Clients with Less than $1M are Where the Growth is, Boston Consulting Group Reports
According to a report published by Boston Consulting Group, the number of millionaires around the world grew by 2.1% year on year to 22.1 million in 2018. These individuals now hold a combined 50% of personal financial assets globally.
North America continued to have the biggest concentration of millionaires. However, from 2018 to 2023, the millionaire population of Asia ex-Japan is likely to experience the fastest growth at 10.1%. Africa and Latin America will follow at 9.8% and 9.1%.
The total number of millionaires globally should reach 27.6 million by 2023, the report said.
BCG noted that wealth managers seeking new sources of growth can look to the huge affluent segment whose wealth is in the $250,000 to $1 million range. This base of potential clients for wealth management services shows great promise.
Interesting market trend, indeed!