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WorldReportSeries2024
WealthManagement
Intelligentstrategiesfor
winningwiththeultra-wealthy
Bridgewealthmanagementandfamilyofficestrengthstofuelgrowth
2
WorldWealthReport2024
Contents
Foreword
3
ExecutiveSteeringCommittee2024
4
Executivesummary
NavigateHNWIwealthrecovery
5
duringuncertaintimes
Leveragingbehavioralfinanceto
6
reconnectwithHNWIs
18
Ultra-HNWIs:Themostlucrative
segmenttoattractandretain
30
Conclusion
40
Methodology
41
PartnerwithCapgemini
43
WorldWealthReport2024
3
Foreword
Wearebackinbusiness!Whileresearching,analyzing,andwritingtheWorldWealth
Report2024,our28theditionofthisreport,wediscoveredasignificantinvestment
shift:globally,high-net-worthindividuals(HNWIs)arereachingunprecedentednumbers
andwealthlevels.And,aswealthgrows,HNWIsarerevisitingcautious2022and
2023assetpreservationtendencies.Riskaversionissubsiding,andHNWIsareslowlyrebalancingbetweensafetyandgrowth.
Despitethisemergingpositivetrend,theglobalenvironmentisnotsobright,with
issuesrangingfromgeopoliticstoinflation.Uncertaintyisfurthercompoundedasmanycountriesholdelectionsin2024.Asthemarketupswingunfolds,thetimehascomeforwealthmanagementfirmstodivedeepintoclients’evolvingbehaviorandexpectations,andtoprioritizemeaningfulandtimelyengagements.Theroadaheadisn'twithout
hurdles:macroeconomicuncertainty,geopoliticaltensions,regulatoryagendaandariseinoperatingcostsaresqueezingthebottomline.
Likeinallothersectors,artificialintelligence(AI)isfastemergingasatransformativeforcetoenhanceclientintimacyinwealthmanagement.Fromcreatingandthen
regularlyupdating360-degreeclientprofilestoleveragingbehavioralfinance
techniques,AIispromisingtohelprelationshipmanagersrecognizepsychologicalbiasesthatmayinfluenceinvestmentdecision-making.Moreover,generativeAIcanenable
hyper-personalization,allowingfirmstotailorservicetouchpointstoclients'unique
needs,preferences,andlifeevents.Theresult?Moments-that-matterengagementandthefoundationsofsolid,long-lastingrelationships.
Morethanever,wealthmanagementfirmsseeksustainedprofitability,andthehighly
concentratedultra-HNWIsegment–individualswithmorethanUSD30millionin
investableassets–presentsahighlylucrativeopportunity.However,familyofficesmaybebetterpreparedtoplaytheorchestratorroleandhandlethemulti-generationalandmulti-jurisdictionalneedsofthispopulation,throughabroadrangeoffinancialandnon-financialvalue-addedservices.Sothegameison:whocanbethebestproviderofthe
one-stop-shopservicesuiteneededtobestservetheultra-wealthy?Whilecompetingisoneoption,collaboratingorservicingisanother–andwealthfirmsthatstrikea
competitiveandcollaborativebalancewithfamilyofficescanforgerevenue-generatingbusinesspartnershipssupportingthefamilyfirms.
Ihopeourreportoffersapathtohelpyougetstarted.
AnirbanBose
FinancialServicesStrategicBusinessUnitCEO
&GroupExecutiveBoardMember,Capgemini
4
WorldWealthReport2024
ExecutiveSteeringCommittee
WealthManagementFirms
MichelleOwen
GlobalHeadofDistribution,GlobalPrivateBanking
HSBC
PierreRamadier
CEO,WealthManagementInternationalMarkets
BNPParibas
RaymondAng
GlobalHead,Private
BankandAffluentClients
StandardChartered
BarryMetzger
ManagingDirector,
IncomeandWealthSolutions
CharlesSchwab
KabirSethi
WealthManagementLeader
Ex-LPLFinancial
GregGatesman
HeadofInternational
ClientDevelopment,
WealthManagementAmericas
UBS
NicDreckmann
CEOa.i.
