United States (US) Wealth Management – High Net Worth (HNW) Investors

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US Wealth Management Report Overview

In the US, men dominate the High Net Worth (HNW) space, accounting for more than 82% of HNWs. The situation is slowly evolving, however, with female HNW investors becoming an increasingly attractive target segment.

The US wealth management market report analyzes the investment preferences, service requirements, and portfolio allocation of US HNW investors. The report is based on GlobalData’s proprietary Global Wealth Managers Survey.

Key Investment Preferences ·       Advisory Asset Management

·       Automated Investment Services

·       Discretionary Asset Management

·       Execution-Only Asset Management

Key Reasons for Expatriation ·       Better Lifestyle Conditions

·       Better Opportunities for Expats’ Children

·       Business Start-Ups

·       Political or Economic Instability in The Origin Country

·       Retirement

·       Tax efficiencies

Key Asset Allocation Classes ·       Equity

·       Bonds

·       Cash and Near Cash

·       Real Estate

·       Commodities

·       Alternatives

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US Wealth Management Market - Investment Preferences

The key investment preferences in the US wealth management market are advisory asset management, automated investment services, discretionary asset management, and execution-only asset management. No investment management style dominates in terms of HNW assets under management, and current demand is also distributed relatively equally across different types of mandates. This reiterates the importance of a multi-asset management strategy.

Growth in demand for advisory mandates is forecast to increase the most in the next 12 months. This is due in part to the rise of online financial education and tools, as well as investors’ desire for more control and flexibility. In contrast, execution-only mandates are expected to see the least growth in demand.

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US Wealth Management Market - Reasons for Expatriation of HNW Investors

The drivers of expatriation to the US are better lifestyle conditions, better opportunities for expats’ children, business start-ups, political or economic instability in the origin country, retirement, and tax efficiencies. Better opportunities for expats’ children act as the main expatriation factor. Wealth managers should provide auxiliary services such as supporting HNW expats in finding a school for their children, as these have the potential to create goodwill. Although the demand for support services varies among expat entrepreneurs and professionals, they are an excellent way to connect with them early on.

US Wealth Management Market Analysis by Reasons for Expatriation

US Wealth Management Market Analysis by Reasons for Expatriation

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US Wealth Management Market - Asset Allocation Classes

The major asset allocation classes for HNW investors in the US wealth management market include equity, bonds, cash and near-cash, real estate, commodities, and alternatives. Equities lead US HNW investors’ portfolios, while cash and near-cash are set to witness the highest growth. The S&P 500 (the country’s benchmark equity index) registered a significant rise in 2023, rewarding investors with respectable returns. Markets started strong in 2024 owing to expectations that the Federal Reserve will start cutting rates soon.

US Wealth Management Market by Asset Allocation Classes

US Wealth Management Market by Asset Allocation Classes

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• Expats constitute 20.5% of the local HNW population. They represent an attractive target market thanks to their more complex service requirements.

• Robo-advice accounts for 18.7% of the US HNW portfolio.

• Equities and cash and near-cash investments lead the US HNW asset portfolio.

• The average US HNW investor offshores 52.4% of their wealth abroad.

Key Highlights

  • Expats constitute a significant percentage of the local HNW population. They represent an attractive target market thanks to their more complex service requirements.
  • Robo-advice accounts for more than 18% of the US HNW portfolio.
  • Equities and cash and near-cash investments lead the US HNW asset portfolio.
  • The average US HNW investor offshores most of their wealth abroad.

US Wealth Management Market Asset Classes Outlook

  • Equity
  • Bonds
  • Cash and Near Cash
  • Real Estate
  • Commodities
  • Alternatives

Reasons to Buy

  • Develop and enhance your client targeting strategies using our data on HNW profiles and sources of wealth.
  • Enhance your marketing strategies and capture new clients using insights from our data on HNW investors’ asset management style preferences.
  • Tailor your investment product portfolio to match the current and future demand for different asset classes among HNW individuals.

Silicon Valley Bank
Signature Bank
Silvergate Bank
Wells Fargo
Bank of America

Table of Contents



Investment Style Preferences

Asset Allocation Preferences

Offshore Investment Preferences

Products and Services



List of Figures

Figure 1: 2.2% of US individuals qualify as HNW

Figure 2: The rich are still getting richer

Figure 3: Women constitute a smaller proportion of the US HNW segment but are typically younger

Figure 4: Almost all HNW wealth is sourced from earnings or first-generation entrepreneurship

Figure 5: IT and financial services are the leading industries for sources of wealth

Figure 6: The proportion of Chinese expats has dropped while those from Canada and the UK have increased

Figure 7: Most expats stay between three and five years

Figure 8: US HNW clients still place most of their wealth with their main wealth manager

Figure 9: HNW clients rely on their advisors for peace of mind and superior expertise

Figure 10: Advisory and discretionary mandates account for two thirds of US HNW wealth

Figure 11: Demand for all types of asset management mandates is evenly spread

Figure 12: Slight drop in demand for discretionary asset management is predicted

Figure 13: Self-directed investors typically lack trust in wealth managers or prefer exclusive control

Figure 14: Equities is still by far the preferred asset

Figure 15: Equities, and specifically equity funds, outrank all other asset allocations

Figure 16: Wealth managers expect an increase in demand for all asset classes except bonds

Figure 17: Drivers for asset allocation vary greatly across the six classes

Figure 18: Increased government regulations and shifts in demographics are to blame for the stagnation of growth in offshore holdings

Figure 19: Expats retain ties with business interests in their countries of origin

Figure 20: The UK, Switzerland, and China remain the most popular booking centers

Figure 21: Except for investments in currencies, offshore asset class ratios mimic those of onshore portfolios

Figure 22: Financial and inheritance planning services are most in demand for HNW clients

Figure 23: The already strong HNW demand for all planning services is expected to increase, while demand for life insurance is forecast to stagnate

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