As the world's population starts to live longer, there's one industry set to capitalize on retirement plans.
The asset and wealth management sector is set to reach $145.4 trillion in assets under management by 2025 as governments step back from helping people saving for retirement, a report by PricewaterhouseCoopers (PwC) showed Monday.
Global assets under management reached $84.9 trillion in 2016 and will therefore almost double to hit $145.4 trillion in 2025, the latest Asset and Wealth Management Revolution report showed. This means the industry will see assets growing at a pace of 6.2 percent a year, with stronger performances in Latin America and Asia-Pacific.
"The burgeoning wealth of high-net worth individuals and the mass affluent, as well as a pronounced shift to defined contribution retirement saving, are propelling huge growth in the asset and wealth management industry," PwC said in a statement Monday.