Hongkong Nipping at Swiss Wealth Management's Heels: Global financial assets declined in 2022, eroding wealth management margins, a study shows. But there is light at the end of the tunnel. GlobalWealth WealthMangement
Last year, global financial assets contracted for the first time in over a decade, but the good news is that it will be a short-lived phenomenon, with Boston Consulting Group forecasting a 5 percent increase to $267 trillion this year.After nearly 15 years of continuous growth, global financial assets made up of cash, bank deposits, bonds, stocks, mutual funds, and pensions fell 3.5 percent to $255 trillion last year, according to BCG's «Global Wealth Report 2023».
That hit North America and Western Europe particularly hard where assets shrank by 8.1 and 2.8 percent, respectively. In terms of net wealth, Switzerland ranks 14th in the world, led by the US , China , and Japan . There were 740 super-rich people in Switzerland, those worth over $100 million, three percent fewer than last year. Together, they own 21 percent of total financial assets. There are over 580,000 people in Switzerland with financial assets of more than one million dollars, about 60,000 more than in Germany.
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