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Survey shows 71% of wealthy individuals hold Bitcoin and other cryptocurrencies

 


Around 71% of the world's wealthiest hold digital assets, a new survey shows, and wealth management firms have been advised to prioritize providing education and advice.


Technology consultancy Capgemini released its 2022 World Wealth Report. It surveyed 2,973 wealthy people worldwide, with 54% holding a wealth range of $1 million to $30 million and 46% holding $30 million and more.


The survey sought to uncover investment preferences for emerging asset classes such as digital assets, including exchange-traded funds (ETFs), NFTs, and Metaverse-related products.


Out of around one in seven wealthy individuals investing in digital assets, the highest concentration was under the age of 40. More than nine out of ten in this age group have invested in digital assets. For this age group, cryptocurrencies are their favorite investment, with crypto ETFs and Metaverse products also being very popular.


However, cryptocurrencies do not make up the majority of portfolios. Of that, only about 14% on average is in alternative investments, which include cryptocurrencies alongside commodities, currencies, private equity and hedge funds.


Capgemini found that the wealth management industry is seeing an influx of investment in digital assets, driving demand for educational capacity.


Nilesh Vaidya, the company's Head of Retail Wealth Management, said:


“The influx of new investment opportunities such as sustainable investing and digital assets is having a critical impact on the wealth management industry. Wealth management firms must prioritize timely awareness of this trend to retain their clients.”


The survey follows previous research by Accenture that found that 52% of wealthy investors in Asia owned some form of digital asset in Q1 2022, accounting for an average of 7% of surveyed investors' portfolios.


Accenture also found that wealth management firms have been slow to adopt investment products involving cryptocurrencies or digital asset exposure. However, the majority said they have no plans to offer related services.

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