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Global Financial Wealth Rebounds by 7% in 2023, Driven by Buoyant Equity Markets

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Financial Wealth Rebounded by Almost 7% in 2023, to $275 Trillion, After a 4% Decline in 2022 Global Net Wealth—Composed of Financial Wealth, Liabilities, and Real Assets—Grew by 4.3% in 2023, to $477 TrillionNorth America Was Among the Fastest-Growing Regions, Accounting for More Than 50% of all New Financial Wealth in 2023BCG’s 24th Annual Global Wealth Report Highlights Generative AI as an Enabler for Operational Efficiencies and Improved Client Experience

BOSTON, July 10, 2024 /PRNewswire/ — Global net wealth staged a significant recovery of 4.3% in 2023, after a difficult year in 2022. Much of the growth was due to a rebound in the financial market, as financial wealth—a subset of global net wealth—rose by almost 7%, following a 4% decline in 2022. Over the next five years, an estimated $92 trillion of financial wealth will be created.

This does not alleviate the pressure on wealth managers, who have seen their margins decrease significantly since 2007. Industry players can no longer rely exclusively on revenues from interest income, and they face rising costs due to inflation, operational inefficiencies, and tightening regulatory requirements. Generative AI (GenAI) will play a crucial role in the digital transformation of wealth managers, with use cases along the entire value chain.

These are among the findings of BCG Global Wealth Report 2024: The GenAI Era Unfolds, the 24th annual global wealth report from Boston Consulting Group (BCG), being released today.

“Wealth creation resumed in 2023—but even so, wealth managers cannot afford to stand still,” said Michael Kahlich, a managing director and partner at BCG and a coauthor of the report. “To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience.”

Financial Wealth Trends by Region

Financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for more than 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%.

Although financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China, we anticipate a significant increase through 2028, with the region likely to contribute nearly 30% of new financial wealth by 2028. In addition to China, India is well positioned to be a driver of greater wealth, having generated roughly $590 billion in new financial wealth in 2023, its largest increase in history.

The Top Booking Centers in a Changing World

Cross-border wealth grew by 5.1% in 2023, to $13 trillion, a slightly stronger number than last year’s. 

The most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world’s seventh-largest booking center and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028.Hong Kong‘s anticipated rise to become the top global financial hub was stalled by a temporary but significant slow-down in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong’s rise over the long term.Switzerland remains the largest booking center worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms.

Switzerland and other European cross-border booking centers, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. The shift is occurring mostly because of stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets. We expect Switzerland to keep its position as a leading booking center for now, capturing about 15% to 20% of global new cross-border wealth through 2028, but there will be strenuous competition for first place.

GenAI and the Future of Wealth Management

BCG’s GenAI in Financial Institutions benchmarking survey found that among more than 60 major financial institutions—including many wealth managers and private banks—85% believe that GenAI will be a highly disruptive and/or transformational force. But even though everyone is talking about it, many players are still hesitant to act, with 82% lacking an overarching, longer-term GenAI strategy and a short-term implementation roadmap.

“GenAI and other AI tools will disrupt the traditional ways of working for wealth managers,” said Akin Soysal, a BCG managing director and partner and a coauthor of the report. From client acquisition and onboarding to servicing and ongoing support, there are many ways that technology will streamline operations—also in the area of compliance—while improving customer experience. The challenge for wealth managers is to know where to begin.”

Download the publication here:

https://www.bcg.com/publications/2024/global-wealth-report-the-gen-ai-era-unfolds

Media Contact:
Eric Gregoire
+1 617 850 3783
gregoire.eric@bcg.com 

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

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SOURCE Boston Consulting Group (BCG)

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Innoscience’s current products are not affected by both rulings of the Munich Regional Court

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MUNICH, June 18, 2026 /PRNewswire/ — Innoscience today announced that the Munich Regional Court has just issued a pair of rulings, from which it could be confirmed that Innoscience’s currently marketed gallium nitride (“GaN”) power device products fall outside the scope of Infineon’s asserted German patents and may be commercialized in Germany without restriction.

