Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$540.20bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$526.40bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 3.90%, resulting in a market volume of US$653.90bn 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 EAEU is experiencing significant growth and development. Customer preferences are shifting towards more personalized and tailored wealth management services.

There is a growing demand for investment advice, asset allocation, and portfolio management services. Additionally, clients are seeking comprehensive financial planning solutions that encompass retirement planning, estate planning, and tax optimization strategies. Trends in the market indicate a rise in the number of High Net Worth Individuals (HNWIs) in the region.

This can be attributed to factors such as economic growth, increased entrepreneurship, and the emergence of new industries. As HNWIs accumulate wealth, they require sophisticated wealth management services to preserve and grow their assets. Wealth managers are capitalizing on this trend by offering a wide range of investment products and services to cater to the specific needs of HNWIs.

Local special circumstances play a crucial role in the development of the Wealth Management market in EAEU. The region is characterized by a diverse set of economies, each with its own unique opportunities and challenges. For example, some countries in the EAEU have a strong commodity-based economy, which presents investment opportunities in industries such as energy and mining.

On the other hand, countries with a strong manufacturing sector offer potential investments in technology and industrial companies. Underlying macroeconomic factors also contribute to the growth of the Wealth Management market in EAEU. Favorable economic conditions, such as low interest rates and stable inflation, encourage individuals to invest their wealth in financial markets.

Additionally, the integration of EAEU countries into the global economy has opened up new avenues for investment and diversification. Wealth managers are leveraging these factors to attract clients and generate returns. In conclusion, the Wealth Management market in EAEU is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The market is becoming more sophisticated, with a focus on personalized wealth management services tailored to the needs of HNWIs. As the region continues to grow and evolve, wealth managers will need to adapt to these changes and provide innovative solutions to meet the evolving needs of their clients.

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.