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Digital transformation

World Wealth Report 2024

Intelligent strategies for winning with the ultra-wealthy: Bridge wealth management and family office strengths to fuel growth

Today’s wealth management landscape is more challenging than ever: even as high-net-worth individual (HNWI) prosperity rebounds, geopolitical uncertainties, market volatility, and a fiercely competitive environment are putting pressure on wealth management industry profits.

The World Wealth Report 2024 reflects the views of 3,119 high-net-worth individuals, including 1,300+ ultra-HNWIs; 75 executives from pure wealth management (WM) firms, universal banks, broker/dealers, and family offices; and along with survey responses from 750+ relationship managers across North America, Europe, and Asia-Pacific. Key findings include:

  • Rebounding markets and a brighter outlook lifted 2023 global HNWI wealth by 4.7%, and HNWI population numbers increased by 5.1%. While growth was seen across all wealth bands, the ultra-HNWI segment (investors with USD 30 million+) enjoyed the most robust recovery in dollar terms.
  • By integrating behavioral finance with artificial intelligence, WM firms can better recognize and address HNWI client needs; and Gen AI can aid hyper-personalization of relationship manager/client experiences and communications.
  • Traditional WM firms must balance competition and collaboration with family offices to scale up engagement with ultra-HNWIs: a collaborative ecosystem of partners to create a one-stop shop is key to success with this complex and lucrative client segment.

Key highlights

Highlight 1

Global HNWI wealth and population take upward trajectories

Solid economic resilience, cooling inflationary pressures, and recovering 2023 global markets drove growth as HNWI wealth and population surpassed the highs of 2021 in the aftermath of 2022 declines.

HNWIs are cautiously optimistic about 2024 growth opportunities

As cash and cash equivalents normalized to 25%, down from a multi-decade 34% high in 2023, alternative investments, real estate, and fixed income are gaining position in HNWI portfolio allocations.

HNWIs are prone to investment decision biases

While standard economic theory considers investors rational, humans are emotional and HNWIs are no exception. More than 65% of HNWIs said biases influence their investment decisions, especially during significant life events such as marriage, divorce, and retirement.

Value-added services are crucial to win ultra-HNWIs

With complex lifestyles and sophisticated needs, ultra-HNWIs prioritize value-added services, with 78% considering them essential to their wealth management firm relationships.

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Meet our experts

Nilesh Vaidya

Global Industry Head – Retail Banking & Wealth Management

Ian Campos

Executive Vice President, Financial Services; Global Domain Practices Leader, Capgemini Financial Services

Carlos Salta

Expert in Digital Banking, Digital Transformation

Sandeep Kurne

Expert in Digital Solutions, Financial Services

Elias Ghanem

Vice President and Global Head, Capgemini Research Institute For Financial Services

Vivek Singh

Head of Banking, Capgemini Research Institute for FS

Executive Steering Committee

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