: Comparison of number and liquid assets of wealthy individuals, 2000
Figure 62: Forecast retail S&I assets under a neutral scenario, 2001-4
Figure 63: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4, US$m
Figure 64: Forecasted comparison of number and liquid assets of wealthy
individuals, 2004
Figure 65: Segmentation of the retail S&I market, Taiwan, 1995-2000
Figure 66: Total stock market capitalization, and that owned by retail investors,
Taiwan, 1995-2000
Figure 67: Number of wealthy individuals, Taiwan, 1995-2000
Figure 68: Liquid assets of wealthy individuals, Taiwan, 1995-2000
Figure 69: Comparison of number and liquid assets of wealthy individuals,
Taiwan, 2000
Figure 70: Forecasted retail S&I assets under a neutral scenario, 2001-4, NT$bn
Figure 71: Forecasts for number of wealthy individuals under a neutral scenario,
2001-4
Figure 72: Forecasts for liquid assets of wealthy individuals under a neutral
scenario, 2001-4, US$m
Figure 73: Forecasted comparison of number and liquid assets of wealthy
individuals, 2004
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