25-Years in Review: Hybrid advisory key to meeting HNWI needs

Macro-environment shapes wealth evolution

Over the years, Asia-Pacific progressed to outpace Europe and North America and become a significant driver of HNWI wealth growth. As North America struggled with a volatile equity market in the late 1990s, Europe overtook North America in HNWI wealth volume in 1999. However, as critical EU markets − Germany, France, and Italy − struggled with unemployment in 2003, North America snatched back its top position after recovering from the tech bubble burst in 2004. Following the 2008 global recession, Asia-Pacific surpassed Europe in 2009 amid the eurozone debt crisis. In 2015, fast-growing Asia-Pacific also overtook North America. In 2020, bolstered by robust tech stock performance and government stimulus, North America again regained its top global position in terms of HNWI wealth.


APAC slowly overtook Europe and North America during the 2010s to become the global HNWI wealth leader, but tech stocks reshuffled 2020 rankings



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