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World Wealth Report 2024

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

Today’s global 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 global wealth and investment management industry profits.

The World Wealth Report 2024 reflects the views of 3,119 high-net-worth individuals, including 1,300+ ultra-high-net-worth individuals (UHNWI); 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%,1 and HNWI population numbers increased by 5.1%.2 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, global wealth management firms can better recognize and address HNWI client needs; and Gen AI can aid hyper-personalization of relationship manager/client experiences and communications.
  • Traditional global wealth management firms must balance competition and collaboration with family offices to scale up engagement with ultra-high-net-worth individuals: a collaborative ecosystem of partners to create a one-stop shop is key to success with this complex and lucrative client segment.

World Wealth Report 2024 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.

High-net-worth individuals 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. 2024 HNWI asset mix is rebalancing between preservation and growth

HNWI investment decisions are prone to biases

While standard economic theory considers investors rational, humans are emotional and high-net-worth individuals 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-high-net-worth individuals

With complex lifestyles and sophisticated needs, ultra-high-net-worth individuals prioritize value-added services, with 78% considering them essential to their wealth management firm relationships. UHNWIs are intense consumers of value-added services.

New wealth management strategies for high-net-worth individuals

Strategic and future-focused wealth management firms need to set their sights on retaining and winning ultra-high-net-worth individual clients’ mind share to boost their wallet share. But where should they begin?

  • Ignite engagement with high-net-worth individuals as market trends evolve during high instability.
  • Turbocharge AI-powered behavioral finance to enhance personalization and customer relationships.
  • Focus on the highly concentrated and profitable ultra-high-net-worth individuals segment, and strike the right balance between competition and collaboration with family offices.

1 Capgemini Research Institute for Financial Services Analysis, 2024.
2 Capgemini Research Institute for Financial Services Analysis, 2024.

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.

Authors

Nilesh Vaidya

Global Head of Banking and Capital Markets

Marie Wattez

Marie Wattez

Global Head of Private Banking & Wealth Management

Ian Campos

Global Head of Financial Services Applications Business Line

Carlos Salta

Global Head of Banking and Capital Markets Practice

Sandeep Kurne

Invent Global Wealth Management Lead

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 and Capital Markets, Capgemini Research Institute for FS

Client story

International banking group grows customer engagement with investment research platform

Revenue growth driven by attracting more customers through a customer-centric digital research platform.

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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

Nilesh Vaidya

Global Head of Banking and Capital Markets

Marie Wattez

Marie Wattez

Global Head of Private Banking & Wealth Management

Ian Campos

Global Head of Financial Services Applications Business Line

Carlos Salta

Global Head of Banking and Capital Markets Practice

Sandeep Kurne

Invent Global Wealth Management Lead

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 and Capital Markets, Capgemini Research Institute for FS