Digital transformation
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.
Download now
Thank you for your submission. Download the report here.
We are sorry, the form submission failed. Please try again.
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.
Highlight 2
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
Highlight 3
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.
Highlight 4
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.
View prior World Wealth reports
World Wealth Report 2023
World Wealth Report 2022
World Wealth Report 2021
Solutions
Endnotes
1 Capgemini Research Institute for Financial Services Analysis, 2024.
2 Capgemini Research Institute for Financial Services Analysis, 2024.
Disclaimers / Acknowledgments
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
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
Digital Core Banking & Wealth Management Portfolio Head
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
Get in touch
Thank you for contacting us.
We are sorry, the form submission failed. Please try again.
Related research and insights
Client story
Revenue growth driven by attracting more customers through a customer-centric digital research platform.
Read more
Stay informed
Subscribe to receive our financial services World Reports
Subscribe today
Thank you for subscribing.
We are sorry, the form submission failed. Please try again.
Executive Steering Committee
Michelle Owen
Global Head of Distribution, Global Private Banking
HSBC
Pierre Ramadier
CEO, Wealth Management International Markets
BNP Paribas
Raymond Ang
Global Head, Private Bank and Affluent Clients
Standard Chartered
Barry Metzger
Managing Director, Income and Wealth Solutions
Charles Schwab
Kabir Sethi
Wealth Management Leader
Ex-LPL Financial
Greg Gatesman
Head of International Client Development, Wealth Management Americas
UBS
Nic Dreckmann
CEO a.i.
Julius Baer
Michel Longhini
Group Head, Global Private Banking
First Abu Dhabi Bank
Ranjit S Samra
Head of Product & Experience
J.P. Morgan Wealth Management
Philippe Perles
Committee Member
Association of Swiss Asset and Wealth Management Banks
Urs Bolt
WealthTech Expert
Bolt Money
Yann Galet
MFO Founder and Family Office
G Consult Finances
Christian Stadtmüller
Managing Director
HQ Trust
Sébastien Capt
CEO
Prime Partners
Christine Ciriani
Head of International Digital Wealth
InvestCloud
Toby Brown
Head of Global Banking Solutions
Noah Kraehenmann
Global MD Wealth Management
Temenos
Arnaud Picut
CEO
Aixigo
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
Digital Core Banking & Wealth Management Portfolio Head
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
Nilesh Vaidya
Global Head of Banking and Capital Markets
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
Digital Core Banking & Wealth Management Portfolio Head
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
Get in touch
Thank you for contacting us.
We are sorry, the form submission failed. Please try again.
