BigTech entry into wealth management could draw up to US$12t: Capgemini

More than 50% of HNWIs globally interested in such services from the likes of Amazon, Google, Tencent, Capgemini's World Wealth Report shows

Genevieve Cua

Published Tue, Jun 19, 2018 · 09:50 PM

Wealth management

Singapore

AS MUCH as US$12 trillion in wealth could move to "BigTech" firms like Amazon, Google and Tencent, should they decide to offer wealth management services.

Capgemini's latest World Wealth Report 2018 finds that more than 50 per cent of high net worth individuals (HNWIs) globally are interested in BigTech wealth management. Interest among Asia-Pacific HNWIs at 81.5 per cent is the second highest after Latin America.

Cagpemini has also found that client satisfaction with wealth managers has not risen to the degree that might be expected from the robust investment returns that clients enjoyed in the past two years.

Singapore is in fact amon…