According to a new poll, most of the world’s wealthiest have invested in digital assets. Wealth management organizations have been recommended to make education and advice a priority. According to this poll, 71 percent of high net worth people (HNWI) have invested in cryptocurrencies and other digital assets.
Capgemini, a technology consulting firm, presented its World Wealth Report 2022 on June 14. It surveyed 2,973 global HNWIs; 54 percent claimed wealth between $1 million and $30 million; moreover, 46 percent claimed a wealth of $30 million or more. The survey inquired about investment preferences for new asset classes such as cryptocurrencies, related exchange-traded funds (ETFs), non-fungible tokens (NFTs), and metaverse-related products.
Most of the one in seven wealthy individuals investing in digital assets were under 40. More than nine out of ten have invested in digital assets in this age group. Cryptocurrencies are the preferred investment among the younger generation, with crypto ETFs and metaverse products also popular. However, crypto does not make up the bulk of portfolios, with HNWIs investing just around 14% of their assets in “alternative investments,” including crypto and commodities, currencies, private equity, and hedge funds.
However, according to Capgemini, the wealth management business is facing a surge of digital asset investments, which has raised the demand for instructional capacities. Morgan Stanley began offering Bitcoin (BTC) exposure to its affluent clients in March 2021, with only those with $2 million or more in capital eligible to invest.
BBVA Switzerland’s private banking clients also got access to crypto trading and custody services; followed by a similar offering from Wells Fargo in 2021. The analysis follows earlier Accenture research that found that 52 percent of rich Asian investors held some digital asset in the first quarter of 2022; accounting for an average of 7% of the questioned investors’ portfolios. Accenture also discovered that wealth management organizations have been sluggish in adopting bitcoin investment products; the majority stated that they had no intentions to offer such services.
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