Our client, an international wealth manager, wanted to find out more about the Resident Non-Domicile (RND) population in the UK. This was to be the first step in them setting up a dedicated RND offering.
The RND group had received much attention in both the press and industry, but little was really known about them.
As a first step in this process, they wanted to accurately size the number of individuals, as well as the various wealth levels they held.
Wealth-X initially sourced what little data exists on the population. This was done using our links with the national statistics offices, including the HMRC. We were also able to use Freedom of Information requests.
We then undertook extensive secondary research on the population in order to understand key trends in their number and nature. This included access to our Library – over a decade of key proprietary and third party research publications.
Finally we integrated our Wealth Model, to stratify the various wealth levels.
Our model then allowed us to both estimate the numbers of wealthy RNDs, but also forecast these out for a further five years.
The population of RNDs is relatively small in absolute terms, but still significant for wealth managers. These individuals come from a variety of countries and they have complex financial and investment needs.
Our estimates provided real visibility into this secretive population, and allowed the client to make a yes/no decision on whether to pursue this opportunity further, and conduct next stage research into their nature and needs.
As a value add, we were able to share insights into another segment of the wealthy population that we thought would be of interest.
Source : wealthx.com