Under pressure from young high-net-worth individuals, the hushed world of Wealth Management is set to change
WealthTech firms, single-family offices, and robo-advisors are gaining ground against traditional wealth management players. The 30th edition of the Capgemini Research Institute’s World Wealth Report 2026 points to a turning point.
“In the 30 years we have been observing high-net-worth individuals worldwide, 2025 represents an exceptional moment in terms of their numbers and the wealth they control. High-net-worth individuals now have access to a wider range of asset classes across various markets, as well as a broader selection of advisors and expertise. For the industry, this marks a clear turning point: between 2022 and 2025, competitors to traditional players captured approximately $1.5 trillion in new assets!”
For Kartik Ramakrishnan, CEO of Financial Services and Member of the Group Executive Board at Capgemini, the hushed world of wealth management is losing its grip. Never before have there been so many millionaires on the planet; nor have these new high-net-worth individuals ever had such high expectations.
Strong performance in the stock markets and slowing inflation have fueled wealth creation among high-net-worth individuals in 2025: there are now two million additional millionaires, bringing the total to 25.3 million individuals… all of whom need to be satisfied.
However, this is not the case, observes the Capgemini Institute, which compiled these figures. Exclusive relationships with a single provider are half as common as they were six years ago: while 39% of high-net-worth individuals had a relationship with a single firm in 2019, that figure dropped to just 19% in 2025!
Better access to products
Today, 88% of high-net-worth individuals say they work with multiple providers specifically to access better alternative investment opportunities. This comes as no surprise to Kartik Ramakrishnan.
“Clients, particularly younger ones—who often benefit from wealth transfers—want broader access to products, greater personalization, and advice that’s truly aligned with their lifestyle. The players capable of meeting these expectations at scale, thanks to AI-powered analytics and capabilities, will be the big winners in the next era of wealth management.”
WealthTech firms, single-family offices—which manage the financial assets of a single family—and online wealth management platforms, or robo-advisors, are gaining ground against traditional players, attracting clients who say they are dissatisfied with the range of products, the quality of advice… or both.
Only 17% of high-net-worth individuals describe their advisory experience as seamless and personalized, while 42% have to repeat their goals and preferences multiple times to the same firm.
Beyond Technology
To address these challenges, wealth management firms must integrate augmented intelligence (where technology enhances human advice without replacing it) to bridge the growing gap between the expectations of high-net-worth individuals and the experience offered by traditional business models.
“The challenges go beyond technology,” says Kartik Ramakrishnan. “Almost all firms (97%) still segment their clients primarily based on assets under management, without capturing the nuances of the behaviors that truly define the client relationship with high-net-worth individuals.”
The traditional operating model is once again under scrutiny: no less than 60% of wealth management executives acknowledge that their organization lacks a unified view of the customer, resulting in fragmented processes and redundant efforts.
The customer experience will make the difference
While expanding products and services fosters loyalty, creating measurable value requires effective coordination and management throughout the customer journey.
While advisors spend 41% of their time on operational tasks, 76% of them want AI-driven systems to automate routine tasks. Furthermore, 61% request access to an integrated ecosystem of specialists to effectively address both financial and non-financial needs.
It is clear that the entire wealth management sector is poised for change. As the Capgemini Institute notes, when the customer experience is successful, 53% of high-net-worth individuals recommend their wealth manager to others!
