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Clarissa Dann examines the changing nature of the high-net-worth individual population and how regulatory pressures are reshaping wealth management and private banking services

25 January 2016

Global high-net-worth individual (HNWI) wealth is forecast to exceed $70trn by 2017, with the lion's share of the world's 14.6 million richest people residing in Asia-Pacific and North America.

And this is just the top end of the market - the RBC Wealth Management and Capgemini World Wealth Report 2015 counts HNWIs as those with $1-5m in investable wealth (millionaires next door). In the UK, the Financial Conduct Authority takes a rather different view for the purposes of retail financial services regulation, defining HNWIs (among other criteria) as 'having an annual income of more than £100,000 or having investable net assets of more than £250,000'.1

What does this mean for the British private banking and wealth management industry? And how have developments such as new technology, the struggle banks face in absorbing prudential and financial crime preven...

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