China set to leapfrog UK in high-net terms
Chris Gant, Head of Wealth Management, Financial Services, Capgemini discusses the increase of dollar millionaires in the UK despite the credit crunch.
26 June 2008
Publication
Chris was speaking following the publication of the 12th annual World Wealth Report 2008. The study complied by Merrill Lynch and Capgemini has highlighted that in spite of the credit crunch and mortgage crisis, the number of dollar millionaires in the UK has increased.
However the report has revealed that the number of wealthy individuals in the UK will be surpassed by China.
Chris said: “As the wealthy are getting wealthier and as the number of high net-worth individuals increase there is more of a need for advice. There was a polarisation between client advisory and a product driven approach, now we the approaches are converging. We are seeing a move towards a fee-based approach. There is still growth in the wealth market especially in the emerging markets but also in mature markets.”
To read the rest of the article at the FT Adviser, click here.
To download the 12th annual World Wealth Report, click here.
To read the press release on how the emerging markets are fuelling growth, click here.
To read the press release on increase of individuals joining the millionaires’ club, click here.
To read the press release on the rise of investments in luxury items, click here.
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