TRADITIONALLY, NORDIC DOMESTIC banks have focused on affluent clients, rather than high-net-worth clients. The high level of taxes in the Nordic region, excluding Iceland, has kept a lid on the growth of the high-net-worth sector, while the technology boom pushed a considerable number of Nordic retail clients up into the mass affluent zone.
In 1999, there was a 39% increase in the number of affluent individuals in the Nordic region as a result of their heavy exposure to equities and, in turn, technology stocks.
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