The ultra-high net worth growth opportunity has a geographical dimension, with Asia shaping up to be the best opportunity.
Wealth-X published in their latest World Ultra Wealth Report, that the world’s ultra-wealthy population, defined as those with $30 million in net worth, grew by 12.9% percent in 2017.
But even more fascinatingly, the report highlights that Hong Kong has overtaken New York to become the world’s largest ultra-high net worth city. In fact, growth in the Asian region grew 27%, compared with the already impressive 12.9% for the world. Case in point, seven of the top 10 countries with the fastest growth of super-rich populations are in Asia.
At the same time, Asian countries have demonstrated a far higher receptiveness to robo-advice, with China showing the highest preference. So in Asia, the case has been made for robo-advice at the highest end of advisor clients rather than the lowest end.
And we’ve seen a new entrant wading into the fray of robo advisors in WeInvest, a Singapore-based Software as a Service (SaaS) platform, which aims to not only service the low-end robo-advisor market, but also create an upscale hybrid platform aimed at advisors servicing the ultra-high net worth space.