âThere is a growing number of high-net-worth and ultra-high-net-worth classes around the world, -said Luigi Marciano Chairman of ObjectWay S.p.A-. In most developed nations, the wealthy are accumulating assets more rapidly than the middle class. At the same time, many emerging economies are thriving, with high annual growth rates. Growth in countries such as China, Brazil, India and Russia represents new good opportunities for bank and private banking servicesâ.
Objectway started to explore European Eastern countries in the 4th quarter of 2010 and now decided to value the opportunities of Russia market.
A recent FT article stated the the number of dollar billionaires in Russia rose to 114 in 2010. This represents a new record after the previous peak in 2007 when there were 107. Although the rise is largely due to the strong performance of the Russian stock market in 2010 it is still good news for those working in wealth management & private banking business, and creates opportunities for the market players.
The wealth management market in Russia is becoming much more competitive, spurred on by the growth of domestic providers. Russian high net worths is not yet sophisticated but the landscape for this sector is changing with the presence of an increasing number of international banks creating a more competitive market for the management of wealth.
According to Mr. Luigi Marciano ObjectWay solutions could have a good appeal in Russia and Eastern European countries as they are already used by wealth management market leaders in Western Europe.
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