New Report Finds The Rich Are Getting Richer, But Also More Demanding
Reuters
The report details the situation of high net worth individuals (HNWI), defined as those with $1 million or more in assets.
Bill Sullivan, head of global financial services market intelligence at Capgemini, explains that the report saw record wealth growth to $13.9 trillion in 2013, a 17.7% increase from the previous year. "This is the largest increase we've seen since we started tracking the US in 1997," he says.
Sullivan also mentions that US trust and confidence levels among HNWI - in wealth managers, firms, the market, and regulatory bodies - are the highest in the world. Interestingly, these individuals rated their wealth managers and firms lower in the first quarter of 2014 than previous years, which Sullivan believes is a product of increased expectations, not diminished performance.
"High net worth individuals consider their needs more complex," he says, "and they're looking for digital interaction. Probably the biggest finding was that if they aren't given a great experience with their wealth management, 78% of those under 40 would consider leaving their firms."
The digital interaction, he specifies, isn't necessarily something that will be satisfied by the online, automated investment platforms known as robo-advisors. Instead, these clients are looking for a combination of digital and direct access. "If you think about the effect companies like Google and Apple have had on how people interact in their daily lives, clients ask, 'How come my firm can't interact with me the same way?'"
Below, take a look at where wealth is concentrated in the US, and where HNWIs are putting their money:
Download the entire report at WorldWealthReport.com.
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market