Technology sector slowing in past 3 years in creating wealth

The technology sector, the source of many of the world’s richest individuals, is no longer creating wealth at the rate that it once was, with WealthInsight’s global research of the 10 largest markets for tech high net worth individuals (HNWIs) showing that all but two – Germany and Sweden – have slowed since peaking in 2012-13. In the latest white paper, head of WealthInsight Intelligence Center Database Oliver Williams looks at the challenges and opportunities for tech millionaires.

The white paper suggests that the tech sector is slowing in its creation of millionaires or HNWIs. Also, the number of millionaires in the US who are making their wealth from the tech sector has slowed down in the past three years, from a year-on-year growth of 12.7 per cent in 2012 to 2.7 per cent to date.Meanwhile, HNWI asset allocation to tech start-ups is at their highest after venture capitalism gains in popularity among millionaires – individuals with net assets of $1 million or more excluding their primary residences.

[“Source-business-standard”]