In spite of the small number of consumers, the high net worth market globally is highly profitable for brands and businesses. But it is not an easy market to crack, with brands that have identified HNWIs as a growth opportunity often facing a similar question of how to win over high net worth consumers. This report provides insights into key wealth markets, and strategies that help brands meet the needs of HNWIs and thereby gain and retain high net worth consumers.
The high net worth consumer segment accounts for only 0.1% of the global population but commands more than a fifth of the world’s total wealth. This segment is not only an important driver of wealth generation and investment trends, but also a highly profitable consumer segment for brands and businesses.
In 2017, the USA accounted for 57.9% of the global overall HNWI population and 55.1% of global HNWI wealth. The country’s strengthened economic and business conditions –with fiscal stimulus, deregulation and lower tax rates –will likely raise financial asset prices, with positive knock-on impact on HNWI wealth.
China’s emergence as a global economic powerhouse has made it a significant engine of HNWI growth and wealth creation. By 2022, the country is expected to rank second in terms of HNWI wealth, up from the current fourth position. Targeting the newly wealthy such as those in China is an effective strategy to help businesses targeting this segment achieve growth.
As well as targeting the newly wealthy, other strategies to successfully capture the profitable high net worth market include providing seamless omnichannel ease, personalised solutions, authenticity, exclusive experiences that money can’t buy, and promoting health and wellness.
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