The Rich Are Getting Richer: What Do They Want From Wealth Managers?

Summary

Podcast Summary: Merryn Talks Money

Episode: The Rich Are Getting Richer: What Do They Want From Wealth Managers?

Date: June 10, 2026
Host: Merryn Somerset Webb (Bloomberg)
Guest: Gareth Wilson, Executive Vice President and Global Banking Industry Leader, Capgemini

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Episode Overview

This episode delves into the shifting landscape of global wealth and how rising numbers of high net worth individuals (HNWIs) are influencing the strategies and approaches of wealth management firms. Host Merryn Somerset Webb sits down with Gareth Wilson of Capgemini to dissect the findings of Capgemini’s 30th World Wealth Report. The conversation addresses who is getting wealthier and where, the evolving portfolio preferences of affluent clients, and the growing demand for personalization and tech-driven solutions from wealth managers.

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Key Discussion Points & Insights

Defining “High Net Worth” and Wealth Tiers

• HNW Definition: Investable assets greater than $1 million, excluding primary residence.
• Tiers:
  • Millionaire Next Door: $1M–$5M
  • Mid Tier Millionaire: $5M–$30M
  • Ultra HNWI: $30M+
• Global Stats: ~25 million HNWIs globally; 2 million individuals added from 2024 to 2025. Ultra HNWIs (1%) hold about 35% of total HNWI wealth.
• Quote:

  “A high net worth individual is an individual who has investable assets that's greater than a million dollars...everything except your house.”
  — Gareth Wilson, [02:55]

Geographic Wealth Growth Trends

• US Leading Growth: US HNWI population grew by 10% in 2024–2025, outpacing Asia Pacific (notably South Korea), Europe, and the UK.
• Middle East: Saw a decrease in both population and wealth.
• Correlation with Stock Markets: Growth closely follows domestic equities.
• Quote:

  “When you look at that full high net worth individual population...it's growing at the fastest level...for the last five years.”
  — Gareth Wilson, [03:53]

Evolving Asset Allocation

• Shift Toward Equities: Increased allocation to stocks (+3%); decreased cash holdings (by 2%); fixed income also up 2%.
• Cash Preference: HNWIs still keep 20–25% in cash or equivalents, signaling a barometer for risk appetite.
• Alternatives: Allocation to alternatives (private equity, private credit, hedge funds) slightly down; accessibility and liquidity concerns persist.
• Quote:

  “When markets...grow...people take on a greater risk position...Alternative investments we saw a little bit of a decline.”
  — Gareth Wilson, [07:41]

Growing Appetite for Private Equity and Alternatives

• Access > Allocation: 2/3 of respondents want access to private equity/alternatives, even if immediate investment isn’t planned.
• Diversification: Emphasis on broadening both assets and geographic exposure.
• Crypto: Treated as part of alternatives; more clients want access, regardless of whether they ultimately commit.
• Quote:

  “They want more access to [private equity], that’s not necessarily going to say they’re going to commit, but having the option.”
  — Gareth Wilson, [09:23]

• On Crypto:

  “If your wealth manager can give you access to digital assets, to crypto...that is kind of meeting these high net worth individuals’ expectations.”
  — Gareth Wilson, [10:35]

Inflection Point for Wealth Management

• Personalization Over Segmentation: Standard wealth band segmentation is outdated. There's demand for highly tailored, “empathy-led” advice—debated by host and guest.
• Quote:

  “The expectation is that we can bring a very personal relationship, a very personal experience and...bring the breadth of products and services that those individuals require.”
  — Gareth Wilson, [13:47]

Rethinking the Wealth Manager Relationship

• From Delegation to Dialogue:
  • Merryn questions the desire for “empathy-led” advice; Gareth asserts clients want real-time, proactive engagement.
  • Need for proactive management as global pace of change accelerates.
• Shift to Multiple Providers: 2019: 40% had only one wealth manager. 2025: only 19% do; now it’s common to split assets across several firms for broader access/network.
• Quote:

  “There’s definitely the need for more of a proactive and regular management...clients want to have that level of insight.”
  — Gareth Wilson, [16:39]

