The combined wealth of HNWIs across the globe grew for the sixth consecutive year and exceeded the $70 trillion mark for the first time in 2017. The growth was driven by improving global economy, according to a report by consulting firm Capgemini.

Capgemini’s World Wealth Report 2018 revealed a 10.6% growth in the collective wealth of the world’s millionaires and a rise of 1.6 million HNWIs globally. The rise in HNWI wealth was the second-fastest since 2011, the study said.

The increase in global HNWI population and HNWI wealth in 2017 was led by Asia-Pacific and North America. These two regions contributed to 74.9% of the increase in the HNWI population with 1.2 million new HNWIs and 68.8% of the rise in HNWI wealth with $4.6 trillion in new HNWI wealth.

The increase was driven by the US, Japan, Germany and China, which accounted for 61.2% of the global HNWI population in 2017 and 62% of new HNWIs. In Europe, HNWI wealth grew by 7.3% in 2017.

The report also unveiled a 27.4% surge in global HNWI investment returns in 2017. Despite the rise in returns, overall HNWI satisfaction level was found to lag globally.

North American HNWIs were found to be the most satisfied with their wealth manager, with 75.2% echoing the sentiment. However, no other region crossed the 70% mark.

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By GlobalData

Capgemini financial services global strategic business unit head and member of the group executive board Anirban Bose said: “There is clear opportunity for wealth management firms to strengthen their relationships with their high net worth clients as nearly half say they don’t connect well with their wealth managers. Providing an innovative digital client experience is one way to strengthen the bond between wealth managers and their clients.”

Also on the rise was HNWIs’ interest in cryptocurrencies as an investment tool, with 29% globally having a high degree of interest. The interest for cryptocurrencies was more pronounced in HNWIs aged 40 and below compared to their older counterparts.