WM Market Reports
Global HNW Wealth, Population Rose In 2024; Challenges Ahead – Capgemini

The rise in equities last year helped lift the wealth and population of HNW individuals around the world, but the picture was far from uniform, with the UK and continental Europe showing signs of strain. The Capgemini report also suggested that managers must work hard to retain the business of Next Gen clients.
Global high net worth individual wealth and the population of
such individuals rose in 2024 by 4.2 per cent and 2.6 per cent,
respectively, helped by a general rise in equity markets in that
year.
The data came from the Capgemini World Wealth Report
2025, issued this week.
North America led growth in HNW individual wealth, rising by 8.9
per cent, and in population, up 7.3 per cent. In Asia-Pacific,
HNW individual wealth and population rose 4.8 per cent and 2.7
per cent, respectively. Continental Europe and the UK
were more muted; HNW wealth rose by only 0.7 per cent and
the actual number of HNW individuals contracted by 2.1 per cent
from a year before.
On the asset allocation front, millionaires are rebalancing
portfolios by pairing capital protection and returns potential,
keeping allocations stable. The 68-page report said that in
January this year, global stock allocations rose by one
percentage point to 22 per cent. Fixed income allocations fell by
2 percentage points to 18 per cent.
The report reiterated a point made in countless reports by
various organisations in recent years, that international
wealth transfer is taking place on a major scale. On a related
point, the report said that wealth managers need to ensure that
they adapt as younger HNW individuals re-think how older
generations handled their affairs.
The study said Generation X (aged 44 to 59 years by 2025),
Millennials (aged 28 to 43 years by the same data) and Generation
Z (12 to 27 years by that date) will inherit $83.5 trillion by
2048.
Itchy feet
Another finding was that 81 per cent of Next-Gen HNW
individuals intend to switch from their parent’s wealth
management firm within one to two years after inheriting the
wealth. (There were echoes of such a finding in a recent EY study
that showed that Asia-Pacific wealth clients are more likely
to fire an advisor than their global peers in general.)
The report also found that 88 per cent of relationship managers
surveyed said that Next-Gen HNW individuals are more interested
in alternative investments, such as private equity, venture
capital and real estate, than is the case with Baby Boomers.
The report was made up of three surveys: The 2025 Global High
Net Worth Insights Survey, which was based on views of 6,472
HNW individuals; the 2025 Global Wealth Management Executive
Survey, which drew 141 responses in 10 markets, and the
2025 Global Relationship Manager Survey – including
1,306 responses from 10 markets.
The tech challenge
The report noted that relationship managers are expected to
deliver “highly personalised, multi-generational, geographical,
and asset advisory services.” However, it said that
most wealth management firms “lack the advanced tools and
integrated technologies to support this need, limiting the
ability of their RMs to deepen client relationships and fully
capture the wealth transfer opportunity.”
“This technology deficit directly impacts RM satisfaction and
earning potential, leading many of them to consider switching
firms or establishing their own sub businesses. There’s also an
emerging talent crisis, with 48 per cent of RMs expected to
retire by 2040,” it said.
Wealth management firms risk losing assets and long-term
relationships unless they plan for the long term in how to retain
and keep the next generation of RM talent, it said.