UBS

Much of the 2.4 per cent decline in global wealth in 2022 – the second-biggest this century – stemmed from US dollar appreciation, but even controlling for exchange rates it was the slowest wealth increase since the GFC, UBS and Credit Suisse said in a new report. And for the first time, Australia did not record the highest median wealth in the developed world.

Companies were largely able to pass cost increases on to the surprisingly resilient Australian consumer, allowing them to defend profit margins, while retail continued to defy analysts’ expectations of a downturn.

Netwealth and HUB24 are expected to continue eating the incumbents’ lunch, according to UBS. Meanwhile, as adviser numbers have halved the average amount of money they manage has doubled.

It seems to be a rite of passage these days, investment bankers heading out on their own to start asset management businesses. Times are good. So good that the Australian market is flooded with boutique investment managers ranging from global equity to small cap strategies seeking to build their careers and profitable businesses at the…