Growing number of HNWIs

The global number of high-net-worth individuals (HNWI) has hit 18.1m, up from 16.5m in 2016.

Capgemini’s 2018 World Wealth Report, which surveyed more than 2,600 HNWIs across 19 major wealth markets, shows the combined wealth of the HNWI – those with investable assets of $1m (£750,000) or more, excluding primary residence, collectibles, and consumables – has reached an all-time high of $70.2 trillion.

The number of wealthy people who tipped over the threshold to become ultra-high-net-worth individuals – those with investable assets of more than $30 million – rose by 11.2 per cent last year, leaving 174,800 people globally in the ultra-HNWI bracket.

According to the report, which measures current investment behavioural patterns of global HNWIs (asset allocation, HNWI confidence levels and asset allocation decisions), shows that overall wealth management fee levels, the growing need for personalised service and the desire for broader value delivery across investment and non-investment areas, are the main concerns behind subdued satisfaction levels amongst global investors.

Cryptocurrencies was also a major focus of the report. Seven in 10 younger investors placed importance on receiving information about cryptocurrencies from their wealth management firms, compared with just 13 per cent of those 60 and older. Despite the interest, however, crypto penetration into wealth management has been slow to take hold, as it appears to be clouded by concerns around security and market volatility.

At Beavis Morgan, our specialist advisers offer extensive experience in helping HNWIs maintain their capital value and manage their income levels, putting measures in place to assist in continuing to meet your lifestyle goals.

We proactively explore the intricacies of the tax legislation, making sure that all reliefs available to you are utilised and that your interests are safeguarded. We can also assist with medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth in accordance with your wishes.

For more information and to discuss your tax affairs in further detail, please contact your usual Beavis Morgan Partner.

Further reading:
Forbes publishes first-ever Crypto Rich List