Rising wealth hits new highs
The number of high net worth individuals – those with free assets of more than $1m – has grown exponentially, as booming stock markets in the US and Europe propelled more than a million people into the ranks of the super wealthy, bringing the current global count to a record 16.5 million.
According to a recent report by business consultancy Capgemini, the world’s high net worth individuals (HNWI) have collectively amassed an eye-watering fortune of $63.5 trillion. Last year alone, 1.1 million people joined this exclusive club – a rise of 8.2% – far outstripping the 6.5% annualised growth across the previous five years. Researchers predict that HNWI wealth is on track to exceed $100 trillion by 2025.
If you can’t beat them…
Six of the world’s biggest banks have teamed up with UBS to pilot a project to create a new kind of digital cash that is designed to exploit the blockchain technology that already facilitates bitcoin transactions.
Barclays, Credit Suisse, and HSBC are among the major organisations to announce their collaboration with UBS over the ‘utility settlement coin’ (USC), a virtual currency that was originally the brainchild of London start-up Clearmatics. Further discussions with central banks, as well as a review of data privacy and cyber security measures are scheduled but it’s hoped that the USC will speed up settlements and could bring central banks one step closer to the introduction of a formal digital currency.
Head of strategic investment and fintech innovation at UBS, Hyder Jaffrey, said in a statement that discussions would continue over the next 12 months, with the aim of a limited ‘go live’ towards the end of 2018.