JuliusBaer
MichelLonghini
GroupHead,
GlobalPrivateBanking
FirstAbuDhabiBank
RanjitSSamra
HeadofProduct&Experience
J.P.MorganWealth
Management
FamilyOffices,IndustryBodies,andExperts
PhilippePerles
CommitteeMember
AssociationofSwiss
AssetandWealth
ManagementBanks
UrsBolt
WealthTechExpert
BoltMoney
YannGalet
MFOFounderand
FamilyOfficer
GConsultFinances
ChristianStadtmüller
ManagingDirector
HQTrust
SébastienCapt
CEO
PrimePartners
WealthTechsandTechLeaders
ChristineCiriani
HeadofInternational
DigitalWealth
InvestCloud
TobyBrown
HeadofGlobal
BankingSolutions
NoahKraehenmann
GlobalMD
WealthManagement
Temenos
ArnaudPicut
CEO
Aixigo
WorldWealthReport2024
5
Executivesummary
Theglobaleconomycontinuestorecoverfrom2022challenges.Althoughinterestratesremainelevated,centralbankssignaledanendtoratehikesinH2
2023,withprospectsofratecutslatethisyearorinearly2025.
NavigateHNWIwealthrecoveryduringuncertaintimes
Buoyedbyaresurgingequitymarketandimproving
macroeconomics,globalhigh-net-worthindividual
(HNWI)wealthandpopulationroseby4.7%and5.1%in2023.NorthAmericapostedthemostrobustrecovery,expandingby7.2%inHNWIwealthand7.1%inHNWI
population.Asia-Pacificexperienced4.2%HNWI
wealthgrowthanda4.8%riseinHNWIpopulation.EuropeanHNWIwealthandpopulationgrewmoremodestly,at3.9%and4.0%,respectively.
Despiteongoingmarketunpredictability,HNWIsarerebalancingtheirportfoliostomeetgrowthgoals.InJanuary2024,cashholdingsnormalizedto25%,downfrommulti-decadehighs.Allocationstoalternative
assetsroseto15%from13%in2023,reflectinginvestordesiretodiversifyintohigh-returnassetclasses.
However,wealthmanagementfirmscontinueto
strugglewithprofituncertaintybecauseofescalatinggeopoliticalconflicts,electionsinmajoreconomies,
recessionworries,evolvinginterestrates,andchoppystockmarkettrading.Further,netinterestincome,
whichhasbeenhighinrecentyears,isexpectedto
decline,andassetpricesareunlikelytogrowasrapidlyasinthepastdecade.Asaresult,wealthmanagementfirmsseekingtosustainbusinessgrowtharefocusingstrategicallyonwinningultra-wealthyinvestors’mindshareandshareofwallet.
LeveragingbehavioralfinancetoreconnectwithHNWIs
Behavioralfinancetechniquescomeintoplayduringmarketvolatilityasrelationshipmanagersworktobalanceclients’emotionsandcognitivebiaseswhileatthesametimeofferingpersonalizedadvice.Morethan65%oftheHNWIswepolledsaidbiasesimpacttheirdecision-making.Wealthfirmsareoften
datarich,buttheystruggletofullyleverageclientinformationbecauseoftheirrelianceonprimarysourcesandoutdatedinvestorprofiles.
Moreandmore,wealthmanagementfirmsareintegratingbehavioralfinanceconceptswithartificialintelligencetoenableadata-centricapproachthatgeneratessuperior
clientexperiences.Amongthewealthmanagementfirmswesurveyed,49%currentlyuseAIinsomeareas,and
73%ofthemplantoincreaseadoptionattheenterpriselevelwithinthenextonetotwoyears.GenerativeAI
furtherelevatesthesecapabilities,pavingthewayfor
hyper-personalizedengagement.Behavioralfinance/
AIintegrationhasthepotentialtorevolutionizethewealthmanagementvaluechain,enhancingcustomerintimacyandimprovingadvisorefficiencywithintelligentcapabilities.
Ultra-HNWIs:Themostlucrativesegmenttoattractandretain
Withagrowingpopulationofyounger,self-made
ultra-high-net-worthindividuals(UHNWIs),investmentstylesareshiftinginfocustolong-termwealthgrowthdespitecontinuedmarketuncertainty.Aswealthgrows,complexityincreases,andvalue-addedservicesbecomeacrucialdifferentiatorforUHNWIinvestors.78%of
surveyedultra-HNWIsconsidervalue-addedservicesessentialtowealthmanagementfirmrelationships.
