Wealth management once operated on predictable formulae: cultivate relationships through family connections, recommend conservative fixed deposits, and maintain capital preservation. This comfortable paradigm served private banking well for decades, particularly in Asia, where first-generation entrepreneurs trusted advisers who understood their risk-averse mentality after years of building businesses from scratch. Those days have ended. Private banking's foundation has shifted from handshakes to hard data over the past twenty years.
It would take the average earner in the UK 52 years' worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation. In a new report, the influential thinktank analyses the Office for National Statistics' latest wealth and assets survey, which covers the Covid pandemic period of 2020-22. . The authors find that in 2006-08, before the global financial crisis, it would have taken 38 years' worth of median full-time earnings