The products and services offered by UK private banks and private client wealth managers are
failing to attract high net worth indivuduals (HNWIs), new research suggests.

MDRC’s annual study of HNW individuals found that while many HNWIs express a continuing
interest in wealth management (particularly from wealthy women), 60% said that they do not want
to get involved in the management of their assets.

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The report also shows that nearly one third (32%) of HNW individuals are non-working, while only
18% of HNW are business-owners.

The research found the typical UK HNW individual’s age increased slightly to 59 years and 7
months. The concentration of wealth in London and South East has also increased, 40.7% of the
UK HNW individuals live in this region and they own 70.3% of the UK’s investable assets.

 

An eye on Scotland and the social media

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In 2008, Scotland had the 11th largest HNW population in the EU. In 2013, the country’s HNW
population has fallen to the 16th rank, similar in size to the HNW population in Portugal.

Regarding the social media, the trend is quite weak in the HNW sector: 24% of HNW men and
48% of HNW women are active users of social media. Only a few would wish to participate in an
open forum on wealth matters.

 

A prosperous couple of years to come

Since the 2008 report, HNW individuals have shown increasing confidence and financial
awareness but they tend to become less risk averse than in recent years.

Overall, the 2013 report is broadly optimistic on the prospects for the UK’s wealth management
industry. It particularly suggests that the sector is set for two to three years of modest growth.

MDRC’s report is based on data collected from over 5,000 HNW individuals and 750 ultra-HNW
individuals.