Wealthmanagementfirmstypicallyfocusonfinancial
value-addedservices,whilefamilyofficesenjoyanedgeinnon-financialvalue-addedservices.Increasingly,familyofficesearnclientfamilyloyaltythroughcloseinteractionsandgenerationalrelationships.Andforincumbentwealthmanagementfirms,thatmeansgrowingcompetitionforUHNWIwallets.Accordingtooursurvey,thenumberof
UHNWIwealthmanagementrelationshipsincreasedfromthreein2020tosevenin2023.
Basedonourreport’sresearchfindingsandanalyses,werecommendthatwealthmanagementfirms
becomeone-stopshopsprovidingafullsuiteof
productsandservices.Thistransformationwillrequireintegratinginternalteamswiththird-partypartners
toorchestrateabroadandefficientecosystem
thatconvenientlydeliversservicesthroughclients’preferredchannels.
Whilein-personinteractionscontinuetobecrucial,theimportanceofdigitalchannelsisgrowing,andclient-centricwealthmanagementfirmsneedtoprovide
omnichannelandhyper-personalizedexperiences.
Strategiccollaborationwithfamilyofficesoffers
wealthfirmsapathtotailoredservicesthatcanunlocknewrevenuestreams.
6
WorldWealthReport2024
NavigateHNWIwealthrecoveryduringuncertaintimes
WorldWealthReport2024
7
Macroeconomicuncertaintyand
geopoliticaltensionsledtosignificantdeclinesinhigh-net-worthindividual(HNWI)wealth(3.6%)andpopulation(3.3%)in2022.However,2023broughteconomicgrowthandimproved
fortunesformajorinvestmentsectorstoreversethefalloff.Despiteongoing
interestrateuncertaintyandrisingbondyields,equitiessurgedalongwiththe
techmarket,fueledbyenthusiasmforgenerativeAIanditspotentialimpactontheeconomy.
Thoughinterestratesremainelevated,
centralbankssignaledanendtoratehikesinH22023,withprospectsforratecutsin2024.Switzerlandbecamethefirstmajoreconomytohittherate-cutbuttonin
March2024,announcinga25basispointreduction.1ApollbyReutersinApril2024showedthatthemajorityofsurveyed
economistsexpectamaximumoftwo
ratecutsin2024.2Similarly,theEuropeanCentralBank(ECB)announcedratecutstobegininJune2024.3Equitymarkets
improvedin2023,andglobalindices
exhibitedresiliencedrivenbybetter-than-expectedcorporateearnings,economic
recoveryinsomekeymarkets,andsignalsofmoreaccommodatingmonetarypolicies.
Themacroeconomicclimatein2023
sparkedtheequitymarketupswing,withglobalindicesindicatingabullmarket.
•TheMSCIAllCountryWorldIndexwas
upnearly23%in2023,poweredby
outsizedcontributionsfromtheso-
calledUS“MagnificentSeven”tech
stocks(Alphabet(GOOGL),Amazon,
Apple,Meta,Microsoft,Nvidia,and
Tesla).Thesestockscontributednearly40%ofthetotalreturnoftheMSCIAllCountryWorldindex.4Sincethe
beginningof2024,someofthe
magnificentsevenstockshavefallen,
withreturnsin2024ledbytheso-called"FabFour"stocks:Nvidia,Meta,Amazon,andMicrosoft.5
•IntheUnitedStates,theS&P500endedtheyearwitha24%gain,whilethe
NasdaqCompositewasupnearly43%,
drivenbyrevitalizedtechstocks.6InterestinAIcatalyzedthetechrally,bolstering
USequities.
•InEurope,theCAC40inFranceendedtheyearwithanearly17%gain,drivenbystronggrowthinthecountry’sluxurygoodsmarket.Theluxurygoods
conglomerateLVMH,owneroftheLouisVuittonbrand,reportedovera9%gaininrevenuesin2023,andtheFrench
luxurybrandHermessawitssharepriceincreaseby38%in2023.789TheUK
domestic-focusedFTSE250saw
relativelymodestreturns,gainingonly4.5%throughtheyear,against
headwindsincludingalackoftechcompanies,asluggisheconomy,andpoliticaluncertainty.1011
•TheAsia-Pacificmarketgeneratedmixedreturns,withtheJapaneseNikkei
witnessinga28%returndrivenby
impressivereturnsbyautomotive
stocks.12Meanwhile,inChina,the
ShanghaiCompositedeclinedbynearly4%:13adisappointingeconomicrecoveryandatroubledpropertysectorledto
China’spoorperformance.
