Il World Wealth Report 2025 of the Capgemini Research Institute brings good news for the North America, less for Europe e Middle East. The global population of high net worth individuals (HNWIs) – those with at least $2,6 million investable wealth – grew 2024% in 30. Leading the rise were ultra high net worth individuals (UHNWIs), the super-rich with at least $6,2 million, who grew 562% thanks to strong stock market returns and optimism about artificial intelligence. The United States, in particular, saw 7,9 new millionaires, reaching XNUMX million. In contrast, Europe, Latin America and the Middle East saw declines.
From the boom of millionaires in the United States to the increase in Alternative asset investments such as cryptocurrencies and private equity, the reporting. highlights key trends that are redefining the world of wealth management.
Millionaires: North America Leads, Europe and Middle East Lag
- Usa they confirm themselves as the undisputed leaders of the Global growth of millionaires, with an increase of 562.000 people (+7,6%) that brings the total to 7,9 million HNWIs. This boom is due to robust stock markets and favorable interest rates, which have increased the wealth of investors. Overall, the region North America sees a 7,3% growth in its HNWI population, the highest in the world.
Il Old World, on the other hand, recorded a 2,1% decline in the HNWI population, a phenomenon due to persistent economic stagnation. The main "losing" countries are Germany (-41 thousand millionaires), France (-21 thousand) e UK(-14 thousand). The good news? Ultra High Net Worth Individuals (Uhnwi) are up 3,5%, indicating an even greater concentration of wealth.
Il Middle East follows the same negative path, with a 2,1% drop linked above all to the fall in oil prices, the true driving force of the local economy.
La Asia-Pacific region records a moderate growth of 2,7%, driven mainly by India (+5,6%, +20 thousand new millionaires) and Japan (+5,6%, +210 thousand). China, on the other hand, recorded a slight decrease of 1% in the HNWI population. Latin america, instead, suffers a decline of 8,5%, with Brazil e Mexico which fell by 13,3% and 13,5% respectively, hit by fiscal instability and currency devaluations.
The Alternative Investment Boom: From Private Equity to Cryptocurrencies
A fact that should not be underestimated is that the 15% of the wealth of the super rich is now allocated in alternative assets, as private equity e cryptocurrency. Young investors (Millennials and Gen Z) are increasingly seeking high-risk, high-growth opportunities, with 61% of them interested in innovative and niche assets.
The companies of wealth management They must therefore adapt to this evolution, focusing on:
- Private equity and cryptocurrencies: 88% of advisors note a growing interest in these assets among young people, much more than among baby boomers.
- New Financial Hubs: 50% of advisors acknowledge their insufficient presence in emerging centers such as Singapore, Hong Kong, the United Arab Emirates and Saudi Arabia, key areas to offer diversification and regulatory advantages.
- Personalized services: Luxury concierge, premium medical care, and cybersecurity are among the most sought-after non-financial services.
- Digitalization: Digital platforms that can provide a holistic view of the customer and automate activities such as reporting and communications are essential to meet the expectations of younger customers.
The Great Transfer of Wealth: $83.500 Trillion at Stake
In the next twenty years it is expected that wealth transfer unprecedented: 83.500 billion dollars will change hands, involving mostly young heirs, very different in tastes and expectations from their parents. According to Capgemini, 30% of HNWIs will receive an inheritance by 2030, 63% by 2035 and 84% by 2040.
This new generation is more likely to switch wealth management firms, with 81% of heirs intending to move elsewhere within a few years of receiving their inheritance. Dario Patrizi, Financial Services Director of Capgemini Italy, warns: “This new generation has very different expectations from their parents, and requires a paradigm shift from traditional strategies. Companies must also equip advisors with advanced digital tools, potentially supported by generative or agentic artificial intelligence, to reduce the risk of losing both clients and key employees.”
The Challenge of Consultants: Technology, Loyalty and Turnover
One consultant out of three declares himself dissatisfied with digital capabilities of their company, a factor that translates into lower productivity and risk of abandonment. Furthermore, 62% of younger Scrooges would follow their consultant if he changed companies, increasing competition on the talent market.
The sector also has to face the generational change: a quarter of advisors plan to change firms within the next year, while 20% will retire by 2035 and nearly half by 2040. The challenge for the sector is twofold: retaining the best advisors and attracting new clients with a tailored and technologically advanced offering.
