Bringing you live news and features since 2006 

Stockholm

Sweden set for dramatic growth in digital wealth management, says Nucoro

RELATED TOPICS​

London-based fintech firm Nucoro believes Sweden is set to see huge growth in its digital wealth management sector, citing three key factors driving the development.

The first is a rapidly growing population of mass affluent and high net worth individuals, Nucoro says, with a significant percentage of Sweden’s workforce employed in the technology and the telecommunications sectors, and the country’s huge and growing focus on fintech.

The firm writes that analysis of industry data reveals that 7 per cent of people in work in Sweden earn over USD90,000 a year or SEK906,000. It’s analysis also reveals a growing pool of wealthy people in Sweden, many of whom Nucoro believes are increasingly open to using digital wealth management services. 

There were around 200,500 millionaires in Sweden in 2018, and this is set to rise to 245,000 (an increase of 22 per cent) by 2023. In terms of those Swedes worth USD30 million or more, there were around 3,820 with this level of wealth in 2018, and this is expected to rise to 4,700 – an increase of some 25 per cent – by 2023.

In terms of HNWs and the technology and telecommunications sector, Nucoro reveals that around 16 per cent of Sweden’s wealth is derived from the technology and telecommunications sectors. This is one of the highest percentages of any country, and it means that many Swedes are comfortable using digital wealth management services.  

Sweden was one of the earliest adopters of technology in financial services, and this is reflected in its fintech sector, which attracted a record investment last year, Nucoro. Sweden’s fintech sector saw investment of EUR778 million in 2019, the seventh largest amount of any country in the world, and in Europe only the UK and Germany received more. 

Stockholm has one of the most thriving fintech scenes in Europe. It has 114 banks and nearly 400 fintech companies. Some 18 per cent of the Swedish capital’s citizens are employed in the tech sector, and the most common job in Stockholm is a programmer.  

Nikolai Hack, COO Nucoro says: “Sweden is an incredibly attractive market for the digital wealth management sector. Over the next few years, we expect to see a rapidly increasing number of services in this area being launched to cater for a growing pool of people who are comfortable using digital platforms to manage their investments and wealth. 

“We are keen to work with both traditional and non-traditional financial services companies in Sweden to help them develop propositions in this area.”  

Latest News

BlackRock’s global ETP flows report for June finds a steady rise with USD128.1 billion added to global ETPs in June,..
Morningstar’s global ETF flows report for the first half of 2024 shows that actively managed ETFs have captured 25 per..
The surge in bitcoin ETF launches and funds flowing into the sector is transforming institutional investment in digital assets but..
LSEG Lipper’s latest research finds that the majority of actively managed funds and ETFs globally were not able to beat..

Related Articles

Chris Lo, Columbia Threadneedle
In a recent insight on India by Columbia Threadneedle Investments, the firm reports that the country’s economic reforms, which aim...
With an election on the horizon in the United States a group of ETFs is poised to capture investments on...
Robot worker
Qraft Technologies, based in South Korea, specialises in the use of AI in security selection and portfolio construction....
Andrea Busi, Directa SIM
Romain Thomas talks to Andrea Busi (pictured), CEO of Directa SIM, who explains why the online trading platform has just...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by