The Rich are Getting Richer, But Still Don’t Get CryptocurrencyAuthor: Melanie KramerLast Updated: 20 June 2018 The Capgemini World Wealth Report 2018 has revealed the rich are getting richer — and want better advice from their wealth managers on cryptocurrency investments. According to the report published June 19, 2018, high net worth individuals (HNWIs), with at least $1 million to invest outside of their main property investments, aren’t getting enough information about cryptocurrency investing from their wealth managers. The Capgemini report states:Cryptocurrencies gained global attention in 2017, but the wealth management industry remains cautious.The figures suggest that 29 percent of millionaires have a high degree of interest in buying or holding cryptocurrencies and a further 27 percent “sit on the fence” — giving a total of 56 percent that might easily be swayed to invest in cryptocurrency. 44 percent, meanwhile, have low interest in cryptocurrencies. Yet, only a third of Capgemini’s millionaires had received information from their wealth managers. Caution or Missed Opportunity?The figures could indicate that wealth managers are still cautious in suggesting cryptocurrency investments and products, or they could point to a lack of knowledge amidst investment advisors.Around 56 percent of HNWIs say they are connected well with their wealth managers.Capgemini is optimistic and concludes that it is regulatory uncertainty and “firm caution” that is preventing cryptocurrencies from becoming a greater feature in the wealth management industry:The strong demand for information on cryptocurrencies from younger HNWIs is likely to force wealth management firms to at least develop and offer a point of view during the months ahead.As wealth management firms are historically versed in traditional and institutional investing — they may need to do their research regarding cryptocurrencies. When the predicted move of institutional investors into cryptocurrencies finally happens, wealth managers are likely to have to keep up with ever-rising interest from their HNWI clients.The Rich Are Getting RicherInvestment returns for millionaires are above 20 percent in 2017 — for the second year in a row, according to the report — resulting in collective wealth for all HNWIs of above $70 trillion for the first time. The total collective wealth of HNWIs for 2025 is predicted to hit $100 trillion.In April 2018, Credit Suisse estimated that the worlds richest one percent now own over half of all global wealth — a figure that could move to the richest one percent towards owning a massive two-thirds of global wealth by 2030.The rich are clearly getting richer and also more interested in cryptocurrencies — meaning the massive $291 billion dollars already invested into cryptocurrencies could soon increase.In February 2018, Kraken cryptocurrency exchange CEO, Jesse Powell, predicted that the total market capitalization for cryptocurrencies could hit $1 trillion dollars in 2018. Around the same time, the billionaire Winklevoss twins made their prediction of $5 trillion dollars.What is your prediction for the total market capitalization for cryptocurrencies by the end of 2018?Images courtesy of Shutterstock, Bitcoinist archives.The post The Rich are Getting Richer, But Still Don’t Get Cryptocurrency appeared first on Bitcoinist.com.