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Changing business strategies for targeting UHNWIs

21 Jan 2015

Following the 2008 financial crisis, private banks and wealth management firms changed their business model from focusing on the size of their business to target specific client segment that yields them the largest profits. Latest research from WealthInsight investigates business strategies for targeting UHNWIs in both developed and emerging markets. Several main findings emerged:

  • Smaller client segments such as UHNWIs yield higher returns than mass affluent or core millionaires.
  • UHNWIs represent 1% of the global HNWI population, but account for around 33% of global HNWI wealth.
  • The needs of UHNWIs have not changed since the 2008 financial crisis; investment knowledge alone is not enough to target UHNWIs successfully.
  • The concentration of UHNWIs will remain high up to 2018, with the US accounting for the largest number (> 40,000) of UHNWIs globally, followed by Germany and the UK, which account for 12,139 and 10,454 UHNWIs, respectively.
  • Developed markets account for a considerable proportion of UHNWI populations aged above 65, while in emerging markets a larger proportion of UNHWIs are between 45 and 64 years old.
  • Targeting children has become a key strategy for wealth managers and private bankers to establish brand loyalty.

Commenting on the global wealth management market, Dr Roselyn Lekdee, analyst at WealthInsight, says: "Despite the world's geo-political risks, oil price's upheaval and macroeconomic risks in the world economy, the global market size of UHNWIs is projected to grow - the super rich usually know how to play in all market conditions. One of the main reasons to explain this growth is the expansion in the number of UHNWI population in India and China."

For much more information on this, please see attached white paper: 'The super rich drive competition among private bankers and wealth management firms.'

Source: Company Press Release

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