Competition: Robo-Advisors, Family Offices & Traditional Firms

• Multiple Models:
  • Robo-Advisors: Fastest expected growth, especially with AI-enabled platforms.
  • Family Offices: Serve ultra HNWIs, focusing both on financial and non-financial services (estate planning, inheritance).
  • Traditional Wealth Managers: Facing asset outflows to new models (~$1.5 trillion shifted recently).
• Quote:

  “We’ve seen the advent of robo advisors… at the other end of the scale, we’ve seen growth in family offices…a lot of competition.”
  — Gareth Wilson, [20:04]

What Clients Should Look for in a Wealth Manager

• Primary Criteria:
  1. Performance: Returns that meet/exceed goals.
  2. Product & Service Breadth: Including alternatives, tax/legal advice, and digital asset access.
  3. Personalization: Wealth managers should remember and actively track client objectives so clients don’t need to repeat themselves.
  4. Technology Adoption: AI to streamline administration, support better relationship management.
• Quote:

  “Can you have a relationship with an organization who hears your requirements once, understands them, and actively manages those going forward?”
  — Gareth Wilson, [22:38]

Future Trends & The Rise of Family Offices

• Entry Point: Multi-family office services typically start for those with $5M–$30M+ in investable assets.
• Entrepreneurial Wealth: Fast-growing segment, driving new demand for advanced wealth services.
• Prediction: “Newly-rich,” especially the young, will expect both personalization and broad, flexible access to financial products.
• Quote:

  “My prediction is they will definitely want that level of empathy and personalization…but also... demanding...products and services.”
  — Gareth Wilson, [27:21]

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Memorable Quotes & Timestamps

• “[Ultra HNWIs]...1% represents 35% [of total wealth]. So there’s really individuals there that meet your definition at 2, 3, 400 million plus.”
  — Gareth Wilson, [04:38]

• “You employ a wealth manager to manage your money without constant reference to you because it’s a delegated activity...What you’re talking about seems to be a regular communication that involves empathy.”
  — Maren Somerset Webb, [15:45]

• “If you can provide the full breadth of products and services that’s required under a single umbrella...you can maximize the strength...of that relationship.”
  — Gareth Wilson, [19:42]

• “42% of HNWIs...have to restate their objectives and requirements. Can you have a relationship with an organization who hears your requirements once...?”
  — Gareth Wilson, [22:38]

• “Even in the world of AI...there’s a role for the human element...using AI to support the relationship manager, but also using AI to understand more about you as a client.”
  — Gareth Wilson, [25:07]

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Timestamps for Key Segments

• [02:36] What defines "high net worth" and segmentation
• [05:31] Where wealth is growing fastest globally
• [07:13] Asset allocation trends among HNWIs
• [09:05] Appetite for alternatives and private equity
• [10:14] Crypto’s place in wealth management offerings
• [13:19] The “inflection point” in the wealth management industry
• [15:14] The debate: performance vs. empathy/personalization
• [18:27] The rise of multiple relationships and industry competition
• [20:04] Outflows from traditional to new models, including robo-advisors and family offices
• [22:01] How to choose a wealth manager today
• [25:25] Family offices: who qualifies and why they matter
• [27:21] Predictions for the newly wealthy and future needs

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Conclusion

The landscape for managing great wealth is becoming more complex, client-driven, and competitive. Technological adoption, an expanding suite of products—including alternatives like private equity and crypto—and a move toward empathy-led, highly personalized service are shaping the future. At the same time, Merryn and Gareth remind listeners that fundamentals such as performance still matter most to many clients, but the ways wealth managers meet those needs are changing rapidly. The coming years—especially with the anticipated rise of young, newly-minted millionaires—promise further disruption and innovation in how the very wealthy manage, preserve, and grow their assets.

