Skip to Content
world-wealth-report-2023
Financial services

World Wealth Report 2023

Unlock growth in wealth management: Empowering relationship managers and serving the affluent

Throughout 2022, the global economy experienced a steeper-than-expected slowdown: as a result, the wealth management industry around the world faces a daunting array of new challenges. Careful cost management, strategic investments, and a recalibration of the customer mix will all be required to enable long-term growth.

Highlights from the World Wealth Report 2023, which reflects the views of 3,171 High-Net-Worth Individuals (HNWIs), 3,203 affluents, 95+ Wealth Management (WM) executives and wealth managers, along with 800 relationship managers across North America, Europe, and Asia-Pacific, include:

  • During 2022, HNWI wealth and population totals experienced the highest declines in a decade, dropping by 3.6% and 3.3%, respectively, as compared to 2021.
  • To boost revenues and solve for profitability pressures, relationship manager enablement and related technology-powered capabilities, including one-stop-shop digital workstations, are critical.
  • Although profitability challenges are real, capture the affluent segment early in their wealth lifetimes and grow with them as they become future HNWI clients.

Key highlights

Highlight 1

Macroeconomic and geopolitical uncertainty triggered global HNWI wealth and population declines in 2022

Challenging macroeconomic and geopolitical conditions led to a prolonged drop in investments, with several global stock indices flailing through a bear market. Result? Globally, high-net-worth individual (HNWI) wealth and population recorded steepest decline in last 10 years.

Measuring ESG performance is critical to WM firm growth and HNWI engagement

Despite economic uncertainty, HNWIs still express a continued interest in ESG products. With an eye on fortifying value, regulators, financial institutions, investors, and stakeholders worldwide seek performance measurements to ensure the credibility of ESG-linked assets. Yet navigating risk and opportunity requires targeted, measurable, and trackable action plans.

Value-based advisory suffers when low digital maturity impedes RM productivity

Administrative overload causes RM advice and service delivery to suffer. Less time spent by RMs on client facing activities leads to inability to personalize advice and deliver value-added services. Improved digital infrastructure and mature omnichannel platforms boost the RM efficacy.

Unlock new growth opportunities through the affluent segment

Globally, the middle class is advancing in size and financial clout and is driving the growth of the affluent wealth band. Despite considerable revenue potential, WM firms are yet to find their way in terms of how best to address this segment profitably.

Technology

The need for wealth-as-a-service

Shreya Jain
Mar 6, 2023
Customer experience

The rise of the mass affluent

Anuj Agarwal
Feb 25, 2023
Customer experience

New-age wealth management models set to make an Impact!

Nilesh Vaidya
Feb 22, 2023

Stay informed

Subscribe to receive our financial services World Reports

Meet our experts

Nilesh-Vaidya
Nilesh Vaidya
Global Head of Banking and Capital Markets
Marie-Wattez
Marie Wattez
Global Head of Private Banking & WM
Roy-Crociani
Roy Crociani
Banking & WM Leader, APAC
Gaudin-Maxime
Maxime Gaudin
Head, Wealth & Asset Management Practice
Elias-Ghanem
Elias Ghanem
Global Head of Capgemini Research Institute for Financial Services
Chirag T.
Chirag Thakral
Head of Banking & Capital Markets, Capgemini Research Institute for Financial Services

Executive Steering Committee

Melanie Aimer
Melanie Aimer
Head of International Banking & Global Head of Client Experience
Barclays Private Bank
Sabine-Caudron
Sabine Caudron
Head of Private Banking
Degroof Petercam
Christine Ciriani
Christine Ciriani
CEO EMEA
InvestCloud
Michelle-Feinstein
Michelle Feinstein
GM & VP, Wealth & Asset Management
Salesforce
Greg-Gatesman
Greg Gatesman
Head of International Wealth Management
Morgan Stanley
Stephane-Gomis
Stephane Gomis
Deputy CEO
AZQORE SA
Stuart-Grant
Stuart Grant
Head of Capital Markets
SAP
Jacqui-Henderson
Jacqui Henderson
Founder & CEO
Advice Intelligence
Charles-Sayac
Charles Sayac
Head of Sales, Wealth & Distribution
Amundi Technology
Sanjoy-Sen
Sanjoy Sen
MD, Group Head of Consumer Bank
DBS
Annabel-Spring
Annabel Spring
CEO, Global Private Banking & Wealth
HSBC

Stay informed

Subscribe to receive our financial services World Reports