Skip to Content
WWR24_page-banner
Financial services

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 recognise and address HNWI client needs; and Gen AI can aid hyper-personalisation 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 normalised 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 prioritise value-added services, with 78% considering them essential to their wealth management firm relationships.

Stay informed

Subscribe to receive our financial services World Reports

Meet our experts

Nilesh Vaidya

Global Head of Banking and Capital Markets practice

Marie Wattez

Global Head of Private Banking & Wealth Management

Ian Campos

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

Carlos Salta

EVP, Head of Banking and Capital Markets Practice

Sandeep Kurne

Expert in Digital Solutions, Financial Services

Maxime Gaudin

Head of Wealth and Asset Management, Capgemini Invent France

Elias Ghanem

Global Head of Capgemini Research Institute for Financial Services

Vivek Singh

Head of Banking and Capital Markets, Capgemini Research Institute for FS

Executive Steering Committee

Michelle Owen

Michelle Owen

Global Head of Distribution, Global Private Banking

HSBC

Pierre Ramadier

Pierre Ramadier

CEO, Wealth Management International Markets

BNP Paribas

Raymond Ang

Raymond Ang

Global Head, Private Bank and Affluent Clients

Standard Chartered

Barry Metzger

Barry Metzger

Managing Director, Income and Wealth Solutions

Charles Schwab

Kabir Sethi

Kabir Sethi

Wealth Management Leader

Ex-LPL Financial

Greg Gatesman

Greg Gatesman

Head of International Client Development, Wealth Management Americas

UBS

Nic Dreckmann

Nic Dreckmann

CEO a.i.

Julius Baer

Michel Longhini

Michel Longhini

Group Head, Global Private Banking

First Abu Dhabi Bank

Ranjit S Samra

Ranjit S Samra

Head of Product & Experience

J.P. Morgan Wealth Management

Philippe Perles

Philippe Perles

Committee Member

Association of Swiss Asset and Wealth Management Banks

Urs Bolt

Urs Bolt

WealthTech Expert

Bolt Money

Yann Galet

Yann Galet

MFO Founder and Family Office

G Consult Finances

Christian Stadtmüller

Christian Stadtmüller

Managing Director

HQ Trust

Sébastien Capt

Sébastien Capt

CEO

Prime Partners

Christine Ciriani

Christine Ciriani

Head of International Digital Wealth

InvestCloud

Toby Brown

Toby Brown

Head of Global Banking Solutions

Google

Noah Kraehenmann

Noah Kraehenmann

Global MD Wealth Management

Temenos

Arnaud Picut

Arnaud Picut

CEO

Aixigo

Marie Wattez

Marie Wattez

Global Head of Private Banking & Wealth Management

Ian Campos

Ian Campos

Global Head of Financial Services Applications Business Line

Carlos Salta

Carlos Salta

Global Head of Banking and Capital Markets Practice

Sandeep Kurne

Sandeep Kurne

Digital Core Banking & Wealth Management Portfolio Head

Maxime Gaudin

Maxime Gaudin

Head of Wealth and Asset Management Consulting, Europe

Elias Ghanem

Elias Ghanem

Global Head of Capgemini Research Institute for Financial Services

Vivek Singh

Vivek Singh

Head of Banking and Capital Markets, Capgemini Research Institute for FS

cgi-metaverse23-wp

mf_submission_538060_1674468375

Scott_Manghillis-1

Technovision 2023

Stay informed

Subscribe to receive our financial services World Reports