Global wealth levels reached $ 250 trillion last year amid spikes in household savings, and markets have shown unexpected resistance to global economic turmoil, the statement said.
Entitled “Global Wealth 2021: when clients take the leadThe report postulates that global wealth has increased over the past year and will continue to grow over the next five, the statement said.
North America, Asia – not counting Japan – and Western Europe will likely be the main generators of wealth, the statement said.
There is a category of people with “simple needs” who could be useful to wealth managers, according to the release. These people have between $ 100,000 and $ 3 million. This segment of people has $ 59 trillion in investable wealth and could potentially contribute $ 118 billion to the global revenue pool.
âWealth managers often under-serve those in the simple needs segment with a standardized set of products, and the result is a poor customer experience with no ‘wow’ factor,â Anna zakrzewski, Managing Director and Partner of BCG, the global leader in the company’s wealth management segment and co-author of the report, said in the statement. âThis is essentially a missed opportunity. To better serve this key segment, asset managers need to adopt a new approach that allows them to reach a wider audience in a cost-effective and scalable way, but with a highly personalized offering.
In addition to the increase in wealth, savings were accumulated during the pandemic, especially as people were stuck inside and worried about the possibility of economic volatility as well.
PYMNTS reported that the world’s savings stock reached $ 5.4 trillion in 2020. Now that the economy is recovering and the pandemic appears to be waning, consumers are likely to start spending more again, analysts say. In the first quarter of 2021, the Conference Board’s Global Consumer Confidence Index hit its highest rates since 2005 as the world saw further surges in interest.