Transcript

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[Maren (Host)]

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[Maren (Host)]

Bloomberg Audio Studios Podcasts Radio News. Welcome to Marin Talks yous Money, the personal finance edition of Maren Talks Money. In this bonus podcast we talk about the best strategies for making the most of your money. I'm Maren Sums up Web Ed at Large for Bloomberg UK Money. So this week we are talking about who is getting wealthier and where and how those people are reshaping the wealth management industry. What do they want from their management teams that they didn't want a decade ago? To talk about it, we've invited on Gareth Wilson, global banking industry leader and Executive vice president of IT services and consulting group Capgemini. Capgemini recently released its 30th edition of the Institute's World Wealth Report. We talk about the growing appeal of alternative assets that focus on diversifying portfolios. Stick around to hear more about this and about whether what you want from your wealth manager is excellent returns or empathy. Gareth, thanks for joining us today.

[Gareth Wilson (Guest, Capgemini Executive)]

Thank you Maren. Great to be on Marin Talks Money.

[Maren (Host)]

Right now we are talking about rich people and very rich people. So before we start because what we're going to do in this podcast is we're going to talk a lot about high net worth people and ultra high net worth people. So can we just start by Defining what we're talking about, who is a high net worth person? What do you need to have to be referenced in this report?

[Gareth Wilson (Guest, Capgemini Executive)]

So a high net worth individual is an individual who has investable assets that's greater than a million dollars. Meredith.

[Maren (Host)]

Okay. And investable assets is everything except for your house.

[Gareth Wilson (Guest, Capgemini Executive)]

Everything except your house. Everything except your house. And if you've got investable assets between 1 and 5 million, we refer to you as a millionaire next door. If you've got assets between 5 and 30, we talk about you as a mid tier millionaire. And then for the bracket of individuals who have assets or investable assets of greater than $30 million. High net worth individuals.

[Maren (Host)]

Okay, hang on. I've got to have a lot to be a high net worth individual.

[Gareth Wilson (Guest, Capgemini Executive)]

You do. Ultra high net worth individual.

[Maren (Host)]

Sorry, everybody here is a high net worth individual. An HNW. But only those above, what was it? 30.

[Gareth Wilson (Guest, Capgemini Executive)]

30. Ultra high net worth.

[Maren (Host)]

30, ultra high net worth. Although 30 is not going to get you much these days, is it? By the time you've got a holiday home and a boat and all that.

[Gareth Wilson (Guest, Capgemini Executive)]

And that's the interesting thing that we're seeing, Maren, the growth in terms of that population. So when you look at that full high net worth individual population, I think we're talking about 25 million people globally. And we've added, when we look at the year 24 versus 25, we've added 2 million additional high net worth individuals. So the population is growing, but their absolute wealth is growing as well, Marin. And it's growing at the fastest level when we compare 2024 to 2025 for the last five years.

[Maren (Host)]

Interesting. Have you got any analysis of the bit above that? Like anyone over 200 or how many billionaires, et cetera, or a week stopping at 30 for the purposes of this report?

[Gareth Wilson (Guest, Capgemini Executive)]

Well, we've captured that ultra high net worth individual segment, if I could describe it that way, Marin, as 30 million. So we haven't looked at bands within that. However, when we look at that group as well, it's something like 1% of those total high net worth population and they own something like 35% of that total wealth. So there's a real concentration at the top of the pyramid. So 1% represents 35%. So there's really individuals there that meet your definition at 2, 3, 400 million plus.

[Maren (Host)]

Yeah, the bit where you really can have anything you want.

[Gareth Wilson (Guest, Capgemini Executive)]

Exactly. Yeah, indeed.

[Maren (Host)]

Okay, so where is wealth growing the most? I think we probably all would guess that it's the US which is where we're seeing the highest number of people entering the high net worth equation and growing the fastest.

[Gareth Wilson (Guest, Capgemini Executive)]

Yeah, exactly. Again, based on our Capgemini analysis and our world wealth report, when we compare 2024 to 2025, something like 10% growth in terms of that high net worth individuals in the US and that was growing the fastest globally. Asia Pacific was also pretty positive on that basis. And then when you looked at Europe and the UK still growing, Marin, but less positively. And then probably the Middle east was one example when we compared 24 to 25 where actually we saw a decrease in terms of some of that that both population and wealth, but the US leading the way, followed by Asia Pacific.

[Maren (Host)]

Okay. And if you look at Asia Pacific, we'll come back to the miseries of Europe shortly. But a lot of that presumably was based around the extraordinary rise in the South Korean stock market.

[Gareth Wilson (Guest, Capgemini Executive)]

It was, yeah. Indeed. Yeah. We're seeing positive, positive trajectory on that basis. And interestingly to your point Marin, for these high net worth individuals, we also saw equities become more important in their portfolio. The stock market increases that we saw were certainly driving a proportion of that wealth population and wealth growth.

[Maren (Host)]

So when you look at who's growing wealthier where across the world, you can pretty much see the correlation with domestic stock markets. It's interesting because it suggests that most places have a fairly hefty home buyer.

[Gareth Wilson (Guest, Capgemini Executive)]

Yes, yeah, very much so. And we saw a little bit of a movement away from some of the more conservative asset classes. So where we saw equities increase by something like 3%, we saw cash reduce by 2%. So some of that kind of.

[Maren (Host)]

I'm always interested by. When I look at your charts every year, I'm always interested by the extent to which the high net worth people keep so much money in cash or cash equivalents, it always knocks around pretty substantially over 20%, 23, 24, 25%. That seems an awful lot of your assets are holding cash or cash equivalents. I'm pretty sure that if you looked at mid ranking wealthy people before they quite get to your millionaire next door, they'd be holding much less of that in cash or cash equivalents.

[Gareth Wilson (Guest, Capgemini Executive)]

Yeah, I think you're right and I think we always use it as a little bit of a barometer in terms of risk appetite and conservatism. And in markets that are growing where individuals see greater value in terms of stock and equity markets, they're obviously taking on a greater risk position. Fixed income we also saw increase when we looked at 24 versus 25 Mehren so again by something like 2 percentage points. And interestingly, alternative investments we saw a little bit of a decline. So there was a move away from some of the alts into fixed income and equities. But I think to your point, I think those high net worth individuals were really following where they saw the performance and the value in 2025.

[Maren (Host)]

And when you say alternatives, what do you mean? You're talking about private equity in the main, private equity, private credit, etc.

[Gareth Wilson (Guest, Capgemini Executive)]

Private equity, private credit, some of the hedge funds. And again, not all of those investment asset classes are available to everyone. I know you've discussed this in the past in terms of both the liquidity associated with private assets but also in terms of accessibility. But again, I think that breadth of asset class and those breadth of investments is something we're seeing greater appetite for.

[Maren (Host)]

I was interested to see that 2/3 of your respondents said that they were interested in increasing their exposure to private equity, which seems to me so slightly extraordinary at the moment when it hasn't been a great performer. And there's an awful lot of debate about the extent to which its historical record of outperformance is real or not. But still everyone says they want more of it.

[Gareth Wilson (Guest, Capgemini Executive)]

I think they want more access to it. Marin, that's not necessarily going to say they're going to commit, but having the option. And I think this for high net worth individuals, access to products and services is a real driver and the ability to diversify your portfolio, whether it be in terms of asset classes or also geographically. Again, I think you and I have touched on this in the past. We've seen high net worth individuals want to diversify into different markets. We've seen significant growth and attraction in Asia and the Middle east in the past. So I think to Your point, about 2/3 of our respondents wanting to have access to the alternative investments. I think that's true. Whether or not they'll commit is dependent on that point in terms of where they see value and where they see growth.

[Maren (Host)]

And what about crypto? One of the things that you talk about in the report is how important it is for wealth managers to be able to offer their high net worth investors access to all investment classes. Crypto, again, is that a class that I'm loathe to call it an asset class to be honest, but is that a group of possible places where you might put some money about that investors are more interested in?

[Gareth Wilson (Guest, Capgemini Executive)]

Now more interested is a subjective statement, but again I would put it in the same class as alternative investments. If your wealth manager can give you access to digital assets, to crypto, and they can do it through a platform that's easily accessible. Then I think that is kind of meeting these high net worth individuals, their expectations and giving them the option to choose that within their portfolio. Whether or not they take that decision, I think, as I say, is a different point.

[Maren (Host)]

It's a different matter. Yeah,

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[Maren (Host)]

One of the things that you say in this new report is that we are at a your words clear inflection point for the wealth management industry. What does that mean and why now?

[Gareth Wilson (Guest, Capgemini Executive)]

I think the inflection point, I think that's probably founded on three perspectives here. Marin. I Think the first point I would say is just this growing, this growing wealth and I think we've seen this trajectory over 30 years. Actually we've been writing this report for 30 years which makes us all feel a little bit dated, but the wealth.

[Maren (Host)]

Dated but expert.

[Gareth Wilson (Guest, Capgemini Executive)]

Dated but expert indeed. Yeah, experienced. But I think the wealth management industry obviously continues to grow to service this growing population and say it grew by 7.8% globally in 2025, but also the expectations of those individuals. And we started this conversation by defining high worth individuals. The expectation is that we can bring very personal, a very personal relationship, a very personal experience and we can also bring the breadth of products and services that those individuals require. So I think there's a real kind of call to action for the wealth managers to move away from some of this kind of standard wealth band segmentation to bring very kind of personalized products and services.

[Maren (Host)]

Why? Because most people, as far as I see it, most people, until you get up until your 30, 40, whatever million dollar band, most people require the same things from their wealth manager. They don't mind this. I'm talking in your report about the importance of empathy led advice. And I can't think of anything worse than my wealth manager giving me empathy led advice. What I'd like him to do is to make me absolute returns in excess of inflation every single year without making a fuss about it. And that seems to me that is what everybody wants from their wealth manager, not endless communication and empathy and complicated portfolios. What am I missing?

[Gareth Wilson (Guest, Capgemini Executive)]

We might have to agree to disagree here, Merrim, because I do think that model where success is purely based on performance and it's purely denominated by your annual portfolio review is not the expectation in terms of the pace with which the markets in the world is moving. And I think high net worth individuals want to have the ability to be able to optimize products and services on a very kind of timely and a very real time basis.

[Maren (Host)]

What does that mean, Gareth? What does that mean? Optimize products and services on a real time basis? Surely you employ a wealth manager to manage your money without constant reference to you because it's a delegated activity. But the way you seem to be looking it as though it is a non delegated activity, but more of a regular conversation in that when previously when we've talked to, we've talked about wealth management on the podcast, what we do is we say to people, look, if you don't want to manage your own money, get some guy to go do it for you, then you can sleep at night and you don't have to think about it. So is the suggestion here that high net worth individuals are changing from that idea of I give my money to this guy or woman and they're going to take care of it and I don't have to do anything, I can sleep at night because I know this guy's a pro and he's got it under control. What you're talking about seems to be a regular communication that involves empathy.

[Gareth Wilson (Guest, Capgemini Executive)]

There's definitely the need for more of a kind of a proactive and regular management of your portfolio. Now I suppose the point I'm making here is if you want to delegate that and leave that on a, on a 12 month schedule, then that's obviously one requirement. However, I think there are individuals who want to have opportunities to present it to them in a very kind of immediate fashion. So as things are changing, whether that be changes in the market, changes in the geopolitical situation, changes in terms of their kind of personal situation, Mehren they're looking for their wealth managers to be proactive and to predict what's required based on their requirements and objectives and intervene on that basis. So I think we are seeing a demand for a much more active relationship rather than a periodic relationship. And also I think this idea that we're operating in a very kind of real time environment, you and I have become very comfortable with the immediate experience, the real time experience of being able to order on Amazon and being delivered within X number of hours if required. Again, I think in a wealth management context, Maren clients want to have that level of insight. They want their wealth managers to understand their expectations and their objectives and to respond on that basis. And the other thing I would say from our analysis, Maren, we've seen if you're able to provide the level of personalization that we're talking about here, those individuals will recommend you to their peers and to their friends, even if you're

[Maren (Host)]

charging more than the robo advisor down the road.

[Gareth Wilson (Guest, Capgemini Executive)]

And the other dynamic we're seeing is individuals are having multiple relationships with their wealth managers. So five years ago, six years ago, in 2019, something like 40%, 39% of all individuals had a relationship with one wealth management organization. When we look at that figure now in 2025, that's reduced to 19%. So my point is, Mehren individuals are looking towards multiple organizations to provide access to the products and services they need.

