India posted double-digit growth (11%) in private wealth last year amid a climate of government reforms, breaking the $2 trillion mark, with most of the expansion stemming from new household savings. China, which possesses the highest private wealth in the Asia-Pacific region and second highest globally, saw its wealth expand 13% y-o-y.
In order to stay ahead of the curve, new technologies are high priorities for most wealth managers globally. According to Boston Consulting Group’s 17th annual analysis of the global wealth management industry, 55% of respondents are getting ready to implement artificial-intelligence and machine-learning capabilities.
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The report shows the growth of global private wealth picked up momentum in 2016 because of accelerating economic growth and strong performance of stock markets in many parts of the world. The rise was 5.3% or $166.5 trillion in 2016 as compared to 4.4% or $158.2 trillion in 2015. Globally, equities remained the most favoured asset class last year.