Wehaveobserved
continuedmarketvolatilityin
2024,emphasizingtheneedfor
sophisticatedinvestmentstrategiestonavigateuncertainties.Whileriskspersist,opportunitiesremainamidstevolvingmarketdynamics.”
GregGatesman
HeadofInternationalClientDevelopment,WealthManagementAmericas,UBS,USA
HNWIfinancialwealthinUSDtrillions
HNWIpopulationinmillions
8
WorldWealthReport2024
Liftedbyreboundingstockmarketsanda
brightereconomicoutlook,globalHNWIwealthexpandedby4.7%in2023
(Figure1).Mirroringthewealthrecovery,theHNWIpopulationroseby5.1%
(Figure2),erasing2022declinesof3.6%
and3.3%,respectively,andputtingHNWI
trendsbackonagrowthpath.
Figure1.HNWIwealthrecoversfrom2022losses
CAGR2016–2023:4.6%Annualgrowth2022–2023:4.7%%change2022–2023
86.8
83.0
1.9
9.4
9.2
3.5
3.4
3.2
8.7
18.9
18.2
17.5
16.7
15.9
14.7
25.7
24.7
35
22.2
21.6
18.8
18
27.5
21.7
0
20162017201820192020202120222023
Source:CapgeminiResearchInstituteforFinancialServicesAnalysis,2024.
Note:Chartnumbersandquotedpercentagesmaynottotal100%duetorounding.
Africa-1.0%LatinAmerica2.3%MiddleEast2.9%Europe3.9%Asia-Pacific4.2%
NorthAmerica7.2%
86.0
1.8
9.0
3.4
18.8
68.1
1.6
8.4
2.6
15.4
63.5
1.5
8.0
2.4
74.0
1.7
8.8
2.9
79.6
1.7
8.8
70.2
1.7
24.0
20.6
24.3
25.3
25.6
27.7
19.8
19.6
18.0
2.5
1.8
88
70
53
Figure2.2023GlobalHNWIpopulationsurpasses2021highs
CAGR2016–2023:4.7%Annualgrowth2022–2023:5.1%%change2022–2023
22.8
0.2
0.6
0.9
0.9
5.8
5.4
Europe
Asia-Pacific
7.4
NorthAmerica
6.5
6.2
5.5
7.9
6.3
20162017201820192020202120222023
Source:CapgeminiResearchInstituteforFinancialServicesAnalysis,2024.
Note:Chartnumbersandquotedpercentagesmaynottotal100%duetorounding.
Africa
LatinAmerica
MiddleEast
-0.1%
2.7%2.1%4.0%4.8%
7.1%
19.6
0.2
0.6
0.8
5.2
16.5
0.2
0.6
0.6
4.5
18.1
0.20.6
0.7
4.8
18.0
0.20.6
0.7
4.8
22.5
0.2
0.6
0.9
20.8
0.20.6
0.8
21.7
0.20.6
7.0
6.9
7.2
7.9
5.2
6.1
5.6
7.4
7.1
5.7
5.7
5.7
20
25
10
15
0
5
WorldWealthReport2024
9
NorthAmericaretaineditstopspotinHNWIwealthandpopulation
NorthAmericanHNWIstatistics
vigorouslyrecoveredin2023,withyear-
over-yeargrowthof7.2%forwealth
and7.1%forpopulation.Solideconomicresilience,coolinginflationarypressures,andaformidableUSequitymarketrallyalldroveupwardmomentum.
TheUSHNWIsegmentexperienced7.4%wealthexpansionand7.3%population
growth.USequitymarketsregistered
strongreturnsin2023,drivenmainlybyfinal-quartergains:theS&P500postedareturnofover24%in2023,gaining11.2%inQ4alone.AtechstockrallydroveS&Pindexreturns,includingNvidia(239%
growth)andMeta(up194%).14
•AslewofUSgovernment-ledspendinginitiativestoboostonshore
manufacturingcontributedtocapital
growth.TheCHIPSActandtheInflationReductionAct,announcedinAugust
2022,ledtooverUSD230billionin
private-sectorspendingforthe
semiconductormanufacturingindustryandUSD201billioninconstruction
spending.1516USgovernmentspendingin2023alsospurredmanufacturing
investmentactivityintheprivatesectorandhelpedaugmentGDP.
