The Rich Are Getting Richer: What Do They Want From Wealth Managers?
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What is the main topic discussed in this episode?
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Welcome to Merrin Talks Your Money, the personal finance edition of Merrin Talks Money. In these bonus podcasts, we talk about the best strategies for making the most of your money. I'm Merrin Somerset Webb, editor-at-large for Bloomberg UK Money. So this week, we are talking about who is getting wealthier and where and how those people are reshaping the wealth management industry. What do they want from their management teams that they didn't want a decade ago? To talk about it, we've invited on Gareth Wilson, global banking industry leader and executive vice president. of IT services and consulting group Capgemini. Capgemini recently released its 30th edition of the Institute's World Wealth Report.
We talk about the growing appeal of alternative assets that focus on diversifying portfolios. Stick around to hear more about this and about whether what you want from your wealth manager is excellent returns or empathy. Gareth, thanks for joining us today.
Thank you, Maren. Great to be on Maren Talks Money.
Right, now we are talking about rich people and very rich people. So before we start, because what we're going to do in this podcast, we're going to talk a lot about high net worth people and ultra high net worth people. So can we just start by defining what we're talking about? Who is a high net worth person? What do you need to have to be referenced in this report?
So a high net worth individual is an individual who has investable assets that's greater than a million dollars merit.
Okay. And investable assets is everything except for your house?
Everything except your house. Everything except your house. And if you've got investable assets between one and five million, we refer to you as a millionaire next door. If you've got assets between five and 30, we talk about you as a mid-tier millionaire. And then for the bracket of individuals who have assets or investable assets of greater than $30 million, high net worth individuals.
Okay, hang on. I've got to have a lot to be a high net worth individual.
You do. Ultra high net worth individual, sorry.
Okay, so everybody here is a high net worth individual, an HNW, but only those above, what was it, 30? 30, ultra high net worth. 30, ultra high net worth. Although 30 is not going to get you much these days, is it? By the time you've got a holiday home and a boat and...
And that's the interesting thing that we're seeing, Maren, the growth in terms of that population. So when you look at that full high net worth individual population, I think we're talking about 25 million people globally. And we've added, when we look at the year 24 versus 25, we've added 2 million additional high net worth individuals. So the population is growing and but their absolute wealth is growing as well, Maren. And it's growing at the fastest level when we compare 2024 to 2025 for the last five years.
Interesting. Have you got any analysis of the bit above that, like anyone over 200 or how many billionaires, et cetera, or are we stopping at 30 for the purposes of this report?
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–6:04
2
Who are the high net worth individuals shaping the wealth management industry?
6:04–6:45
3
What do wealthy clients expect from their wealth managers in 2025?
6:45–7:58
4
How is the wealth management industry evolving with new competition?
7:58–25:38
5
Where is the fastest growth in wealth occurring globally?
25:38–28:02