By Ouliana Smith, Head of Content at WealthInsight

According to the Verdict Financial’s Global Wealth Markets Analytics, the global millionaire population reached nearly 9m in 2015 holding onshore liquid assets of US$30.2trn, which equates to an average liquid wealth of US$3.4m per individual. 

The value of their liquid assets is forecast to grow by 6.2% in 2016 and 7% in 2017. Central and Eastern Europe is projected to be the fastest growing while growth in Western Europe is expected to be the lowest. By 2017, Central and Eastern Europe, Asia Pacific and Latin America are expected to witness the fastest growing populations of millionaires.

Growth in millionaire population




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Asia Pacific



Central and Eastern Europe



Latin America



Middle East and Africa



North America



Western Europe



Source: Verdict Financial Global Wealth Markets Analytics

In an uncertain economic and political environment banks are no longer prioritising rapid expansion strategies to achieve growth. Private banks are divesting and exiting non-core markets, with some targeting emerging markets with increasing high net worth populations. The main objective for providers is to focus on domestic markets, remain profitable and achieve sustainable steady growth in their core markets.

In order to maximise returns, private banks are focused on reviving their firms’ brand values, and product and service offerings. They are providing higher customisation by targeting females, entrepreneurs and younger millionaires.

As a result, a shift from product-centricity to client-centricity has boosted competition in the private banking and wealth management industry, which is likely to experience further changes to its business model, products and services as a result of increasing regulatory requirements and advancement in technology.

In addition, industry consolidation and newer pricing strategies are expected to play a part in shaping the future of the industry, which has undergone significant transformation over the last half a decade.