Old Money, New Horizons: Private wealth markets enter a fresh era 

Our next Month of Meraki feature is written by International Private Wealth principal consultant Paul McGhee as he describes the evolving landscape of Private Client recruitment across offshore markets. 

For years, the private client world has been a highly specialist, highly lucrative market one built on trust, discretion, and stability. Roles were concentrated in established offshore hubs like Bermuda, the Channel Islands, and the Cayman Islands, where wealth managers quietly looked after the assets of the super-rich through trusts, funds, corporates, and private equity. 
 
But the past 18 months have tested even the most resilient players in this space. 
 
Recent global uncertainty, from the war in Ukraine to Middle East unrest and tariff tensions between the US and the rest of the world has created hesitation. Hiring cycles slowed, and senior private client roles became harder to fill. For a sector built on long-term confidence, this pause was significant. 

Technology, trust, and shifting attitudes 

Another challenge has been technology’s growing influence. AI, digital platforms, and cryptocurrency have transformed how money could be managed, but many ultra-high-net-worth families remain risk-averse, gravitating towards tried-and-tested methods. 
 
Private Wealth managers have prioritised client retention over innovation, especially when there’s no long-term evidence that emerging tech will deliver consistent returns. This caution has contributed to a slower evolution in how private wealth is invested and managed. 

The market reawakens 

Now, as we move further into 2026, optimism is returning. We’re starting to see momentum building again, not just in traditional offshore centres but across a wider range of locations. 
 
Offshore is going onshore: 

• LATAM is opening up as new private wealth hubs emerge in Mexico, Brazil, and Chile.
• Africa is attracting major investment, with lighter regulations and fast-growing economies driving opportunity. 
• The Middle East (including the UAE, Saudi Arabia, and Qatar) continues to benefit from tax-friendly policies, ambitious development strategies, and a surge in cross-border wealth flows.

These regions are redefining where private wealth professionals can build rewarding careers and where firms can grow their client bases. 

Generational Change, New Horizons 

There’s another shift quietly shaping the future: generational transition. As wealth moves into the hands of younger family members, attitudes towards risk, technology, and investment diversification are changing. 
 
While the foundations of trust and stability remain, we’re seeing greater openness to new asset classes, digital solutions, and alternative investment strategies. 
 
This, in turn, is driving recruitment trends. For months, junior-level private wealth roles have remained steady, but we’re now seeing movement at the senior level too, from portfolio managers to heads of operations. Importantly, these roles are no longer confined to the classic offshore islands. Opportunities are expanding globally, creating a more dynamic and varied hiring landscape. 

A market on the move 

After a period of pause, the private client market is regaining its confidence. Traditional hubs are bouncing back, new geographies are emerging, and firms are starting to embrace new ways of managing and growing wealth. 
 
For candidates, this means more choice than ever before. From established offshore locations to fast-growing onshore wealth centres. For firms, it means navigating a broader, more complex market while competing for specialist talent across the globe. 
 
The quiet world of private wealth is evolving  and for those ready to adapt, the opportunities are bigger, bolder, and broader than ever. 

Please get in touch if you are interested in roles within Private Wealth or are seeking fresh talent for your business. Email me on paul.mcghee@merakitalent.com