SYDNEY, October 16, 2025 – The Thinking Ahead Institute (TAI) has released its landmark Global Wealth Study 2025, offering a comprehensive view into the evolving priorities, risks, and strategies shaping the global wealth management industry. Based on insights from 250 professionals across 151 wealth firms in 27 countries and managing US$15.1 trillion in assets, the study reveals a sector in transition, driven by demographic shifts, technological disruption, and a renewed focus on values-based investing.
With sources of wealth beginning to shift, regional differences are highlighted as wealth firms service an evolving client base. Clients in Asia Pacific (APAC) and Continental Europe primarily derive their wealth from business ownership at 76% and 67% respectively, whereas in the UK and North America, 77% and 69% of clients’ wealth is sourced through inherited assets. Together with financial investments, these factors form the top three sources of wealth globally.
This is gradually evolving as inheritance shifts the attitudes of wealth clients and wealth firms’ report a need to tailor their services to support intergenerational transfer, tax efficiency and long-term portfolio stability while preparing for a more digitally engaged and values-driven client base.
For wealth firms aiming to tailor their services in this way, the study finds that the resources and strategic support most valuable to managing intergenerational transfer includes: tax-efficient investment structures (54%), portfolio design and asset allocation (43%) and customised intergenerational wealth strategies (34%). Given the limitations of wealth managers to resource this internally, it is becoming increasingly important for firms to evolve their services, drawing upon external support where possible.
While wealth accumulation remains a dominant theme, firms are increasingly recognising the importance of preserving capital amid rising macroeconomic and geopolitical risks.
Clients also show increasing interest in aligning their investments with personal values, particularly around sustainability and impact, and expect wealth firms to offer tailored advice, digital tools, and strategic support that reflect these evolving priorities.
Despite innovation around private markets solutions for wealth clients such as European Long Term Investment Funds (ELTIFs) in Europe, Interval Funds in the US, Long Term Asset Funds (LTAFs) in the UK and evergreen structures in APAC, the Global Wealth Study finds that wealth firms do not expect this to result in any significant change in overall client portfolio allocation across all four regions over the next two to three years.
High fees and lack of transparency were two of three major concerns cited for not allocating more to private markets. In APAC, long investment lock-up periods is also one of the main hurdlers to faster take up of private markets allocations.
Perhaps because of this complexity, the TAI’s research finds that when wealth firms do allocate to private market investments, they tend to outsource allocation decisions to external specialists. 46% of wealth firms surveyed largely or entirely outsourced their private markets allocations, compared to only 27% and 23% of respondents for listed bonds and equities, respectively.
The study also reveals that current wealth portfolio allocations vary significantly across regions. For example, an investor base of primarily high net worth individuals in APAC and Continental Europe allocated a greater proportion to private markets, at 40% and 34% respectively, while the same group in UK and North America allocated just 24% and 26% each. The UK and North America instead have a far higher weighting to public equities, at over half (54% and 51% respectively) of their total portfolio allocations.
Over the next few years, investors are also expecting a significant shift in asset allocations among target geographies, with 84% expecting to allocate more to Europe, 78% expecting to increase allocations to APAC and 63% targeting North America.
Andrea Caloisi, Associate Director at the Thinking Ahead Institute, reflects on key insights from the research: “The wealth firm of tomorrow must balance stewardship and growth, adopting a holistic approach that both preserves inherited and accumulated assets while also supporting clients through their entrepreneurial journey.
“While investing/saving ranks highest, wealthy clients also identify retirement, cash flow, inheritance, and family support as major priorities. These findings point to a more holistic view of wealth management, where life events and family goals matter.
“However, regional differences as well as the size of wealth particularly capture the difference in approach towards investment, with liquidity issues remaining a top concern in private markets investment, likely influenced by several high-profile cases in recent years.”
“In the next two to three years, wealth management firms are prioritising strategic expansion to meet client expectations, service innovation and deepening engagement.”
Aongus O’Gorman | Head of Investments, Pacific, WTW
Aongus O’Gorman Head of Investments, Pacific at WTW, adds: “As the wealth market grows and evolves, it is increasingly important for wealth management firms to understand the demands of the changing demographics, the drivers of investment choices, impact of barriers to access in private markets, sources of wealth and how each factor varies regionally, to tailor their services effectively.
“For advice firms, performance and cost remain the top drivers for investment approach. Strategic asset allocation and long-term investing prevail, as portfolios remain equity-heavy, with modest shifts toward private markets and alternatives.
“On the flip side, in the next two to three years, wealth management firms are prioritising strategic expansion to meet client expectations, service innovation and deepening engagement.”
The TAI Global Wealth Study 2025 was conducted in July 2025 gathering insights from 250 professionals across 151 wealth firms in 27 countries. In total, the firms surveyed had a combined $15.1 trillion in AuM, with each firm having a minimum of $500m in Assets Under Management.
The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 100 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust.
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