There are expected to be 7.7 million more high-net-worth-individuals (HNWIs) in the world by 2023, according to a report by wealth data business, Wealth-X. This equates to $20.9trn of newly created wealth in the next five years, presenting a huge growth opportunity for the global wealth management industry. As such, we've decided to compile a short list of interesting statistics on the global wealth management industry – taking into account the current state of the industry, future growth prospects and what HNWIs expect from their advisors. We also take a look at how wealth management firms are using technology, and how they plan to do so in the future, considering aspects such as the use of AI and robo-advisors. The strongest-growing region in 2017 was Asia, which posted a 19% increase.

Wealth managers are confident that technology will be a key enabler in achieving efficiency, delivering highly personalized services, and enhancing customer experience, according to a new survey by Temenos and Forbes Insights. In a report titled The Next Generation Wealth Manager: Advancing Services and Personalization with Technology, Temenos and Forbes share findings of a survey of 305 high-level executives to understand the value of technology from the perspectives of both wealth managers and clients. Technologies including artificial intelligence (AI), machine learning, process automation and blockchain are considerably transforming the wealth management experience for advisors at private banks and the high net worth individuals (HNWIs) they serve. It is now imperative for the industry to leverage these technologies to provide customers with the level of customization and experience that's now requested. Wealth managers are confident that technology will play a key part in the future of their industry, with almost every wealth manager (92%) believing that digitalization of wealth management services is either a good thing or essential, and 84% of the executives surveyed stating that being adept at technology will be key to become a successful wealth manager in the future.

In ten years or less, the super-rich will rely on artificial intelligence for optimized financial returns, says IMD Professor Denise Kenyon-Rouvinez in an essay for finews.first. What are the consequences for private banks? The texts are published in both German and English. The fourth industrial revolution – featuring artificial intelligence, big data, the internet of things and so on – presents many challenges to private banks when it comes to wealth management. They will need to adapt well if they wish to preserve their leading position serving High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs).