As Rich Get Richer, Banks Ready for Generational Transfer: In the next few decades, the globe's wealthiest are set to transfer a level of wealth greater than the GDP of the U.S. For advisors who truly understand these clients' needs, it's the opportunity of a lifetime. (01-JUL-06) US Banker

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As Rich Get Richer, Banks Ready for Generational Transfer: In the next few decades, the globe's wealthiest are set to transfer a level of wealth greater than the GDP of the U.S. For advisors who truly understand these clients' needs, it's the opportunity of a lifetime.

Publication: US Banker

Publication Date: 01-JUL-06

Author: Conrad, Lee

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The worldwide army of millionaires marched ever upward last year, reaching 8.7 million, a 6.5 percent increase over the previous year. And the total assets they hold increased 8.5 percent to $33.4 trillion, according to the 10th annual World Wealth Report by consulting firm Capgemini and investment bank Merrill Lynch.

One of the areas the report highlights this year, the unprecedented generational transfer of wealth that the industry is facing, will make winners of the banks that approach it shrewdly, says Petrina Dolby, wealth management specialist at Capgemini. Estimates vary, she says, but conventional wisdom holds that $12 to $18 trillion will be bequeathed in the next...

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