General
Global Financial Wealth Hits $250trn Despite COVID-19
By Modupe Gbadeyanka
A new report has shown that despite the disruptions caused by the COVID-19 pandemic in 2020, global financial wealth reached an all-time high of $250 trillion.
In the new report released by Boston Consulting Group (BCG), it was revealed that last year, household savings rose and markets showed unexpected resilience in the face of the health crisis.
It was observed that in the period under consideration, many wealth management clients embraced alternative investments in their quest for higher returns, shifting away from low-yield debt securities.
As part of this trend, real assets led primarily by real estate ownership reached an all-time high of $235 trillion.
Nevertheless, Asia, which has the largest concentration of wealth in real assets ($84 trillion, 64% of the regional total) will see financial asset growth exceed real asset growth (7.9% versus 6.7%) in coming years. In particular, investment funds in the region will become the fastest-growing financial asset class, with a projected compound annual growth rate (CAGR) of 11.6% through 2025.
In the report, BCG identified two attractive markets for wealth managers. One consists of individuals with simple investment needs and financial wealth between $100,000 and $3 million. This “simple-needs segment” comprises 331 million individuals worldwide, holds $59 trillion in investable wealth and has the potential to contribute $118 billion to the global wealth revenue pool.
The report, titled Global Wealth 2021: When Clients Take the Lead, also revealed that despite the pandemic’s enduring financial impact, global prosperity and wealth grew significantly throughout the crisis and are likely to continue to expand significantly over the next five years, in line with the emerging economic recovery.
It was disclosed that North America, Asia (excluding Japan), and Western Europe will be the leading generators of financial wealth globally, accounting for 87 per cent of new financial wealth growth worldwide between now and 2025.
Anna Zakrzewski, a BCG managing director and partner, global leader of the firm’s wealth management segment, and a co-author of the report said, “Wealth managers often underserve those in the simple-needs segment with a standardized set of products, and the result is a poor client experience with no wow factor.
“This is essentially a missed opportunity. To better serve this key segment, wealth managers must embrace a new approach that lets them reach a larger audience in a cost-effective and scalable way, but with a highly personalized offering.”
Retirees, one of the world’s fastest-growing demographics, are another appealing market. Many are underserved and adversely impacted by the “advisory gap” that prevails during the retirement phase of life.
Today, individuals over 65 own $29.3 trillion in financial assets accessible to wealth managers. That figure will grow at a CAGR of close to 7% over the next five years, enabling wealth managers globally to target nearly $41.1 trillion in financial wealth by 2025. By 2050, 1.5 billion people globally will fall into the 65+ category, representing an enormous source of wealth.
In addition to the simple-needs and retirees segments, the “ultra” wealth category—individuals whose personal wealth exceeds $100 million—expanded in 2020, with 6000 people joining the 60,000-strong cohort, which has seen year-on-year growth of 9% since 2015. The category currently holds a combined $22 trillion in investable wealth, 15% of the world’s total.
According to the report, China is on track to overtake the US as the country with the largest concentration of ultras by the end of the decade. If investable wealth continues to rise there at its current annual rate of 13%, China will host $10.4 trillion in ultra assets by 2029, more than any other market in the world. The US will be close behind, with a forecasted total of $9.9 trillion in such wealth by 2029.
The faces of the ultras are changing too, with the rise of the next-generation segment. These individuals, between 20 and 50 years of age, have longer investment horizons, a greater appetite for risk, and often a desire to use their wealth to create positive social impact as well as earn solid returns. Many wealth managers are not yet ready to serve these new ultras.
“High-growth markets represent a massive opportunity, but wealth managers must build a genuine understanding of local differences and also key demographic changes,” said BCG’s Zakrzewski. “For example, women now account for 12% of ultras, most of whom are based in the US, Germany, and China. The next-gen segment is also going to be an influential driver of future growth in the next decade or so. Whether it’s a simple-needs or ultra-high-net-worth client, managers need to offer a personalized service in order to effectively capture the next wave of growth.”
By Modupe Gbadeyanka
The presidency has reacted to speculations that Mr Femi Gbajabiamila has been removed as the Chief of Staff to President Bola Tinubu.
It was alleged that Mr Gbajabiamila has been replaced with the President’s Principal Private Secretary, Mr Hakeem Muri-Okunola.
Mr Muri-Okunola went to Abuja to take up this role after leaving as the Head of Service of the Lagos State Civil Service.
