With the global economy creating millionaires and billionaires at breakneck speed, the industry handling their money is about to explode.
Six years from now, the asset management industry, which currently controls about $60 trillion in wealth, will be responsible for more than $100 trillion by 2020, according to a recent study from PricewaterhouseCoopers.
PwC attributes the surge both to a general growth in emerging economies, particularly in Asia.
"Changing demographics" are the root of the expected growth, Barry Benjamin, PwC's global leader for asset management, said in an interview.
"We have a lot of movement happening, not just from ... the baby boomers retiring ... but really the [number] of folks outside the Western world, in particular in Asia and the growing economies—emerging markets—whether it's Latin America, the African continent or more importantly the rapidly growing Asia," he said.