Competition in the wealth management industry has intensified significantly, driven by new digital challengers and specialized providers, eroding customer loyalty, and increasing demand for better access to alternative investments, according to Capgemini Research Institute’s World Wealth Report 2026.

Released earlier in June, the report draws on three research efforts conducted in January 2026 across the wealth management industry: the 2026 Global HNWI Insights Survey polled more than 6,500 global high-net-worth investors (HNWIs); the 2026 Global Wealth Management Executive gathered 144 responses from the industry across ten markets; and the 2026 Global Relationship Manager Survey included more than 1,300 responses from across 16 markets.

Client loyalty erodes

The research reveals that traditional wealth management firms are facing mounting competitive pressure as customer loyalty weakens. In 2019, 39% of HNWIs with financial assets exceeding US$1 million reported working with a single firm for their wealth management needs. By 2025, that figure had dropped to just 19%, marking a 50% decline in the share of exclusive relationships.

Conversely, the proportion of HNWIs working with four to six wealth management firms surged from 12% to 25%, representing a 100% surge over the same period.

These findings suggest that incumbents are losing ground on two fronts: in client mindshare as advisory relationships fragment, and in wallet share as assets flow to a broader ecosystem of specialized providers.

This decline in mindshare translates directly into measurable losses in wallet share. Between 2022 and 2025, traditional wealth management firms failed to fully capitalize on the growth in global HNWI investable assets, resulting in a significant portion of this growth captured by other competitors. Capgemini estimates that this shortfall amounts to at least a 1.6-point in global HNWI investable wealth, representing a conservative estimate of approximately US$1.5 trillion in uncaptured assets under advice.

Unmet needs drive shift to specialized providers

HNWIs are splitting their portfolios among multiple firms to access specific products that traditional banks often lack. Notably, 88% of HNWIs choose to work with multiple providers in order to access better alternative investments.

Digital assets also play an important role. 50% of HNWIs consider access to digital assets an important factor when selecting a wealth manager, driven by a desire to experiment and gain exposure to the niche asset class. However, many traditional firms lack the secure custody infrastructure and specialist expertise needed to support this demand, or do not provide HNWIs with access to these assets.

Against this backdrop, focused competitors, including weatlhtech firms, single-family offices, and robo-advisory platforms, are increasingly capturing market share from incumbents, attracting clients who feel underserved on product breadth, advice quality, or both. These competitors benefit from greater nimbleness, allowing them to expand at materially higher rates than the overall market.

Projections between 2024 and 2030 indicate substantial growth across these segments. Single-family offices are expected to achieve a 9.7% compounded annual growth rate (CAGR) for assets under management (AUM), independent advisors a 6.8% CAGR, and the robo-advisory market a striking 44.1% CAGR.

Embracing technology for efficiency

While expanding products and services boost loyalty, realizing measurable value requires proper coordination and management across the customer journey. Currently, 60% of executives report that their firms lack a unified client view, resulting in fragmented processes and duplicated effort. Moreover, 41% of relationship manager time is consumed by operational tasks, leaving limited capacity for proactive client engagement.

Relationship managers recognize the need to embrace advanced technologies to boost efficiency and enhance client experience. 71% of relationship managers want digital and artificial intelligence (AI)-enabled systems to automate routine work, and 61% want access to an integrated ecosystem of specialists to respond effectively across financial and non-financial needs.

This indicates that frontline staff feel constrained by routine tasks and are actively seeking to transition from administrative bottlenecks to strategic advisory roles. It also reflects a recognition that modern clients expect holistic support spanning financial and personal life domains rather than isolated investment advice.

Global HNWI wealth surges

As customer expectations change, HNWI wealth is experiencing robust growth. In 2025, global wealth of HNWIs increased 8.7% year-over-year (YoY), reaching a record of US$98.3 trillion, representing the largest single-year increase since 2018. Nearly 2 million people became millionnaires last year, bringing the total number HNWIs to 25.3 million.

Across wealth bands, ultra-high-net-worth individuals (UHNWIs) with financial assets exceeding US$30 million captured the largest share of the gains. Global UHNWI wealth grew 9.7% YoY, outpacing the broader HNWI segment. In 2025, that global population stood at roughly 250,000, marking a 9.4% YoY increase, and retaining its status as the fastest-growing wealth segment for the second consecutive years.

Equity markets, fueled by AI-related rallies, were the primary engine of HNWI wealth growth across the five major regions. Asia-Pacific posted the highest regional growth in wealth of 10.5% and HNWI population growth of 9.4% as semiconductor demand boosted Asian stock markets. Japan and China were among the strongest performers, adding 436,000 and 154,000 millionaires, respectively.

North America’s HNWI population increased 9.1%, led by the US, which added 736,000 new millionaires, more than any other country worldwide.

Europe’s HNWI population grew 6.5% in 2025, with Luxembourg emerging as one of the highest-growth markets with an increase of 13.5% of its HNWI population, followed by Germany, which registered an 11.1% growth of its HNWI population.

Featured image: Edited by Fintech News Switzerland, based on image by thanyakij-12 via Magnific