Robust growth in North America and Asia-Pacific drove - not for the first time - the 6.7 per cent and 7.2 per cent increases in global HNWI population and wealth respectively, with wealth across the world projected to cross $70 trillion by 2017, the report by RBC Wealth Management and Capgemini said.

Besides HNWI population and wealth statistics, this year's paper covers global trends including investment behaviors, social impact investing, asset allocation, investor wealth needs and advisor relationships.

For David Wilson, head of strategic analysis at Capgemini, one of the most surprising findings is the extent to which there is demand for automated advisory services; globally, 49 per cent of HNWIs would consider using a 'robo' advisor - particularly younger individuals - and “only 20 per cent of wealth managers thought this would be the case,” he said.

This is just as much an opportunity for the sector as it is a challenge, Wilson noted, because many of these clients equally are demanding holistic, goals-based financial planning - across the age spectrum. “The bottom line is, I think, firms need to be able to provide a lot - done well.”

Similarly, John Taft, chief executive of RBC Wealth Management in the US, noted that online brokerage execution services have existed for a long time, are often used by high and UHNW clients for a portion of their wealth, and certainly haven't displaced in-person advice.

For, Taft what he finds notable among the findings is that cash - while having been narrowly overtaken by equities - still represents one of the largest client portfolio holdings. “We continue to have, six years into the bull market, investors that are still very conservative by historical standards,” he said.

“The other thing that is interesting...is the extent to which HNWIs are interested in social impact investing. This is a very significant trend in the wealth management industry. It started with institutional investors and now is a wave sweeping through individual investors as well. It's an opportunity because HNWIs are willing to turn to wealth managers as a credible source of social impact investing advice. For wealth managers who provide that, it's a great way to add value at a time when adding value is critical to preserving the value proposition of advisors.”

Overall, Taft cited the need to manage and navigate escalating regulatory and cost pressures, and the differences between factors that younger and older investors look at when it comes to assessing their satisfaction with wealth management firms, as what he believes should be among the industry's biggest areas of focus in 2015. Wilson added that, despite considerable headway, there is also room for improvement in relation to digital investments, as has been advocated by previous industry research in recent months.

Trends: North America focus

As was anticipated, the 2015 World Wealth Report found that Asia-Pacific overtook North America in terms of HNWI population with 4.69 million in 2014 and – while the two have traded places in this respect before – is expected to retain and extend this status.

Powered by India - which logged the highest rates of growth in HNWI population and wealth globally - the region is also predicted to steal North America's number one spot in HNWI wealth terms this year .

Taking a closer look at North America, its HNWI population grew by 8.3 per cent in 2014 to 4.68 million, and its total wealth by 9.1 per cent, which the report said was propelled by strong equity market performance.

US HNWI wealth expanded at a rate of 9.4 per cent – higher than the 7.2 per cent global average – to $15.2 trillion, while its population grew by 8.6 per cent to 4.4 million. The population of Canada however rose below the global average rate at 3.7 per cent to 331,000 - after a 7.2 increase in 2013. Canadian HNWI wealth increased by 5.1 per cent to $1 trillion.

Most pronounced in North America in terms of trends, HNWIs are increasingly seeking professional advice, according to the report, with 55.6 per cent doing so in Q1 2015, up from 44 per cent a year earlier. It also emerged that younger HNWIs in the region are slightly less inclined to seek professional advice compared their older counterparts, at 52.2 per cent versus 56.7 per cent, respectively.

HNWIs in North America show the least propensity in the world to use automated advisory services, at 33.5 per cent compared to the global average of 48.6 per cent. Lower costs and convenience were cited as the biggest aspects likely to drive respondents' consideration to do so, however. Younger HNWIs are also, somewhat predictably, more likely to use automated advisory services than those aged 45 and over, the report found.

In terms of what HNWIs in North America regard as their most critical wealth needs, strong investment performance came out on top , followed by the ability of their wealth manager to understand their concerns and needs , and their wealth being managed with a clear understanding of their risk tolerance . They were highly satisfied with the extent to which these needs are currently met, according to the findings.

Meanwhile, with over a third of North American HNWIs interested in receiving more social impact advice from their primary wealth manager, there is an opportunity for the industry to enhance its support in this area, echoing what Taft said.