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Wealth Management - Bulgaria

Bulgaria
  • Assets under Management in the Wealth Management market are projected to reach US$6.64bn in 2024.
  • Financial Advisory dominates the market with a projected market volume of US$5.67bn in 2024.
  • Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 2.02%, resulting in a market volume of US$7.34bn 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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In-Scope

  • 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

Out-Of-Scope

  • Commercial Assets or Assets Under Custody
  • Independent Financial Advisory Companies
  • Independent Financial Advisors (IFAs)
  • Full-Service Products for Insurance and Lending
Financial Advisory: market data & analysis  - Cover

Market Insights report

Financial Advisory: market data & analysis

Study Details

    Assets Under Management (AUM)

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Wealth Management market in Bulgaria has been experiencing significant growth in recent years.

    Customer preferences:
    Bulgarian customers have shown a growing interest in wealth management services, seeking professional guidance to optimize their financial portfolios. This shift in customer preferences can be attributed to several factors. Firstly, as the economy continues to grow, individuals are accumulating more wealth and are looking for ways to effectively manage and grow their assets. Secondly, the increasing complexity of financial markets and investment options has made it more challenging for individuals to navigate on their own. Lastly, the desire for financial security and long-term wealth preservation has become a priority for many Bulgarians, driving the demand for wealth management services.

    Trends in the market:
    The wealth management market in Bulgaria has witnessed a number of key trends. Firstly, there has been a rise in the number of wealth management firms entering the market, both domestic and international. This has led to increased competition, resulting in a wider range of services and products being offered to customers. Additionally, there has been a shift towards more personalized and tailored wealth management solutions, as customers seek customized investment strategies that align with their individual goals and risk tolerance. Another trend is the growing popularity of sustainable and socially responsible investing, as Bulgarians place greater emphasis on environmental and social impact when making investment decisions. Lastly, the adoption of digital technologies has transformed the way wealth management services are delivered, with online platforms and mobile apps providing customers with convenient access to their investment portfolios and real-time market information.

    Local special circumstances:
    Bulgaria's membership in the European Union has opened up opportunities for the wealth management market. The country benefits from the free movement of capital within the EU, allowing Bulgarian wealth management firms to offer their services to clients across the region. Furthermore, the low cost of living in Bulgaria compared to other EU countries has attracted foreign investors, who are seeking affordable wealth management services while taking advantage of the country's favorable tax regime. Additionally, the Bulgarian government has implemented policies to encourage foreign direct investment, which has attracted high-net-worth individuals and contributed to the growth of the wealth management market.

    Underlying macroeconomic factors:
    Several macroeconomic factors have contributed to the development of the wealth management market in Bulgaria. The country has experienced steady economic growth in recent years, driven by strong domestic demand and increasing exports. This has resulted in a growing middle class and an increase in disposable income, creating a larger pool of potential customers for wealth management services. Additionally, low interest rates have made traditional savings accounts less attractive, prompting individuals to seek alternative investment options to generate higher returns. Furthermore, the stability of the Bulgarian banking system and the country's adherence to EU regulations have instilled confidence in both domestic and international investors, further fueling the growth of the wealth management market.

    Financial Advisors

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    High Net Worth Individuals

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    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).

    Financial

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    Financial Advisory: market data & analysis  - BackgroundFinancial Advisory: market data & analysis  - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Private wealth management - statistics & facts

    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.
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