The year 2019 was extremely challenging. With 2020 we still have half way to go, however the first half has been quite a roller coaster ride for most corporates and economies. In 2019 though the stock market grew in almost every country due to better monetary policies and favourable Government policies, however we saw the GDP go down. The High network individual wealth also increased by roughly 8 percent. Since 2012 the trend has been towards the South Asian economies leading the wealth creation group, but it is the first time that United states has created the most wealth in the world due to the 1st phase of the Chinese US trade policies. Growth was seen mainly in the tech sectors.
In the Asia pacific we have seen a mixed growth between countries. Some countries like China have performed amazingly well as they have seen a double digit growth in Population as well as wealth. Also Hon kong and Taiwan have been leading in the Asia Pacific region. India, Singapore etc shown a negative growth rate due to the weaker local currencies and lowering of GDP. Europe saw an extremely high amount of wealth in the hands of the population due to the central banks easier monetary policies. It put almost 8 percent higher wealth in the hands of the people in Europe.
With the arrival of COVID19 market unpredictability is on the rise and wealth mangers are finding themselves in deep water trying to manage the assets of their customers. Wealth managers need to focus on customer relations and performance based fees rather than asset fees.
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