2016 October: According to the recently published Wealth X 2016 report on Family Wealth Transfer (the “Report”), the world’s “ultra wealthy population” (“UHNWIs”), being those individuals with a net worth of at least USD30m, has grown to 212,615 with a combined wealth of USD30 trillion. Despite continued global economic uncertainties and geopolitical events, these numbers continue to grow year on year. However what is more astounding than the levels of wealth being generated are the amounts that will be transferred to the next generations over the coming decades.
The Report states that a staggering USD4 trillion will be transferred within the next decade and almost USD30 trillion within the next 30 years. The Report provides a comprehensive breakdown of the ages of UHNWIs, the types of assets they hold and the regions in which they live.
For those involved in the financial services industry and in particular in the provision of wealth structuring, management and administration services, the Report serves to show the incredible opportunities available over the coming years to assist in the anticipated transfer of wealth. Those service providers offering the highest levels of professional service and expertise with proven products backed by robust laws, stable economies and political environments will be well placed to take advantage of such opportunities as they arise.
We believe Cook Islands service providers are ready to meet that challenge.
The full Report can be obtained at this link: http://marketing.nfp.com/wealth-transfer-report-pf.