•TheUSGDPgrewatanannualizedrateof3.3%inthelastquarterof2023,wellabovethe2%growththateconomists
hadexpected.Inflationalsofellfrom9%inJune2022to3.4%inDecember2023.17TheaccommodativestancetakenbytheUSFederalReserveSystemcould
potentiallysteertheUSeconomytoasoftlanding.
InCanada,HNWIwealthgrewby3.8%andtheHNWIpopulationclimbedby3.6%.
TheCanadianS&P/TSXindexrecoveredfromits2022tumbleandpostedan8%2023return.ThetechsectorledTSX
gains,soaringnearly57%.18
YettheS&P/TSXindexperformancewasmodestascomparedwiththeUSS&P
becauseofthelacklusterperformanceincyclicalindustries–includingthematerialssector,whichdroppednearly
3%duringtheyear.19
In2024,weanticipateaslight
globaleconomicslowdown,ledby
weaknessintheUSinthesecond
half.Despitethis,sentimenttowardsinvestinghasbeenpositivesofar
thisyear,withclientsshowing
significantinterestinincreasingtheirinvestments,awarethatinterest
rateshavelikelypeaked.However,aswemoveintothelatterhalfof
theyear,especiallywithvarious
electionstakingplaceglobally,theremaybeincreaseduncertaintyfor
clients.Whilethefirsthalfappearspromising,thesecondhalfcould
bringaboutmoreunpredictability.”
RaymondAng
GlobalHead,PrivateBankandAffluent
Clients,StandardChartered,Singapore
ModerateAPACwealthandpopulationgrowthwidenedthegapwithNorthAmerica
TheAsia-Pacific(APAC)HNWIsegmentexperienceda4.2%wealthgrowthanda4.8%populationgrowthin2023.APACequitymarketreturnsweremixed,withsomemarketsreportingrecoverieswhileothersdeclined.
•TheMSCIAsiaPacificindex,whichtracksAsianfirmsacrossdevelopedand
emergingcountries,posted2023growthofabout12%,evenasdisappointing
Chinesestocksdraggeddownreturns.20China’sblue-chipCSI300indexfellmorethan11%in2023,whileHongKong’s
HangSeng(abarometeroftheHong
Kongequitymarket)fellalmost14%.
WithmanycompaniesintheHongKongequitymarketleveragedtoeconomic
growthinChina,theindexreturns
mirroredChinesemarketshortfalls.TheHongKongCentralBank’sinterestratehikeexacerbatedthesituation.
•AmongthebestperformersintheAPACregionwereIndiaandAustralia,which
recordedHNWIwealthgrowthof12.4%
10
WorldWealthReport2024
and7.9%,andHNWIpopulationgrowthof12.2%and7.8%,respectively.Wealthgrowthinbothofthesecountrieswas
drivenbyaresilienteconomyandrobustperformanceoftheequitymarkets:theIndianbenchmarkindex,theSensex,
climbedbyover18%in2023,21andthe
AustralianS&P/ASX200indexgained7.8%duringtheyear.22
•Japan’sHNWIwealthandpopulation
bothincreasedin2023,by6.5%and6.4%,respectively,drivenbyacautiousstancebytheBankofJapan,asteadyflowof
foreigninvestmentintothemarket,androbustearningsbyJapan’sautomotive
sector.TheJapaneseNikkei225emergedasthetopAsianperformerin2023,
surgingover28%tohita33-yearhighinJanuary2023.23
Europeangrowthcurtailed
bypersistentmacroeconomicchallenges
EuropeanHNWIwealthandpopulation
grewmodestlycomparedwithNorth
AmericaandAPACin2023.European
HNWIwealthrose3.9%,whilethe
populationgrew4.0%.Highbutcoolinginflation,alowGDPgrowthrate,and
decliningdomesticdemandwerelimitingfactorsintheregion’sHNWIwealth
andpopulationgrowth.Againstseveralheadwinds,somerespitewasprovidedby
equitymarketoutperformance,steadily
decliningenergyprices,andapauseinratehikesbytheEuropeanCentralBank(ECB).
•Despiteastrongshowingintheequity
market,withtheSTOXXEurope600
indexgainingnearly13%in2023,the
eurozoneeconomyfacescontinued
challenges.24ThecompositePurchasingManagers’Index(PMI),akeyindicatorofbusinessactivity,fellto47.0inDecember2023,markingaseven-monthdeclineandsignalingaeuroareacontraction.25
•NotableoutlierstothemodestHNWI
wealthandpopulationgrowthinEuropewereItaly,wherewealthgrewby8.5%
andpopulationby8.4%,drivenbyequitymarketreturnsandatourismuptick,26
andFrance,wherewealthandpopulationgrew6.5%and6.4%,respectively,
benefitedfromarecordyearfortourism,stronggrowthintheluxurygoods
industry,andanuptickinexports.2728
•HNWIwealthalsoexpandedinSwitzerland
(5.6%),Denmark(4.5%),theUnited
Kingdom(2.9%),andGermany(2.2%).
Suboptimal2023outcomesinAfrica,LatinAmerica,andtheMiddleEast
LatinAmericaandtheMiddleEast
recordedlimitedHNWI2023growth,withwealthup2.3%and2.9%,andpopulationup2.7%and2.1%,respectively.Inthe
MiddleEast,fallingcrudefuturesprices,
geopoliticaltensionsleadingtosupply
disruptions,andweakeningdemandfor
OPECcrudeinglobalmarketsdrovethe
mutedgrowth.29Year-over-yearoilfuturesdipped10%+ascomparedwith2022.30
A2023anomaly,AfricawastheonlyregionwhereHNWIwealth(-1.0%)andpopulation(-0.1%)fell–drivenbyfallingcommodity
pricesanddecliningforeigninvestmentsandexports.InSouthAfrica,anenergy
crisissparkedbypersistentpoweroutagesledtoafalloffinmanufacturingoutput,
resultinginameager0.6%GDPgrowth.31WithAfricaninvestmentandbusiness
activitycloselylinkedwithChina,the
ChineseslowdownrippledacrossAfricanmarkets,too.32
HNWIwealthandpopulationgrewacrossallwealthbands
In2022,HNWIwealthandpopulationfellacrosswealthbands,withtheultra-high-net-worthindividual(UHNWI)segment
takingthebruntofthehit–itspopulationwasdown4.6%anditstotalwealthdown3.7%.However,the2023recoveryled
toarevivalofwealthandpopulation
totalsacrossalloftheHNWIwealthbandpyramid(Figure3).
Growthwashighestforthe“millionaires
nextdoor”wealthband(individuals
holdingwealthofUSD1millionto5
million),whileUHNWIs(thosewithUSD30million+inassets)experiencedthehighestrecoveryindollarterms,with3.9%growth.UHNWIsarealsothemostconcentrated
1%
ofthetotalHNWIpopulationholds34%ofglobal
wealth
WorldWealthReport2024
11
amongthewealthbands,holdingover34%oftotalHNWIwealthandjustover1%ofthetotalHNWIpopulation.Therefore,UHNWIsrepresentpotentiallythemostlucrative
segmentforwealthmanagementfirms.
HNWIsareshiftingfromwealthpreservationtogrowthobjectives
OurJanuary2024surveyofover3,000
HNWIsacross25marketsfoundthattheirprimaryassetallocationshadchanged
frompreservationtogrowth.Twofactorsdrovetheshift:
•Governmentaleffortstocontrolinflationandrisinginterestrates,despitehintsofpotentialratecutsinthefuture
•ChangingeconomicconditionsalongwithaturninhowHNWIsviewassetswith
highgrowthpotential,notwithstandingongoingmarketvolatility
Early2024datarevealanormalizationofcashholdingsto25%ofportfoliototals,astarkcontrasttothemulti-decadehighsof34%seeninJanuary2023,wheninvestorssoughtsafetyamidmarketuncertainty.
HNWIshavebeguntochanneltheircashintohigher-returnassetstoleverage
possiblefuturegrowthopportunities.
