Wealth Management - Belgium

Belgium

In Belgium, the Wealth Management market is expected to see substantial growth in the coming years.
By 2024, the projected assets under management are estimated to reach US$96.18bn.
Among the various segments within Wealth Management market, Financial Advisory is set to dominate the market with a projected market volume of US$86.35bn by 2024.
Looking ahead, the assets under management are anticipated to display a steady annual growth rate (CAGR 2024-2028) of 1.26%.
This growth trajectory would result in a market volume of US$101.10bn by 2028.
The consistent growth in the Wealth Management market reflects the increasing importance of financial services and investment strategies in Belgium.
Belgium's wealth management market is experiencing a rise in demand for sustainable investments, driven by the country's strong focus on environmental and social responsibility.

Key regions: United States, United Kingdom, Germany, Hong Kong, Singapore

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Analyst Opinion

The Wealth Management market in Belgium has been experiencing significant growth in recent years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Belgium have shifted towards a more personalized and holistic approach to wealth management.

Clients are increasingly seeking tailored solutions that address their individual financial goals and risk tolerance. They value transparency, trust, and long-term relationships with their wealth managers. This has led to an increased demand for comprehensive wealth management services, including investment advisory, financial planning, and estate planning.

Trends in the market indicate a growing interest in sustainable and socially responsible investing in Belgium. Investors are becoming more conscious of the environmental and social impact of their investment decisions and are seeking opportunities that align with their values. Wealth managers are responding to this trend by offering sustainable investment options and integrating environmental, social, and governance (ESG) criteria into their investment strategies.

Another trend in the Belgian wealth management market is the rise of digital platforms and robo-advisors. These platforms provide cost-effective and convenient investment solutions, particularly for tech-savvy and younger investors. Wealth managers are leveraging technology to enhance their service offerings, improve operational efficiency, and reach a wider client base.

Local special circumstances in Belgium, such as the country's high savings rate and aging population, contribute to the development of the wealth management market. Belgians have a strong savings culture, and wealth managers play a crucial role in helping individuals and families grow and preserve their wealth. Additionally, the aging population in Belgium has led to an increased focus on retirement planning and wealth transfer strategies.

Underlying macroeconomic factors, such as low interest rates and economic stability, have also influenced the growth of the wealth management market in Belgium. With interest rates at historic lows, investors are seeking alternative investment opportunities to generate higher returns. The country's stable economy and robust financial sector provide a favorable environment for wealth management activities.

In conclusion, the Wealth Management market in Belgium is developing in response to customer preferences for personalized and holistic services, trends towards sustainable investing and digitalization, local special circumstances such as high savings rate and aging population, and underlying macroeconomic factors such as low interest rates and economic stability. Wealth managers in Belgium are adapting to these dynamics by offering tailored solutions, integrating sustainable investing practices, leveraging digital platforms, and providing comprehensive retirement and wealth transfer strategies.

Methodology

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).