The share of global wealth held by millionaires increased to almost 50% in 2017, compared with just under 45% in 2012. The Middle East accounted for the highest share of wealth held in investable assets, while residents of Oceania had the lowest share. In general, developed markets held a higher share of wealth in non-investable assets-particularly pension fund entitlements-than developing markets.
Bcg digital wealth report drivers#
The main drivers were the bull market environment in all major economies-with wealth in equities and investment funds showing by far the strongest growth-and the significant strengthening of most major currencies against the dollar. This expansion more than doubled that of the previous year, when global wealth rose by 4%, and represented the strongest annual growth rate in the past five years in dollar terms. The Evolution of Personal Financial WealthĪccording to the report, global personal financial wealth grew by 12% in 2017 to $201.9 trillion in US dollar terms. Firms that do not take the necessary steps in these areas run a high risk of being left behind.” “Wealth managers have begun to invest in personalization, but many still struggle to effectively combine an enhanced client experience with the underlying management of data, processes, organization, skills, governance, and behavioral change. “Delivering standardized experiences to clients will no longer suffice,” says Brent Beardsley, a BCG senior partner, wealth management expert, and coauthor of the report. The report also takes a comprehensive look at a critical initiative for staying competitive in the marketplace: unleashing the power of advanced analytics. The report, BCG’s eighteenth annual study of the global wealth management industry, uses global and regional perspectives to examine such topics as the evolution of personal financial wealth, the widening revenue gap and how institutions can narrow it, and the state of offshore business. The report, titled Global Wealth 2018: Seizing the Analytics Advantage, is being released today. But they can help reverse this trend-and strengthen their competitive position-by using advanced analytics to better address clients’ individual needs and by adopting smart revenue practices to generate new pools of opportunity, according to a new report by The Boston Consulting Group (BCG). NEW YORK, J(GLOBE NEWSWIRE) - Many wealth managers struggle to maintain their top-line margins despite strong growth in personal financial wealth and assets under management.
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