Australia’s HNWI population grows 9.2 per cent

20 June 2018
| By Nicholas Grove |
image
image
expand image

Australia’s high net worth individual (HNWI) population has grown 9.2 per cent, moving from 254,000 HNWIs in 2016 to 278,000 in 2017, a report from Capgemini has found.

According to Capgemini’s World Wealth Report 2018 (WWR), the improving global economy spurred global HNWI wealth to surpass the US$70 trillion threshold for the first time.

Registering its sixth consecutive year of gains, HNWI wealth grew 10.6 per cent, making 2017 the second-fastest year of HNWI growth since 2011, the report said.

Capgemini said the new report also highlighted the anticipated entry of BigTechs - or data-driven tech firms not traditionally present in financial services, such as Amazon, Google/Alphabet, Alibaba, Apple, and Facebook - into wealth management, as well as growing HNWI interest in cryptocurrencies, which reached an all-time high market capitalisation in January 2018.

“In Australia, we have seen superannuation savings provide a key contributor to HNWI growth,” said Philip Gomm, Capgemini Australia and New Zealand financial services practice lead.

“Superannuates with more than $1 million in investable assets will increasingly require the sophistication of hybrid investment services, where advanced analytics coupled with robotic processes can contribute to ongoing returns.

“The race is on to beat BigTech firms in providing the best investment performance analytics and automated processes on an intuitive, easy-to-use platform.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago