How is wealth distributed globally?
The largest amount of global private wealth was concentrated in North America, followed by Europe and Asia. However, the value of private wealth in Asia is rising more rapidly and is likely to overtake western Europe in the near future. China plays a significant role in this trend and was home to the highest number of ultra high net worth individuals in 2020. In the United States, New Jersey had the highest ratio of millionaire households in 2020. Meanwhile, Mississippi had the lowest ratio of millionaire households per capita, where only four percent of households held assets worth more than one million U.S. dollars.
Wealth management companies
The largest private bank worldwide with highest amount of assets under management in 2019 was UBS. Although fintech solutions are increasingly used in the financial world, UBS discontinued their robo-advisor - SmartWealth - in 2018. CRM tools and performance reporting were seen as more valuable than robo-advisors by U.S. registered investment advisors in 2020.