Winners and losers in 2018 global wealth market
By Robbie Lawther and Cristian Angeloni, 28 Jan 19
WealthX’s high net worth handbook reveals some big changes within the wealth sector last year
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WealthX released its data for high net worth growth in the world; and the findings were surprising for some cases.
The report found that the number of high net worth individuals (HNWs) in Latin America and the Caribbean had declined 7.6% year-on-year to 670,210 people in 2018.
It was the region with the biggest fall in total wealth, with a 7.4% decrease Y-O-Y to $1.859trn (£1.41trn, €1.62trn).
James Klempster, head of investment management at Momentum Global Investment Management told International Adviser: “The advice firms that we work with still see growing client numbers.
“As ever even in an environment that a marketplace is stable the advice firms that focus on client needs, client service and that focus on the client outcomes and the advice journey are seeing their client numbers swell.”
“I think there are independent factors,” Ariel Amigo, chief marketing and distribution officer at Investors Trust, said to International Adviser. “On one hand, companies are coming to Latin America because they seek to un-tap long term potential.
“On the other, 2018 was a tough year for the region, including GDP contraction, poor stock market performance, political instability and/or general elections in the biggest three markets (Brazil, Mexico and Argentina) and strong currency depreciation and inflation in places like Argentina and Venezuela.
“All these reasons directly conspire against wealth generation, so those numbers make sense.”
WealthX’s handbook also found that, overall, there was a 1.9% rise in the number of HNWs globally from 2017 to 22,402,510 people.
Additionally, there was a 1.8% increase in the overall global total wealth as well.
Tags: Cash | Gold | High Net Worth | Liquidity