[Maren (Host)]

That is one of the numbers that jumped out as me as well. And I think you may look at that and say maybe they're not satisfied with one and so they're moving to another. But that doesn't that slightly argue against the idea that you want a personalized empathetic wealth manager? Because if you have four different wealth managers, they definitely do not have oversight of your full portfolio portfolio or of your full lifestyle because you got three other guys as well who are doing some something else. If you want that personalized empathetic, one on one, understand my family, understand my generational shifts, understand my wealth, understand how I feel, et cetera, et cetera, you'd want one wealth manager. This is like having four therapists.

[Gareth Wilson (Guest, Capgemini Executive)]

The counterargument to that I would say is that if you can provide the full breadth of products and services that's required under a single umbrella. Under a single umbrella, then I think you can maximize the strength and quite frankly the stickiness of that relationship.

[Maren (Host)]

Okay, so this shift represents the failure of the industry.

[Gareth Wilson (Guest, Capgemini Executive)]

I think this shift represents that demand from clients for a greater personalized relationship with empathy and also a greater access to products and services because no one firm has been providing that. And we've also seen Marin, to your point, we've seen the advent of the robo advisors. We've seen growth in that kind of digital only model. At the other end of the scale, we've seen growth in terms of the family offices. So again, if you look at the traditional wealth management organizations, there's competition from family offices, there's competition from the kind of robo advisors. And in the model where they're not able to deliver the experience or the products and services that's required, that's meaning assets are flowing away from the traditional wealth management firms to the competition. And again in our report, we quantify that as something like 1.5 trillion.

[Maren (Host)]

Yes.

[Gareth Wilson (Guest, Capgemini Executive)]

Of new assets that have moved into that competitive sphere. So there's an opportunity, but obviously there's clearly a threat as well.

[Maren (Host)]

Yeah. And you're forecasting the highest growth rates for the robo advisors over their traditional the family offices, which makes sense because the lower base, et cetera. But that is where you're expecting to see the growth.

[Gareth Wilson (Guest, Capgemini Executive)]

It is. But again, you've got to look at this at an individual basis because again, when we look at those ultra high net worth individuals with investable assets of greater than 30 million, the role of the family office, not just the financial services that they're bringing Marin, but some of those non financial services around estate planning. Inheritance likewise becomes increasingly important when we look at products and services. Of course we can talk about Asset types. We can talk about crypto, we can talk about alternatives, but I also think there's a role for the wealth management firms here to bring those broader services to bear again in a way that's directly relevant to their clients.

[Maren (Host)]

Yeah. Okay. So most Maritox money listeners, I think, are probably at the top end of your millionaire next door, maybe the bottom end of your millionaire next door. Maybe soon they'll be your millionaire next door. What should they be looking for in a wealth manager?

[Gareth Wilson (Guest, Capgemini Executive)]

First and foremost, I think they should be looking for performance. A wealth manager that gives them the return that they aspire towards in terms of their objectives. I also think they should be looking for a wealth management firm that gives them access to the products and services which they believe will be relevant for them and their family going forward.

[Maren (Host)]

Forward.

[Gareth Wilson (Guest, Capgemini Executive)]

And then the final thing I would say is a wealth manager where they don't have to repeat themselves. Part of our analysis suggested that individuals, 42% of the individuals in the high net worth that we interviewed have to restate their objectives and requirements. Can you have a relationship with an organization who hears your requirements once, understands them, and actively manages those going forward? This idea of personalization but also access to products and services?

[Maren (Host)]

Yeah, I guess a robo advisory, you'd only have to tell once.

[Gareth Wilson (Guest, Capgemini Executive)]

Indeed. And also a robo advisor can take advantage of some of the artificial intelligence data and information that's increasingly available to optimize that relationship merit.

[Maren (Host)]

Well, I suppose that is one of the questions ever thinking about how do you find a wealth manager? What are you looking for in a wealth manager? The questions you're going to ask are talk me through your performance and show me how that works relative to the performance from other wealth managers, which I know is information that is not always easy to get hold of. And then what products and services are you providing? Can you show me the whole suite? And outside actual products? Do you have a tax advice, et cetera, et cetera, legal environment department? And then maybe the last question is, can you explain to me how you are using AI to enhance your productivity?

