Wealth in the Netherlands: Sizing the Market Opportunity

Pages: 34 Published: March 01, 2016 Report Code: VF0010CI

In 2015, 74.1% of the country’s total liquid assets were held by affluent individuals. Total affluent assets are expected to continue to grow over the next five years to reach $530bn by 2019. The proportion of wealth held by affluent individuals is expected to remain stable at around 74%. The savings and investments market is dominated by deposits, which account for over three quarters of the total retail savings and investments market. Mutual funds are second with a 14% share of the market. Mutual funds and equities are expected to perform particularly well going forward, while the low interest rate environment will continue to suppress the retail bond market. Dutch HNW individuals hold 11.5% of their investments in alternative, commodity, or property investments. Property investment is the largest investment type outside the traditional asset classes. In the Netherlands, 14% of HNW individuals' total portfolios is held offshore, with leading destination Luxembourg absorbing 60% of total HNW offshore bookings. The main drivers for offshore investment are better investment returns and access to a better range of investment options.


Verdict Financial’s “Wealth in the Netherlands: Sizing the Market Opportunity” analyzes the Dutch wealth and retail savings and investments markets, with a focus on the HNW segment. The report is based on our proprietary datasets.

Specifically the report:

• Sizes the affluent market (both by the number of individuals and value of their liquid assets) using our proprietary datasets.

• Analyzes which asset classes are favored by Dutch investors and how their preferences impact the growth of the total savings and investments market.

• Examines HNW clients’ attitudes towards non-liquid investments such as property and commodities.

• Identifies key drivers and booking centers for offshore investments.

Reasons to Buy

Benchmark your share of the Dutch wealth market against the current market size.

Forecast your future growth prospects using our projections for the market to 2019.

Identify your most promising client segment by analyzing penetration of affluent individuals in the Netherlands – both at a country and regional level.

Review your offshore strategy by learning HNW motivations for offshore investments and their preferred booking centers.

Key Players

ABN Amro

Table of Contents


Key findings

Critical success factors


Affluent individuals accounted for

17.8% of the total adult population in 2014

Growth in the number of wealthy individuals reflects the broader economic recovery

Dutch affluent individuals held $457.1bn in liquid assets at the end of 2015


The strong focus on deposits limits growth potential

Looking forward to 2019, mutual funds will record the strongest growth

Deposits will continue to perform strongly, in line with GDP

GDP growth is back on track

Inflation remains low

Equities and mutual funds are expected to fare well in line with the stock market

The Dutch stock market continues on a growth trajectory


Dutch HNW individuals allocate

11.5% of their investible assets outside traditional investments

Property investments account for

7.9% of total HNW portfolios

Dutch HNW individuals hold almost 14% of their wealth offshore

Wealth managers looking to access the flow of wealth offshore need to offer broad investment options

Luxembourg is the leading destination for Dutch HNW offshore wealth


Abbreviations and acronyms

Supplementary data







Liquid assets

Mass affluent





Verdict Financial's 2015 Global Wealth Managers Survey

Global Wealth Model methodology

Global Retail Investments Analytics methodology


Further reading

About Verdict Financial


List of Tables

Table 1: Taxable income rates for 2016

Table 2: Dutch onshore liquid assets by asset band ($bn), 2011-15

Table 3: Dutch onshore liquid assets by asset band ($bn), 2016e-19f

Table 4: Total Dutch adult population by asset band (000s), 2011-15

Table 5: Total Dutch adult population by asset band (000s), 2016e-19f

Table 6: Euro to US dollar exchange rate, December 31, 2014 and December 31, 2015

List of Figures

Figure 1: 17.8% of the Dutch population was affluent as of the end of 2015

Figure 2: The mass affluent hold over half of Dutch wealth

Figure 3: The Dutch retail savings and investments market is set for stable growth

Figure 4: Total liquid wealth will reach $663.2bn by 2019

Figure 5: Mutual funds will be the fastest-growing asset class up to 2019

Figure 6: Deposits will see moderate growth up to 2019

Figure 7: Retail bonds are declining as interest rates remain low

Figure 8: Mutual funds growth and equity growth will converge

Figure 9: The AEX Index has performed steadily in recent years

Figure 10: Alternatives account for 11.5% of the total Dutch HNW portfolio

Figure 11: Dutch HNW individuals hold almost 14% of their liquid wealth offshore

Figure 12: Better investment opportunities drive Dutch offshore investments

Figure 13: Dutch investors book most of their offshore investments in Luxembourg

Figure 14: The Netherlands has signed DTAs or TIEAs with most countries globally


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