Total global financial wealth soared by 8.3% in 2020 to a record £178 trillion despite predictions of a decline due to Covid-19, according to a new report by the Boston Consulting Group.

Financial wealth in the UK grew by 7% in 2019-20 compared to 5% for Western Europe, according to a new report.

One of the authors of a new global wealth management report believes that the Covid-19 outbreak could have a “profound” impact on the UK wealth management sector which has flourished in recent years.