[Gareth Wilson (Guest, Capgemini Executive)]

Yeah, well, you know, I think a lot of that is focused on that role of the relationship manager, which is still a very key role across the industry. And again, when we looked at the relationship managers that we met and we talked to, I think we talked to something like 1300 of them as part of our report. MARIN still, about 40% of the activity they do they consider as operational. So administration. Can you use AI to somewhat automate that and then ensure that the relationship managers Are spending their time truly invested in their clients and their clients wealth and their clients portfolios using artificial intelligence around things like know your customer, some of the tools and techniques around managing meetings and some of the kind of communication on that basis and portfolio optimization. We still believe the relationship manager is key. And even in the world of AI Merrin, we still believe there's a role for the human element, the human judgment within the wealth management industry and that that relationship using AI to support the relationship manager, but also using AI to understand more about you as a client.

[Maren (Host)]

Yeah. Okay.

[Gareth Wilson (Guest, Capgemini Executive)]

What do we know about Maren and the things that she's doing beyond Marin

[Maren (Host)]

wants to make 2 or 3 percentage points above inflation every year and not be bothered. That's what Marin wants and I still think that's what most people want.

[Gareth Wilson (Guest, Capgemini Executive)]

Well, you know, I think what we're talking about here will hopefully not only meet your expectations Mehren, but exceed them.

[Maren (Host)]

Okay, excellent. Can I ask you one last question before we finish, which is about family offices? We're seeing the rise and rise of the family office. How much money do you need for that? Obviously I'm not talking about single family offices, so I'm sure some of my listeners are rich enough for a single family office, but a multiple family office or to get the kind of service you might get from a family office type organization. Which bit of high net worth do you need to slot into for that and where do you start?

[Gareth Wilson (Guest, Capgemini Executive)]

I think unfortunately, Maren, it's not the millionaires next door. Unfortunately, it's not the millionaires next door. I think in that bracket, when you're getting north of 5 into the kind of 30 million region, that's when you and your family will be relevant on that basis. But again, I would come back to understanding truly what you want to achieve. I think we've seen with the advent of entrepreneurs, there's a lot of wealth that's being generated through entrepreneurs and the transactions that they're successfully executing within their respective ventures and businesses. And again, a significant amount of wealth generated quite quickly also lends itself to that kind of family office scenario.

[Maren (Host)]

Yeah, there'll be a lot of excitement around in the wealth management community about the mega IPOs.

[Gareth Wilson (Guest, Capgemini Executive)]

Right, of course, of course. We've got Anthropic was on the books on SpaceX. When we looked at what was generating wealth previously, we talked about those equity markets, we talked about stocks and shares and I think it continues to be a significant part of the growth that we've seen over the last five years.

[Maren (Host)]

And it will be. I'll tell you what, when we next have this conversation, we we tend to have it every year. When we next have this conversation, we'll know a lot more about how the young, newly rich young like to have their money managed and what kind of wealth managers they're after. Because assuming something doesn't go horribly wrong, which of course it could, there will be an awful lot of newly rich, relatively young people presumably delegating a lot of that money management to the wealth management industry. So we'll know a lot more in a year, won't we?

[Gareth Wilson (Guest, Capgemini Executive)]

We will. And I suppose my prediction is they will definitely want that level of empathy and personalization that we've talked about, Maren. But also I think they'll be demanding in terms of the kind of products and services from the wealth management industry and their relationship managers.

[Maren (Host)]

Yeah, it's fascinating and we will find out. Gareth, thank you so much for joining us today.

[Gareth Wilson (Guest, Capgemini Executive)]

Pleasure. Merrick.

[Maren (Host)]

Thanks for listening to this week's Marin Talks yous Money. If you like our show, rate, review and subscribe wherever you listen to your podcasts. Also, be sure to follow me and John on X or Twitter. I am MarinSW and John is John. Underscore Stepek. This episode was produced by Sama Saadi and Moses Andam Sound designed by Blake Maples. Special thanks of course, to Gareth Wilson and the team at Cap Gemini. And questions and comments on this show are always welcome. Our show email is marinmoneylumberg.net.

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[Gareth Wilson (Guest, Capgemini Executive)]

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