Table of Contents
EXECUTIVE SUMMARY 2
1.1. Belgian HNW investors predominantly inherited their wealth 2
1.2. Key findings 2
1.3. Critical success factors 2
2. PROFILING THE BELGIAN HNW INVESTOR 5
2.1. Family business ownership remains the largest source of HNW wealth 5
2.1.1. The bulk of Belgian HNW individuals are male and over 60 years of age 5
2.1.2. Inheritors are also a lucrative target market 6
2.1.3. Many HNW investors have built their fortunes through manufacturing 7
2.1.4. Almost half of HNW individuals in Belgium are directors 9
2.2. HNW expats in Belgium are an important target group 10
2.2.1. Expats constitute 6.3% of the local HNW population 10
2.2.2. HNW expats from France and the Netherlands represent an attractive target segment 11
3. HNW INVESTMENT STYLE PREFERENCES 14
3.1. Lack of time is driving uptake of professional advice among Belgian HNW investors 14
3.1.1. The largest proportion of Belgian HNW wealth is professionally managed, with discretionary mandates taking the lead 14
3.1.2. Lack of time is motivating HNW investors to seek professional advice 15
3.1.3. Belgian HNW investors place more than half of their managed wealth with their main wealth manager 15
3.2. The desire to retain control is driving uptake of advisory mandates 16
3.2.1. Wealth managers should cater for varied client needs 16
3.2.2. Demand for advisory services is on the rise 18
3.2.3. Reluctance to give up control is driving demand for advisory mandates 19
3.2.4. HNW investors feel confident enough to invest a small proportion of their wealth independently 20
4. UNDERSTANDING ASSET ALLOCATION TRENDS AMONG BELGIAN HNW INDIVIDUALS 21
4.1. Belgium's love affair with equities is set to continue 21
4.1.1. Equities dominate the typical HNW portfolio, but commodities are forecast to experience the greatest increase in popularity 21
4.1.2. Equities constitute 42% of HNW investors' managed wealth 23
4.1.3. Bonds are the second most popular asset class 25
4.1.4. Cash and near-cash investments constitute a very small part of the Belgian HNW portfolio 27
4.1.5. Property constitutes only 3% of the typical HNW portfolio 28
4.1.6. Alternatives constitute 7% of the typical HNW portfolio 31
4.1.7. Commodity investments are of little interest to Belgian HNW clients 33
5. HNW PRODUCT AND SERVICE DEMAND 35
5.1. Planning services are in high demand in Belgium 35
5.1.1. Belgian HNW individuals show strong demand for inheritance planning 35
5.1.2. Growth is to be expected over all planning services 37
APPENDIX 1
5.2. Abbreviations and acronyms 1
5.3. Definitions 1
5.3.1. Affluent 1
5.3.2. HNW 1
5.3.3. Liquid assets 1
5.3.4. Mass affluent 1
5.4. Methodology 1
5.4.1. GlobalData's 2016 Global Wealth Managers Survey 1
5.4.2. Global Data's WealthInsight 2
5.5. Bibliography 2
5.6. Further reading 3

List of Figures
Figure 1: The bulk of HNW investors in Belgium are male and over 60 years old 6
Figure 2: Family business and inheritance are the main sources of wealth for Belgian HNW investors 7
Figure 3: Manufacturing is the leading generator of Belgian wealth 8
Figure 4: 46% of HNW investors in Belgium hold director positions 9
Figure 5: 6.3% of Belgium's HNW client base comprises expats 10
Figure 6: The majority of HNW expats are from France 12
Figure 7: ABN Amro Private Banking Belgium targets wealthy expats' offshore wealth 13
Figure 8: Wealth managers should lead with discretionary mandates 14
Figure 9: Lack of time leads the demand for wealth management services 15
Figure 10: The largest part of HNW investors show loyalty to their main advisor 16
Figure 11: HNW demand is particularly high for discretionary services 17
Figure 12: Advisory asset management will experience the highest increase 18
Figure 13: HNW investors in Belgium are reluctant to relinquish control 19
Figure 14: Wealth managers should monitor self-directing trends 20
Figure 15: Belgian HNW investor portfolios are dominated by equities 22
Figure 16: Most investments are made directly 23
Figure 17: Growth will be driven by capital appreciation opportunities 24
Figure 18: Bonds constitute a sizable proportion of HNW portfolios 25
Figure 19: Bond investments are forecast to decrease 26
Figure 20: Cash and near-cash products are not very popular 27
Figure 21: Desire to maintain liquidity will drive cash and near-cash investments growth, but not more than absolutely necessary 28
Figure 22: Property funds are more popular than direct investments 29
Figure 23: Property investments are forecast to grow slightly 30
Figure 24: Hedge funds are the most popular alternatives product 31
Figure 25: Many industry experts expect alternative investments to decrease 32
Figure 26: Belgian HNW investors' commodity allocations are mostly in gold 33
Figure 27: Commodity investments will see a rapid increase over the next year 34
Figure 28: Inheritance planning is the priority for Belgian HNW investors 36
Figure 29: ING Private Banking Belgium offers legal and taxation advice 37
Figure 30: Inheritance planning will experience the highest growth in demand 38

Companies Mentioned
HSBC
ABN Amro
BNP Paribas Fortis
Belfius Bank
ING Belgium
KBC Bank
ING Private Banking