Deloitte Access Economics has published research stating that ‘the wealth management industry will be worth an extra $250 billion to the Australian economy over the next 20 years, establishing it as a top five growth sector.’
Highlighted was Australia’s location next to Asia, one of the biggest emerging markets. Deloitte believes the increasingly wealthy population in Asia will push the sector’s growth. Projections show ‘three billion people in Asia will have joined the middle class by 2030, and by 2050, the region will account for more than half the world’s financial assets.’
Wealth management leader of Deloitte, Neil Brown, said: "The reputation and robustness of our regulatory system, together with our domestic success in building the fourth largest superannuation asset pool in the world, are attractive propositions to the grown Asian middle classes."
Ian Harper, Deloitte Access Economies Partner, said ‘We have that microcosm in Australia with nearly 40 years of experience of accumulation and management, and acknowledged expertise, that’s the opportunity.’
To read the latest country survey on Australia, click here.