These rulings are fully consistent with the final determination issued last month by the U.S. International Trade Commission (“ITC”), which found that Innoscience’s current products do not infringe Infineon’s asserted U.S. patent relating to packaging design (U.S. Patent No. 9,899,481). The Munich case concerns the German counterparts of that same patent family. In line with the ITC’s findings, the Munich Court found infringement only with respect to a limited set of legacy products—certain packaged 650–700V transistors—that had already been discontinued. Therefore, any injunction granted would not apply to Innoscience’s current product portfolio. As a result, there is no impact on Innoscience’s ongoing operations or its customers’ use of its products in Germany.

The decisions mark another significant milestone in Innoscience’s string of favorable outcomes across major jurisdictions. They follow the company’s recent success in China, where it secured an injunction and damages award against Infineon, as well as its decisive victory at the ITC in the United States last month. Together, these rulings reaffirm the legality of Innoscience’s current product portfolio and its ability to operate freely in key global markets.

While proceedings in Germany remain ongoing, including Innoscience’s invalidity challenges to the asserted German patent, the growing body of decisions across China, the United States, and Germany underscores that the global litigation campaign initiated by Infineon has not altered the competitive position of Innoscience’s core products. To the contrary, independent judicial findings across multiple jurisdictions have consistently validated the robustness of Innoscience’s technology and reinforced market confidence in the company’s product compliance and innovation capabilities.

Innoscience remains committed to advancing its technology leadership and expanding its global footprint, delivering cutting-edge GaN solutions to customers worldwide in a fair and competitive marketplace.

View original content:https://www.prnewswire.com/news-releases/innosciences-current-products-are-not-affected-by-both-rulings-of-the-munich-regional-court-302805093.html

SOURCE InnoScience

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NetZoom Announces Data Center Infrastructure Management Solution for Higher Education Institutions

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NetZoom® is a robust DCIM for managing College and University data centers, campus infrastructure and smart classrooms

CHICAGO, June 18, 2026 /PRNewswire-PRWeb/ — NetZoom offers an intuitive Data Center Infrastructure Management (DCIM) solution designed to help colleges and universities document, visualize, and manage the infrastructure supporting campus IT services, research computing, smart classrooms, and distributed data center environments.

NetZoom helps colleges and universities establish a reliable source of truth, improve operational planning, and support critical infrastructure without adding unnecessary burden to IT and facilities teams.

Higher education institutions often manage infrastructure spread across data centers, MDF/IDF closets, labs, classrooms, and multiple campus locations while supporting digital learning, campus connectivity, research workloads, and administrative systems. These environments require accurate asset management, reliable connectivity documentation, capacity planning, and operational visibility across IT and facilities.

Common infrastructure management challenges in higher education include:

Lack of a single source of truth for asset managementDistributed assets across the entire campusLimited space, power, cooling, and budget resources as digital learning, research computing, and campus IT services continue to expandMaintaining uptime and resiliency for critical academic, research, and administrative systems

“Higher education institutions are managing increasingly complex data center environments that support students, faculty, research, and campus-wide digital services,” said Uriel Campos, General Manager at NetZoom, Inc. “To manage these environments effectively, teams need clear visibility into their assets, connectivity, capacity, power, and cooling. NetZoom helps colleges and universities establish a reliable source of truth, improve operational planning, and support critical infrastructure without adding unnecessary burden to IT and facilities teams.”

NetZoom also supports IT and facilities teams by centralizing asset, connectivity, capacity, power, cooling, and change management data in a visual DCIM platform. By bringing these functions together, institutions can improve resource planning, reduce reliance on manual tracking, identify capacity constraints, and better understand the impact of infrastructure changes.

