Wealth Management - Austria | Statista Market Forecast

Assets under Management in the Wealth Management market are projected to reach US$247.40bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$237.10bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.57%, resulting in a market volume of US$254.50bn by 2029.

Definition:

Wealth management is a service provided by financial institutions, such as banks or investment firms, to help individuals manage their money and investments. The goal of wealth management is to help people grow and protect their wealth over time, by creating personalized investment plans that consider their financial goals, risk tolerance, and overall financial situation. This goal ultimately emphasizes wealth creation through wealth preservation.

Structure:

The Wealth Management market consists of two different segments, Financial Advisory and Digital Investment. Financial Advisory covers traditional financial advisory services and provides a broader look into the revenue generated by this offering. Digital Investment contains automated investment services (Robo-Advisors) and online trading services (Neobrokers) that go beyond the means of traditional financial advisory services.

Additional information:

The market comprises of revenues, number of advisors, average revenue per advisor, assets under management (AUM), users, average revenue per user, and average AUM per user. Revenues are generated through the financial advisory services offered by the financial institutions within the Wealth Management market space. The market only displays B2C revenues and users for the above-mentioned segments and subsegments; B2B and B2G revenues are not included. Additional definitions for each segment can be found on the respective segment pages.
Market numbers for Digital Investment are also featured among our digital markets, namely in the Digital Investment segment of the Fintech market.
Key players in the market include financial institutions such as BlackRock, Vanguard Group, Fidelity Investments, State Street Global, and J.P. Morgan Chase & Co.

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Traditional & Digital Wealth Management (non-automated & automated wealth management services)
Traditional Investment, incl. Financial Advisors
Banks, Financial Institutions, and Financial Services Companies
Digital Investment, incl. Robo-advisors and Neobrokers
Full-Service Products for Investing and Trading
Retail/Non-Professional Investors

Commercial Assets or Assets Under Custody
Independent Financial Advisory Companies
Independent Financial Advisors (IFAs)
Full-Service Products for Insurance and Lending

The Wealth Management market in Austria has been experiencing significant growth in recent years. With a strong economy and a stable financial sector, Austria has become an attractive destination for wealthy individuals and families seeking professional wealth management services.

Customer preferences: Austrian clients in the wealth management market have shown a strong preference for personalized and holistic wealth management solutions. They value a comprehensive approach that takes into account their financial goals, risk tolerance, and family dynamics. This has led to an increased demand for wealth management firms that offer a wide range of services, including investment management, financial planning, estate planning, and tax optimization.

Trends in the market: One of the key trends in the Austrian wealth management market is the growing focus on sustainable and socially responsible investing. Wealthy individuals in Austria are increasingly concerned about the environmental and social impact of their investments and are seeking wealth managers who can help them align their financial goals with their values. This trend is driven by a combination of factors, including changing societal attitudes, increased awareness of environmental and social issues, and regulatory developments promoting sustainable finance. Another important trend in the Austrian wealth management market is the rise of digitalization. Wealth management firms are increasingly leveraging technology to enhance their service offerings and improve the client experience. This includes the use of digital platforms for portfolio management, online account access, and client communication. The adoption of digital tools has been accelerated by the COVID-19 pandemic, which has highlighted the importance of remote access and digital solutions.

Local special circumstances: Austria has a well-developed banking sector and a strong tradition of private banking. This has created a favorable environment for the growth of the wealth management market. Austrian banks have a long history of serving wealthy clients and have built up expertise in wealth management over the years. This expertise, combined with a deep understanding of the local market and regulatory landscape, gives Austrian wealth managers a competitive advantage.

Underlying macroeconomic factors: The Austrian economy has been performing well in recent years, with steady GDP growth and low unemployment rates. This has contributed to an increase in the number of wealthy individuals and families in the country, driving the demand for wealth management services. Additionally, Austria has a favorable tax environment for high-net-worth individuals, with relatively low tax rates and a wide range of tax incentives and exemptions. This has further incentivized individuals to seek professional wealth management advice to optimize their tax planning strategies. In conclusion, the Wealth Management market in Austria is experiencing growth due to customer preferences for personalized and holistic wealth management solutions, trends towards sustainable investing and digitalization, the country's strong banking sector and tradition of private banking, and favorable macroeconomic factors such as a growing economy and a favorable tax environment.

Data coverage:

The data encompasses B2C enterprises. The figures are based on gross revenues, assets under management, and user & advisor data of relevant services and products offered within the Wealth Management market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research activities (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as: GDP, gross national income (GNI), consumer spending, total investment (% of GDP), high income (% of population), and number of high-net-worth individuals (HNWI). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Private wealth management has developed significantly in recent years as a result of the growth of affluence worldwide. The number of millionaires in North America more than doubled between 2010 and 2022. A similar trend can be observed in the Asia-Pacific and Europe. The total wealth of the adult population in Europe has steadily increased since 2010. Private Wealth Management is an increasingly important service as the rate of wealth continues to increase among the general population and affluent high-net-worth-individuals. Coupled with the recent developments in the Fintech market, this has helped to open up new Private Wealth Management products and services to people with smaller amounts of disposable income and expanding services offered to larger clients.