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Capgemini Global Wealth Report 2022: 22.37 Million HNWIs, 220k UHNWIs, 7.8% Growth in 2021

17th June 2022 | Hong Kong

Capgemini has released the Global Wealth Report 2022, providing key insights into global HNWIs population and HNWIs wealth in 2021.  Into its 26th edition, key findings include total HNWI population in 2021 growing 7.8% to 22.37 million and total UHNWI in 2021 with more than $30 million growing to 220,100.  The top 5 countries with the most HNWIs are United States (7.46 million), Japan (3.65 million), Germany (1.63 million), China (1.53 million) and France (775,000).  The top 5 Asia APAC countries are Japan (3.65 million), China (1.53 million), Australia (319,000), India (308,000), South Korea (272,000).   The top 4 countries United States, Japan, Germany, and China represent 63.6% of total HNWIs population in 2021. The Capgemini 2022 Global HNW Insights Survey questioned 2,973 HNWIs across 24 major wealth markets in North America, Latin America, Europe, and Asia-Pacific.  View key highlight below | View Global Wealth Report 2022

” 22.37 Million HNWIs, 220k UHNWIs, 7.8% Growth in 2021 “

 



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2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM



Capgemini Global Wealth Report 2022: Key Highlights

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Key Highlights:

  • 2021 Global HNWI Population Growth: 7.8%
  • 2021 Global HNWI Population APAC Growth: 4.2%
  • Total HNWI in 2021: 22.37 million
  • Total HNWI in 2021: 2.05 million with $5 m to $30 million
  • Total HNWI in 2021: 20.1 million with $1 m to $5 million
  • Total UHNWI in 2021: 220,100 with > $30 million
  • Top 5 Countries HNWI in 2021: United States (7.46 million), Japan (3.65 million), Germany (1.63 million), China (1.53 million) and France (775,000)
  • Top 5 in Asia-Pacific in 2021: Japan (3.65 million), China (1.53 million), Australia (319,000), India (308,000), South Korea (272,000)
  • 63.6% of HNWI Population in 4 Countries: United States, Japan, Germany, and China 

Global HNWI Population Growth:

  • North America: 13.2% 
  • Europe: 6.7% 
  • Asia-Pacific: 4.2% 
  • Latin America: -0.2% 
  • Middle Eas:t 5.5% 
  • Africa: 2.9% 
  • Global HNWI Population: 7.8% Growth
  • Global HNWI Wealth: 8% Growth

HNWIs 2021 Population

  • UHNW > $30 million: 220,100 (1% of HNW Population, 34% of Total HNW Wealth)
  • HNWs $5 million to $30 million: 2.05 million (9.1% of HNW Population, 22.8% of Total HNW Wealth)
  • HNWs $1 million to $5 million: 20.1 million (89.9% of HNW Population, 43.2% of Total HNW Wealth)
  • Total: 22.37 million

HNWIs 2021 vs 2020 (Population, Wealth)

  • UHNW > $30 million: +9.6%, +8.1%
  • HNWs $5 million to $30 million: +8.5%, +8.4%
  • HNWs $1 million to $5 million:+7.7%, +7.8%

 

Top 25 Countries – HNWIs:

Top 25 Countries 2020 2021 Growth
1 United States 6.57 million 7.46 million 13.50%
2 Japan 3.53 million 3.65 million 3.20%
3 Germany 1.53 million 1.63 million 6.40%
4 China 1.46 million 1.53 million 5%
5 France 714,000 775,000 8.50%
6 United Kingdom 573,000 609,000 6.30%
7 Switzerland 459,000 479,000 4.30%
8 Canada 403,000 439,000 8.90%
9 Netherlands 299,000 328,000 9.40%
10 Italy 301,000 322,000 7.10%
11 Australia 295,000 319,000 8%
12 India 278,000 308,000 10.50%
13 South Korea 261,000 272,000 4.10%
14 Iran 250,000 256,000 2.40%
15 Spain 236,000 247,000 4.40%
16 Russia 218,000 228,000 4.50%
17 Saudi Arabia 210,000 224,000 6.70%
18 Kuwait 205,000 217,000 6.10%
19 Taiwan 195,000 215,000 9.80%
20 Norway 186,000 200,000 7.40%
21 Hong Kong 188,000 182,000 -3.10%
22 Brazil 186,000 181,000 -2.50%
23 Austria 163,000 176,000 7.50%
24 Sweden 153,000 165,000 8.40%
25 Belgium 123,000 141,000 5.60%

 

 

Asset Allocation (2020, 2021, 2022 – January):

  • Cash & Cash Equivalents: 25%, 24%, 24%
  • Fixed Income: 17%, 18%, 18%
  • Real Estate: 15%, 15%, 15%
  • Equities: 30%, 30%, 29%
  • Alternative Investments: 13%, 14%, 14%

HNWIs Views on ESG as an Important Goal:

  • Global: 55%
  • North America: 55%
  • Latin America: 65%
  • Europe: 66%
  • APAC ex-Japan: 69%
  • Japan: 25%

Private Equity:

  • In 2021, private equity funds closed 6,217 deals valued at more than $1 trillion
  • Led by the technology/ media/telecom (TMT) sector, followed by real estate and energy.

 

How HNWIs work with family offices, wealth management firms and non-traditional players 

  • Family Offices – Emotion: High Value: High Service: High 
  • Non-Traditional Players – Emotion: Low Value: Medium Service: High (Legal Advisors, Tax Planners, Premium Healthcare & Pension Providers, Travel & Event Planning)
  • Wealth Management Firms – Emotion: Low Value: Low Service: High  (Private Banks, Universal Banks, Full-Service Firms, Broker-Dealers, IFAs/RIAs, Asset Managers)

HNWI Pet Peeves (Global) – Areas of dissatisfaction 

  • Overall digital maturity: 52%
  • Digital interface to analyze portfolio performance: 52%
  • Personalized offerings: 51%
  • Education to enable informed decisions: 51%
  • Seamless communication about performance and new offerings: 48%
  • Wide range of investment options: 47%

What wealth managers expect from their organization versus how they perceive their firm’s focus 

  • Industry trends trainings: 71% vs 44%
  • CRM & smart analytics tool: 71% vs 48%
  • Digital tools for client interactions: 71% vs 43%
  • Data-enabled workstations: 68% vs 45%
  • Strong wealth planning tools: 66% vs 42%

 

Firms need new business models to capture growth opportunities and address client needs 

Evolving Customers Needs

  • Post-COVID, HNWIs demand for self-directed tools and hybrid advisory 
  • HNWIs expect an ecosystem of personalized offerings from WM firms 
  • Demand for a digital asset investment strategy and its education is on the rise 
  • Awareness on sustainable investments is increasing; education and actions are the next steps 

New Growth Opportunities

  • Rise of emerging segments like Women, Millennials, LGBTQ+ Families, and Mass Affluent 
  • With 1,000+ unicorns globally, the special category of Tech-Wealth 
  • Next-gen HNWIs have started to inherit a large portion of family wealth through the ongoing “Great Wealth Transfer” 

New Way of Doing Business

  • Customer satisfaction with WM products and services has taken a hit, affecting firm’s NPS 
  • Collaboration with the ecosystem to build embedded wealth management solutions 
  • Firms need to reconsider their advisor strategy by building data-driven digital capabilities and setting up diverse talent pool 
  • 73% Tech-wealth HNWIs switched their primary WM firm after crossing the $1 million threshold, primarily due to lack of an attractive product portfolio, low digital maturity, and poor customer experience. 

Tech-wealth HNWI preferences and behaviors 

  • Prefer to conduct transactions on their own- 76%
  • Actively managed personalized investment strategies – 71%
  • Prefer an advisor with a matching socio-demographic profile – 66% 
  • Expect consolidated services to meet personal and professional needs – 64% 
  • Like to take advantage of all financial services in one platform – 62% 
  • Want low risk investment strategies even if it means less ROI – 57%
  • Want a purely virtual advisory to guide their investment decisions – 51%

 

Conclusion:
  • Influential new segments (women, LGBTQ+, and mass affluent) – Clients increasingly ask for digital-first engagement and seamless experience
  • A challenging investment environment, rising risk costs to investors, uncertain global equity markets, diminishing interest rates, and unsteady real-estate prices make it harder for WM firms to generate superior investment performance for their clients. 
  • Increasing regulatory burdens, new business models, and overwhelming competition from non-traditional players (BigTechs, WealthTechs, and others)

A four-dimensional strategy :

  • Embrace new human-centric business models that drive WM firms to become customer-first organizations 
  • Build an inclusive client ecosystem to capture newly evolved customer segments. 
  • Enhance advisor capabilities through actionable data analysis, flexible technology, streamlined workflow activities, and digital tools 
  • Adopt a one-stop-shop approach to cater to customers across their financial and non-financial services needs.

 

HNWI Wealth Category:

  • Tech-wealth HNWI: HNW individuals who earned their wealth through technology-related businesses (FinTech, EdTech, MarTEch, Big Tech, and others) 
  • Ultra-HNWI: Wealth band of HNWIs with investable assets of USD 30 million or more. 
  • Mid-tier millionaire: Wealth band of HNWIs with investable assets between USD 5 million and USD 30 million. 
  • Millionaire next door: Wealth band of HNWIs with investable assets between USD 1 million and USD 5 million. 
  • HNWI: High net-worth individuals: Those with investable assets of USD 1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. 
  • Mass affluent: Wealth band with investable assets typically between USD 100,000 and USD 1 million. 

Report Methodology

The World Wealth Report 2022 covers 71 markets, accounting for more than 98% of global gross national income and 99% of world stock market capitalization. The Capgemini 2022 Global HNW Insights Survey queried 2,973 HNWIs across 24 major wealth markets in North America, Latin America, Europe, and the Asia-Pacific region. Interviews and surveys of more than 70 Wealth Management Executives were conducted across 10 markets, with representation from pure wealth management firms, universal banks, independent broker/dealer firms, and family offices, and queried Wealth Management Executives on the new Tech-Wealth segment, market trends, the role of the CMO, and future strategies. The 2022 Wealth Manager Survey covers more than 350 responses across seven markets and queried wealth managers on their views on the firm’s wealth management strategy priorities, their satisfaction with the support provided by their wealth management firm.

About Capgemini

Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of over 340,000 team members more than 50 countries. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported in 2021 global revenues of €18 billion.






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