Global HNWI Population and Wealth Expanded Around the Globe
The big three markets -- Asia-Pacific, North America and Europe -- contributed equally to a global increase in HNWI growth, pushing HNWI population upward by 7.5% and wealth by 8.2%. While Asia-Pacific remains the world’s largest HNWI market, its growth slowed slightly, putting it on par with growth rates in North America and Europe, both of which substantially boosted HNWI expansion in 2016 following slower growth a year earlier.
The country rankings for HNWI population shifted considerably, with France surpassing the U.K. to take the number-five spot and Sweden moving up two places to penetrate the top 25 for the first time. Other countries to climb up (by one place) included Russia, Norway and Austria.
A handful of markets (including Russia, Brazil, Canada, and Singapore) dramatically reversed course from declines suffered a year ago. Russia grew both population and wealth at about 20%, the fastest of all the markets, following modest decreases a year before, while Brazil rebounded from a sharp setback a year ago to register double-digit increases in both population and wealth. Additionally, Ultra-HNWIs (those with US$30 million or more in financial assets) reassumed their traditional role of acting as drivers of overall HNWI growth, climbing by 9.2% in terms of wealth and 8.3% in population.
Our 2016 WWR projection that HNWI wealth would surpass US$100 trillion by 2025 still holds, with global HNWI wealth needing to expand at a relatively lower annual rate of 5.9% in order to hit this mark, down from the 6.1% projected last year. To support the momentum, however, Asia-Pacific must return to setting a faster pace than the rest of the globe.
Largest HNWI Populations, 2015–2016 (by Market)
Note: Chart numbers and quoted percentages may not add up due to rounding
Source: Capgemini Financial Services Analysis, 2017; World Wealth Report 2017, Capgemini