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Digital transformation

World Wealth Report 2025

Sail the great wealth transfer 
Setting a course to win Next-gen high-net-worth individuals  

During 2024, growth in global high-net-worth individual (HNWI) wealth and population was robust – increasing by 4.2% and 2.6%, respectively.1 But the wealth management landscape is facing a fundamental transformation, with the defining dynamic being an unprecedented “great wealth transfer” to Gen X, millennials, and Gen Z individuals – or “Next-gen HNWIs.” In fact, a staggering USD 83.5 trillion in wealth is set to be passed on to these younger individuals by 2048.2 

The World Wealth Report 2025 reflects the views of 6,472 high-net-worth investors, including 5,473 Next-gen HNWIs, across four regions: Americas, Europe, Asia-Pacific, and the Middle East. We also collected insights from surveys of 141 wealth management executives and 1,306 wealth management relationship managers; responses to both of these surveys included geographic markets across the Americas, Europe, and Asia-Pacific. In addition, the report’s market-sizing model covers 71 countries, accounting for more than 98% of global gross national income and 99% of world stock market capitalization. 

Next-gen HNWIs have distinct investment priorities, strong preferences for digital engagement, and appetite for value-added services – presenting challenges and opportunities for wealth management providers. We’ve proposed a three-part strategy to help firms maintain their current business, while generating new revenue opportunities: 

  • Boost engagement to drive growth by providing robust and tailored high-net-worth investment strategies that ensure the right mix of capital preservation and growth. 
  • Delight Next-gen HNWIs by expanding personalized financial advice and wealth management offerings tailored to their needs, extending reach and fostering loyalty.
  • Empower relationship managers with capabilities and digital tools to facilitate optimal high-net-worth wealth management client service and retention. 

Implementing this approach will allow firms to engage effectively with Next-gen high-net-worth investors, address their specific requirements, and cultivate lasting loyalty throughout the great wealth transfer period.3 

World Wealth Report 2025 highlights

Highlight 1

HNWI wealth and population maintains positive momentum

Solid equity market growth amid economic turbulence led to sustained growth in HNWI wealth, while diverse regional trends caused population growth to plateau in 2024.

HNWIs maintain a balance between capital preservation and growth

HNWI asset allocation remains​ similar to 2024, except for a 2% drop in fixed income driven by interest rate changes, and a 1% rise each in equity and cash.

HNWIs’ expectations from their wealth firms vary across age bands 

Each generation of Next-gen HNWIs has specific needs. As the great wealth transfer continues, firms need to revisit their engagement strategies to reflect these diverse requirements.

Relationship managers’ dissatisfaction reflects wealth firms’ legacy approach 

As the role of the relationship manager evolves from purely operational to loyalty-based advisory, they’re left dissatisfied by a lack of empowerment and compensation.

    Wealth firms must evolve to meet next-gen client demands

    To retain next-gen heirs, wealth managers must embrace digital tools, alternative assets, and personalized, purpose-driven strategies

    Next-gen heirs seek modern wealth firms over legacy ties

    Heirs to vast fortunes are shifting away from family advisors, seeking digital-first, personalized wealth management for a new era

      Further readings

      1. Capgemini Research Institute for Financial Services Analysis, 2025. 
      2. UBS, “Global Wealth Report 2024”, July 9, 2024. 
      3. Capgemini Research Institute for Financial Services Analysis, 2025. 

      The information in this report is general and not intended as legal, tax, investment, financial, or professional advice. Capgemini assumes no liability for errors or omissions or the use of this material. This report is for informational purposes only and may not address your specific needs. Capgemini disclaims responsibility for translation inaccuracies and provides the information “as-is,” without warranties. Capgemini will not be liable for any losses arising from reliance on this information.

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            Meet the experts

            Gareth Wilson

            Global Banking Industry Leader at Capgemini

            Sandeep Kurne

            Global Head of Wealth and Asset Management, Consulting

            Loïc Paquotte

            Head of Wealth & Asset Management Consulting, EMEA

            Catherine Chedru-Refeuil

            Head of Banking Practice, France

            James Aylen

            Head of Wealth and Asset Management Consulting, Asia

            Stephanie Sparling

            Head of Wealth and Asset Management Consulting, North America

            Tej Vakta

            Global FS Domain Leader & Head of ESG Solutions

            Elias Ghanem

            Global Head of Capgemini Research Institute for Financial Services

            Vivek Singh

            Head of Banking, Capgemini Research Institute for Financial Services

            Executive Steering Committee

            Rodney Sin

            Vice Chair, Global Client Engagement

            Bank of Singapore

            Hans Hanegraaf

            CEO

            Bethmann Bank

            Virginie Delaunay

            Deputy CEO, Wealth Management for Domestic Markets

            BNP Paribas

            Andressa Auge

            Head of Strategy Bradesco Principal

            Bradesco

            Kristen Bitterly

            Global Head, Wealth at Work

            Citi

            Evy Wee

            Regional Head of Wealth Platform and Solutions

            DBS Bank

            Nic Dreckmann

            Chief Operating Officer & Deputy CEO

            Julius Baer, Switzerland

            Andy Plaisted

            COO, Private Wealth Management

            Morgan Stanley

            Laurent Gaillard

            COO

            Pictet Wealth Management

            Massy Williams

            Head of Wealth Management

            Vanguard

            Paul Rossini

            CEO

            AssetPass

            Elisa Farri

            Vice President, Head of Capgemini Invent’s Management Lab

            Capgemini

            Paul Kammerer

            CCO

            Fincite

            Christine Mar Ciriani

            President, Digital Wealth International

            InvestCloud, Switzerland

            Bart Vanhaeren

            CEO

            InvestSuite

            Dave Collier

            Managing Director, Banking and Capital Markets UK

            Microsoft

            Eric Mellor

            Wealth Management Specialist

            Temenos

            Manuel Grenacher

            CEO

            Unique

            Nilesh Vaidya

            Head of Market Development Group for Financial Services

            Marie Wattez

            Marie Wattez

            Global Head of Private Banking & Wealth Management

            Ian Campos

            Global Head of Financial Services Applications Business Line

            Carlos Salta

            Head of Banking and Capital Markets Practice

            Sandeep Kurne

            Global Head of Wealth and Asset Management, Consulting

            Maxime Gaudin

            Head of Wealth and Asset Management Consulting, Europe

            Elias Ghanem

            Global Head of Capgemini Research Institute for Financial Services

            Vivek Singh

            Head of Banking, Capgemini Research Institute for Financial Services