NetZoom’s DCIM solution offers significant benefits to higher education institutions including:

Campus-wide infrastructure visibility: Helps IT and facilities teams maintain a centralized view of assets across data centers, MDF/IDF closets, labs, classrooms, and distributed campus locations.Improved planning for space, power, and cooling: Provides visibility into capacity utilization so institutions can better support growing digital learning, research computing, and administrative systems.Reduced reliance on manual tracking: Centralizes asset, connectivity, capacity, and change management data to help reduce spreadsheet dependency, duplicate records, and inconsistent documentation.Operational support for limited IT resources: Helps streamline day-to-day infrastructure management, giving campus teams better access to the information needed to plan changes, troubleshoot issues, and manage equipment lifecycles.Scalable support for evolving campus technology: Allows institutions to start with core DCIM functions and expand into areas such as monitoring, reporting, service management, integrations, and advanced capacity planning as their needs grow.

Availability

NetZoom DCIM for Higher Education is immediately available in both SaaS and On-Premises deployments. For demonstrations, POCs, pricing and deployment options, contact NetZoom at 630-281-6464, email Sales@NetZoom.com or visit NetZoom.com

About NetZoom

Founded in 1995, NetZoom, Inc. is an Illinois corporation with headquarters in the Chicago area. NetZoom offers a flexible and powerful application that integrates with on-premise, virtual and cloud resources and many third-party tools like ServiceNow® to create a complete DCIM solution for data center professionals worldwide to effectively model, manage, monitor and maximize IT and Facility infrastructure.

For more information, visit NetZoom.com

NetZoom is a registered trademark of NetZoom, Inc. All other marks and names are trademarks of their respective companies.

Media Contact

Marketing Department, NetZoom, Inc., 1 630-281-6464, Marketing@NetZoom.com, https://NetZoom.com

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SOURCE NetZoom, Inc.

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NOVVA Group acquires 120 MWp Philippines solar project, anchoring its AI-era power platform in Southeast Asia

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HONG KONG, June 19, 2026 /PRNewswire/ — NOVVA Group (“Novva”), a global AI-enabling energy infrastructure platform, announced today that it has signed a definitive agreement to acquire 100% of San Jose Solar Power Plant (“SJSP”), a utility-scale solar PV project in Bukidnon, Mindanao, from Mabuhay Power Holdings Corporation. The acquisition marks Novva’s first investment in the Philippines and a critical milestone in its strategy to build a scalable, bankable power platform across Southeast Asia.

SJSP is a 120 MWp greenfield solar project located in Barangay San Jose, in the Municipality of Quezon, Bukidnon. Once operational, it is expected to generate over 200 GWh of clean electricity per year. Construction is scheduled to begin in Q1 2027, with commercial operation targeted for 2028.

The transaction comes amid an unprecedented surge in Asian power demand, driven by the rapid expansion of artificial intelligence, cloud computing, and digital infrastructure. With energy availability emerging as the primary constraint on sustained economic growth, resilient power infrastructure has become vital. The project also advances the Philippines’ goal of a 35% renewable energy share by 2030, channelling clean capacity into one of Southeast Asia’s fastest-growing digital economies.

Steven Liu, Founder and CEO of Novva, said: “Power availability has become one of the defining constraints on future growth. With SJSP, we are securing the strategic infrastructure needed to support the next wave of industrial and digital development. By combining disciplined execution with long-term partnerships, Novva is building a reliable clean energy foundation to power the future of Southeast Asia.”

SJSP will integrate directly into Novva’s regional platform, which combines renewable generation, flexible power solutions, energy storage, grid connectivity and infrastructure financing capabilities. Novva remains committed to scaling clean energy capacity to sustain the next generation of hyperscale data centres and digital economies.

About Novva
Novva (NOVVA Group Pte. Ltd.) is a global AI-enabling energy infrastructure platform that originates, finances, builds, and operates bankable clean energy assets across Southeast Asia and Latin America. As digital transformation drives an unprecedented increase in global electricity demand, Novva scales its clean power capabilities to build the reliable energy foundation for the AI era and beyond.
www.novvaglobal.com

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SOURCE NOVVA Group

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