BackNumber of high-net-worth individuals in India rose 5.9% in 2020: Report
Globally, high-net-worth individual’s population grew 6.3%. Their wealth grew by 7.6% in 2020, reaching close to $80 trillion
PremiumThe number of high-net-worth individuals in India increased by 5.9% in 2020, marginally better than the average growth in the Asia Pacific region.
As per the World Wealth report by Capgemini, globally, high-net-worth individual’s population grew 6.3%. Their wealth grew by 7.6% in 2020, reaching close to $80 trillion. Rising equity markets, as well as the governments' stimulus, helped North America surpass Asia Pacific to become 2020 leader in both HNWI population and wealth.
As per the report, HNWIs have become more involved in their investments over the last 25 years and now seek more and broader advisory support. In bullish markets, HNWIs have shown a tendency to self-direct their investments but they return to advice-seeking during crises and market volatility.
Therefore, wealth management firms need to move towards technology-enabled advice and hyper-personalized business models.
“The wealth management industry must push its frontiers to capture customer mindshare and best serve HNW clients accustomed to BigTech convenience and personalization," said Anirban Bose, Financial Services Strategic Business Unit CEO & Group Executive Board Member, Capgemini. “Investing in technology and talent is a critical need for wealth management firms to maintain their market share as WealthTechs continue to grow and BigTech entry into the space looms," he added.
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