Fidelity, Bankers Trust and the Chase Manhattan Bank, as well as a unique knowledge of the LGBT sector. Between them, th
PRESS RELEASE For Immediate Release
LGBT Capital releases 2016 Annual LGBT spending power statistics (LGBT-GDP) and estimates LGBT annual purchasing power to be over US$3.5 trillion. Hong Kong and London, 9 May ‘17. LGBT Capital, the specialist LGBT consumer sector financial analyst, today releases its annual estimates of global LGBT spending power (LGBT-GDP), LGBT household wealth (LGBT-Wealth), and LGBT inbound Tourism & Travel spend. For the first time, research has also been carried out into LGBT retirement cost, indicating a potential 20% premium. Significant positive developments for the Global LGBT community have occurred over recent years, including same-sex marriage legislation having been passed in a number of countries. Public opinion seems increasingly in favour of such legislation in most of the developed World. However, the LGBT Community still faces significant challenges in many regions of the World: South Africa remains the only African country to recognize same-sex marriages and the position to become the first Asian country to recognise same-sex marriages performed under its jurisdiction remains ‘up for grabs’ (although Israel do accept same-sex marriages performed overseas). LGBT Capital believes that as well as highlighting the importance of achieving equality for the global LGBT Community, the financial potential offered by the LGBT market will support the arguments for Countries and Companies to become more genuinely inclusive. LGBT Capital’s in-house economist uses macro economic data and modelling to estimate its proprietary metrics. LGBT Capital believes the resulting statistics to be powerful in highlighting the potential of the LGBT consumer market. It is estimated that the Global Spending Power of the LGBT consumer segment is over US$3.5 trillion per annum, with an LGBT population estimate of about 480 million globally. Asia is developing rapidly, now with an estimated LGBT-GDP (PPP) around US$2.1 trillion and with the PRC alone estimated to have an LGBT population of around 90 million. 1 of 3
PRESS RELEASE For Immediate Release
Paul Thompson, LGBT Capital Founder, said ‘We continue to believe these annual LGBT data publications to be extremely powerful and important in demonstrating the value offered to both Countries and Companies by the LGBT consumer segment. To contextualize the data, the estimated population of the LGBT community worldwide roughly equals the population of the United States, Canada, and Mexico taken together, and the estimated global LGBT-GDP now exceeds the GDP of Germany!’ LGBT Capital, which spearheaded Equality Wealth, a specialist Wealth Management offering for the LGBT community, also estimates the size of Global LGBT-Wealth, the LGBT Household Wealth. This is now estimated at being an astonishing US$16 trillion globally, with over US$5.5 trillion in the US alone. In researching for the launch of Equality Wealth, the firm also found preliminary evidence based on UK data that the cost of LGBT retirement could be 20% higher than the average. LGBT Capital also researches the impact of LGBT travellers on Global inbound Tourism & Travel and GDP. This is estimated to have a per annum impact of more than US$22 billion in the US and over US$6 billion in each of several European Countries, and an LGBT impact on GDP exceeding 1% for Asian countries with highdependency on tourism in GDP, e.g. Hong Kong and Thailand. Paul Thompson added ‘As Countries fight for revenue and to encourage Business and Tourism, the significant value of this market can play an important role in bringing about change towards equality and inclusion. Countries genuinely welcoming the LGBT Community should reap clear economic benefits. This community offers great potential and value, and we believe this will continue to progress LGBT Diversity & Inclusion globally. The LGBT Community should be valued and command respect!’ Anders Jacobsen, Chief Economist and Head of Investment & Research at LGBT Capital, observed that ‘Forward-looking Corporations now also increasingly recognize the growing financial and brand-related risks inherent to being perceived as failing to grasp these profound changes and opportunities. Such risks also apply to entire Countries in the global competition for talent and 2 of 3
PRESS RELEASE For Immediate Release
innovation prowess. There is also strong anecdotal evidence to suggest that LGBT-friendly countries and cities are better positioned to become magnets for innovators and other business talent, with resulting positive economic impacts to be enjoyed well beyond the LGBT Community itself, e.g. in terms of urban regeneration or the creation of high-growth innovation clusters.’ … end Editors’ Notes About LGBT Capital LGBT Capital is a specialist Corporate Advisory and Investment Management Unit of Galileo Capital Management, focused on the LGBT consumer market and with operations in the UK and Greater China. LGBT Capital provides corporate advisory and business development services, as well as LGBT screening for Equity Investment purposes. LGBT Capital’s principals Anders Jacobsen and Paul Thompson have over 40 years combined experience in the investment management sector with distinguished track records in global investment managers including Goldman Sachs, Prudential Financial, Inc., Fidelity, Bankers Trust and the Chase Manhattan Bank, as well as a unique knowledge of the LGBT sector. Between them, they have advised numerous mutual, private equity, venture capital and hedge funds on their establishment and launch, as well as provided growth and development strategies for earlyand mature-stage private equity funded companies and initiatives. www.LGBT-Capital.com
Media Contacts Paul Thompson Hong Kong Tel. +852 9404 3256 Anders Jacobsen London Tel. +44 7939 011 225
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