Reacting to the reports on social media on the purported removal of Mr Gbajabiamila, a former Speaker of the House of Representatives, the presidency said no such change has been made.
In a statement signed on Thursday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, members of the public were advised to disregard the report as “there is absolutely no truth to this story.”
“The Chief of Staff remains in his position. The Principal Private Secretary likewise remains in his role. Hakeem Muri-Okunola has not replaced Femi Gbajabiamila as Chief of Staff.
“The viral claim is a fabrication by mischievous purveyors of fake news whose sole aim is to create disharmony within the government.
“We reiterate that news media should always verify their information before publishing or sharing on social media,” the statement said.
By Adedapo Adesanya
The new chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has assumed office with a clear message to advance the country’s upstream oil and gas sector in line with the mandate of the commission as enshrined in the Petroleum Industry Act (PIA) 2021.
According to a statement signed by Mr Eniola Akinkuotu, the Head of Media & Strategic Communications at the upstream regulator, the NUPRC boss made this assertation during her first town hall meeting with management and staff on Tuesday December 23, 2025.
She further disclosed plans to make the commission a business enabler and re-ignite investments in the upstream sector.
Recall that President Tinubu nominated Mrs Eyesan to take over the NUPRC after the abrupt resignation of her predecessor, Mr Gbenga Komolafe as well as his counterpart in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed.
In her new capacity, Mrs Eyesan also set a firm production ambition of growing Nigeria’s output and increasing gas production.
“The goal is that we must enable the industry, we are regulators. We must enable the industry from our interactions with the stakeholders, from our interactions with everybody.
“My main objective is to ensure that we make a difference. I believe the NUPRC is at the Center of the industry,” she said.
The commission boss who has served for over three decades in the oil and gas sector, promised to entrench digitisation, transparency and efficiency in operations.
The NUPRC head said with the support of staff and management, the NUPRC will become the gold-standard regulator in Africa. She also promised capacity development, stronger technical depth and sustained engagement with stakeholders, unions and professional teams.
On leadership style, Mrs Eyesan promised an open-door policy and frequent staff engagement, while also soliciting for support and cooperation as the industry embarks on the next phase of transformation.
“If we work together we can unleash opportunities, I don’t see impediments only opportunities,” she added.
By Adedapo Adesanya
President Bola Tinubu has called on Nigerians to embrace religious tolerance, peace, and unity, urging citizens of all faiths to reject violence and intolerance amid ongoing security challenges across the country.
In his 2025 Christmas goodwill message issued on Wednesday by his Special Adviser on Information and Strategy, Mr Mr Bayo Onanuga, the President emphasised that no Nigerian should suffer discrimination or violence because of their religious beliefs, reaffirming his administration’s commitment to safeguarding freedom of worship and national cohesion.
“As your President, I remain committed to doing everything within my power to enshrine religious freedom in Nigeria and to protect all people of different faiths from violence,” Mr Tinubu said, noting that all Nigerians have the constitutional right to live, worship, and pursue their aspirations in safety and dignity.
The President acknowledged growing concerns around religious intolerance and insecurity, revealing that he had engaged extensively throughout the year with leaders of Nigeria’s two major faiths.
In the last few months, the country faced a spate of attacks including kidnapping of school children and armed terror, involving the death of a high ranking army personnel.
He also said the government would continue to build on these engagements to strengthen collaboration with religious institutions, prevent conflict, and promote peaceful coexistence.
President Tinubu described Christmas as a period for reflection on the message of Jesus Christ as the Prince of Peace, urging Nigerians to draw inspiration from values of love, compassion, and goodwill that cut across all major religions.
He commended Christians in Nigeria for their contributions to national development, particularly their role in caring for the vulnerable and promoting harmony within communities.
“The love for God and love for humanity is at the heart of all the great faiths. These shared values must continue to bind us together as one indivisible and resilient people,” he said.
Reiterating his administration’s stance on security, the President said the government’s commitment to protecting Nigeria’s unity and stability has remained unwavering since he assumed office in 2023. He stressed that the state would not tolerate violence targeted at any group on the basis of ethnicity or belief.
President Tinubu also appealed to Nigerians travelling during the festive season to exercise patience and discipline on the roads, wishing them safe journeys and returns.
Expressing optimism about the country’s future, the President said that with faith in God and collective resolve, Nigeria would overcome its challenges and build a nation that future generations would be proud of.
He concluded by wishing Christians in Nigeria and around the world a Merry Christmas and Nigerians a happy New Year in advance.
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