Wealth managers look to boost revenue amid fee pressure: Capgemini
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DIFC Family Wealth Centre
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Property experts believe that branded residences will have a special place in the real estate industry because of their unique offerings as well as the attention to detail and quality service provided. These products appeal particularly to high-net-worth individuals (HNWIs) with discerning tastes and who are willing to pay a premium for a luxury lifestyle.
From a transactional standpoint, property experts believe branded residences will continue to see steady demand despite the Covid-19 pandemic and ongoing economic challenges, especially those with strong brand names.
“The traditional branded concept is a hotel-led development with integrated or linked residences. They naturally benefit from the hotel brand (quality), management (smooth running) and services (luxury). In essence, this gives the owner the comfort and permanence of a home but with the full benefits and luxury of a five-star hotel,” says Knight Frank Malaysia associate director of international project marketing
India’s economic growth story is still being written and it is obviously characterized by an optimistic and bullish sentiment. An integral part of this growth narrative is the country’s sizable HNWI and UHNWI population. According to The Family Wealth Report of 2018, by Campden Research, India has about 150,000 UHNW families with a cumulative net worth of $2 trillion. With the projected growth rate, this number is expected to rise to 400,000 UNHW families with a net worth of $5 trillion by 2025. With such vast amounts of wealth being generated, there is an obvious need for professionally handled wealth management services, and this is where family offices are stepping in. Currently, about 49% of UHNWIs have formal family offices and there are more than 100 all over India. However, this space is bound to grow as more and more business families look to personalized and customized wealth management solutions.