Deloitte expects the wealth management sector to generate an extra $250 billion for the nation’s economy.
The other key sectors are gas, agribusiness, international education and tourism. These five super growth sectors, along with health, are all projected to grow 10 per cent faster than GDP in the next 10 to 15 years.
Deloitte wealth management leader Neil Brown explained that with the global population ageing and the wealth in our region continuing to grow, demand for wealth management services will remain high.
“This offers the Australian industry the perfect opportunity to trade on its expertise and the probity of its wealth management sector,” said Mr Brown.
Deloitte identified retirement living and leisure, residential aged care, the reskilling of the ageing workforce and health as the most significant areas of growth for the wealth management sector.
Mr Brown said 3 billion people are expected to join the middle class in Asia by 2030 and the region to account for more than half of the world’s financial assets by 2050.
“This combination, together with our domestic success in building the fourth largest superannuation asset pool in the world, is an attractive proposition to both the domestic and the growing Asian middle classes,” he said.
Mr Brown believes the strong regulation and reasonably stable policy framework established around wealth accumulation in Australia places the nation in a good position to compete in the business of wealth management on a global level and become a “more significant global financial centre”.
