Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$10.94bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$10.76bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.87%, resulting in a market volume of US$11.42bn 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 Cyprus has been experiencing significant growth in recent years, driven by several key factors. Customer preferences for personalized and comprehensive financial services, along with the local special circumstances and underlying macroeconomic factors, have contributed to the development of this market.

Customer preferences in Cyprus have shifted towards seeking professional advice and guidance for managing their wealth. This is partly due to the increasing complexity of financial markets and investment options, as well as the desire for a more holistic approach to wealth management. Clients are looking for personalized solutions that take into account their individual financial goals, risk tolerance, and investment preferences.

They also value a high level of customer service and a strong track record of performance from wealth management providers. In line with global trends, the Wealth Management market in Cyprus has seen a rise in demand for sustainable and socially responsible investment options. Clients are increasingly interested in investing in companies and funds that align with their values and have a positive impact on society and the environment.

This trend has been driven by a growing awareness of environmental and social issues, as well as a desire to generate long-term returns while making a positive contribution to the world. Another notable trend in the market is the increasing use of technology and digital solutions in wealth management. Clients are now expecting seamless online platforms that provide easy access to their investment portfolios, real-time market information, and personalized financial advice.

Wealth management firms in Cyprus have responded to this demand by investing in digital capabilities and developing user-friendly mobile applications. Local special circumstances in Cyprus have also contributed to the development of the Wealth Management market. The country's strategic location and favorable tax regime have attracted a significant number of high-net-worth individuals and international investors.

Cyprus has become a popular destination for wealthy individuals looking to diversify their investment portfolios and take advantage of the country's business-friendly environment. Underlying macroeconomic factors have also played a role in the growth of the Wealth Management market in Cyprus. The country has experienced a period of economic stability and growth, with a resilient banking sector and a favorable regulatory environment.

This has created a conducive environment for wealth management activities and has attracted both domestic and international players to the market. In conclusion, the Wealth Management market in Cyprus has been developing rapidly due to customer preferences for personalized and comprehensive financial services, the local special circumstances of the country, and the underlying macroeconomic factors. As clients increasingly seek professional advice and guidance, wealth management providers in Cyprus are adapting to meet their needs by offering customized solutions and embracing digital technologies.

The market is expected to continue growing as Cyprus maintains its attractiveness as a wealth management destination.

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.