GlobalHNWIfixed-incomeportfolio
allocationsincreasedto20%in2023,a
fivepercentagepointjump,yearoveryear.Fixed-incomeassetswerecomplicatedin2023,ashighinflationdilutedinflation-
adjusted(real)returnsfromfixed-incomeassetsevenasinterestrateswerehigh,makingthemlesslucrativeforHNWI
investors.However,thetidebegan
toturnbyQ4,andcoolinginflation
boostedfixed-incomerealreturns.HNWIinvestorsexpectinflationtotonedownfurtherin2024,evenaselevatedinterestratescontinue,makingfixedincomeanattractiveassetclass.
HNWIs,especiallythosewith
USD10millionandabove,prioritizeutilizingfixedincomeinstrumentsandtaxoptimizationintheirwealthmanagementstrategies.They
engageinbondladdersandseekspecializedadvicetoleveragetaxruleseffectively.”
BarryMetzger
ManagingDirector,IncomeandWealth
Solutions,CharlesSchwab,USA
Figure3.AllHNWIwealthbandsexperiencedgrowthinwealthandpopulation
Numberofindividuals
(asofDec2023)
ShareoftotalHNWIwealth
220k
34%
2,075k
23%
20,533k
(89.9%oftotal)
43%
Source:CapgeminiResearchInstituteforFinancialServicesAnalysis,2024.
Note:Chartnumbersandquotedpercentagesmaynottotal100%duetorounding.
HNWI
populationgrowth
2022-2023
HNWI
wealthgrowth
2022-2023
5.0%
3.9%
5.0%
4.9%
5.2%
5.2%
MillionairesnextdoorUSD1–5million
Mid-tiermillionairesUSD5–30million
(1.0%oftotal)
(9.1%oftotal)
Ultra-HNWI
USD30million+
12
WorldWealthReport2024
The2023realestatemarketpresented
apictureincontrasts.Whilecommercial
propertyvaluationsdipped,theluxury
homesegmentthrived.GlobalHNWIs
increasedtheirrealestateholdingsbyfourpercentagepoints,bringingtheirportfolioallocationupto19%.Attractivevaluationsincommercialrealestateandarenewed
interestinacquiringsecondaryhomesasalong-terminvestmentfueledthisshift.
Despiterisingmortgagerates,global
luxuryrealestatemarketssurged.PrimelocationslikeLondon,NewYork,and
Dubaiwitnessedluxurypropertysales
averagingoverUSD20million.NewYorksawasolidshowingwitha9%increaseinhigh-enddealsinthefinalquarterof2023,comparedtothesameperiodin2022.
Londonexperienceda25%year-on-yearincrease,whileDubaidoubleditssalesofultra-luxuryhomes.3334
HNWIinvestorsreducedequityholdings,droppingtheirallocationto21%–a
twopercentagepointdeclinefromthepreviousyear–doingsodespiteoverall
solidstockmarketperformance.The
reason?Highborrowingcosts,geopolitical
tensions,andcontinuedmarketvolatility
dampenedinvestorenthusiasmfor
equities.EvenastheMagnificentSeven
outperformedthebroadermarket,the
S&PIndexnotincludingthesestocks
yieldedareturnofonly11.6%in2023.35
Risinginterestratesmadetraditionallysafe
assetslikebondsmoreattractive.Therefore,
the“hurdlerate”shifted:theminimumreturn
neededtojustifyequities’riskchanged.As
aresult,fewerstocksofferedreturnsthat
outweighedpotentialvolatility.
Finally,adesiretodiversifyintohigh-
returnassetclassesisdrivingincreased
HNWIinterestinalternativeinvestments–
includingcommodities,currencies,private
equity,hedgefunds,structuredproducts,
anddigitalassets–withoverallallocations
risingto15%,from13%in2022(Figure4).
Figure4.2024HNWIassetmixisrebalancingbetweenpreservationandgrowth
Changeinassetallocation
(Jan2002-Jan2024)
13%
25%
26%
18%
16%
24%
18%
21%
28%
14%
Jan2006
CashandcashequivalentsFixedincomeRealestateEquitiesAlternativeinvestments
Representsacrisisyear#Changeininvestments(%)
Alternativeinvestmentsincludecommodities,currencies,privateequity,hedgefunds,structuredproducts,anddigitalassets
Fixedincomeincludesbonds,fixedannuities
Cashandcashequivalentsinclude
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