There is significant growth in the number of young and female high net worth individuals, according to Merrill Lynch and consulting group Capgemini.

The figures were revealed today in the Merrill Lynch World Wealth Report.

The global average number of young HNWI (those under 45) was 17 per cent, up from 13 per cent in 2008.

The global average number of female HNWI was 27 per cent, up from 24 per cent in 2008.

The region with the most young HNWIs was Asia Pacific with 41 per cent and the region with the most female HNWIs was North America with 37 per cent.

Merrill Lynch says that firms need to take these figures into account when meeting the needs of their clients.

Firms should avoid being complacent or adopting a ‘one size fits all’ approach as this demographic would have different needs to the traditional older demographic.

Alan Walker, vice president and head of financial services at Capgemini Consulting, said: “Firms should engage earlier and more effectively with younger clients, they should have multi-generational and multi-gender teams and socially responsible investments.”

He also suggested firms should create more technology solutions such as mobile phone applications which would appeal to the younger market.

Adam Horowitz, head of UK, Ireland and Israel Merrill Lynch wealth management, also pointed out that this younger generation was more interested in green investments and socially responsible investments.

He said the IMF were already working on a green bond and various other companies were working on green investments.

While current numbers of young and female HNWIs are still relatively low, Mr Walker said he expected the trend to continue and for this to lead to significant industry change in the future.