Accenture, the multinational IT services company, published a new survey analyzing wealthy Asian investors' portfolios on digital assets, noting that the majority of them are interested in holding cryptocurrencies directly or indirectly. The survey included 3,200 participants from Hong Kong, India, Indonesia, Japan, and other countries, with investable assets ranging from $100,000 to $5 million.
Wealthy Asians Are Interested in Cryptocurrency
Accenture found that 52% of affluent investors in Asia held digital assets as of Q1 2022, and that percentage could rise to 73% by the end of the year in a study titled "Digital assets: Unclaimed territory in Asia." Cryptocurrencies, tokenized assets, and crypto funds are among their holdings.
In particular, 72% of wealthy Singaporeans have invested in digital assets, with another 14% planning to do so in the near future. Singapore, like Thailand and India, has more than 80% of its investors showing a strong interest in digital assets.
With the recent rise of cryptocurrencies, investors have allocated a portion of their portfolios to the emerging asset class. On average, wealthy investors would allocate roughly 7% of their portfolio to cryptocurrency, making it the region's fifth-largest asset class. According to Accenture's research, it ranks only behind equities, fixed income, cash, and real estate.
According to the report, helping clients transact digital assets represents a $40 billion revenue opportunity for wealth managers in Asia alone.
However, after interviewing 550 wealth managers in the financial industry, the company discovered that two-thirds do not intend to offer crypto-related products to their clients. It came to the conclusion that the lack of professional financial advice has led to investors seeking advice through "unregulated forums" such as social media.
Asian Wealth Managers Are Waiting
According to the report, the three major factors preventing wealth managers from delving deeply into the field are a lack of belief in digital assets, a wait-and-see mindset, and the complex operational process required for launching relevant services due to regulatory concerns.
It's worth noting that over 75% of clients said they would like to have access to "advice on digital asset investments" and support for trading digital assets through wealth managers in the future.
According to a previous survey, 72% of 500 financial advisors will be more likely to invest client funds in digital assets if the US watchdog approves a spot ETF.
As cryptocurrency adoption grows, investors seek a simpler and safer way to gain exposure to the asset.
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