Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$13.58tn in 2024.
Financial Advisory dominates the market with a projected market volume of US$13.34tn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.34%, resulting in a market volume of US$13.81tn 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 Eastern Asia is experiencing significant growth and development, driven by various factors such as increasing affluence, changing customer preferences, and local special circumstances. Customer preferences in the Wealth Management market in Eastern Asia are shifting towards more personalized and comprehensive services.

High-net-worth individuals in this region are seeking tailored investment solutions that can help them achieve their financial goals. They are looking for wealth managers who can provide a wide range of services, including investment advisory, estate planning, and tax optimization. Additionally, there is a growing demand for digital wealth management platforms that offer convenience and accessibility.

Trends in the market show that wealth management firms in Eastern Asia are expanding their product offerings to meet the evolving needs of their customers. They are launching innovative investment products and solutions that cater to different risk appetites and investment objectives. For example, some wealth managers are introducing sustainable and socially responsible investment options to attract environmentally conscious investors.

Others are focusing on alternative investments such as private equity and real estate to diversify portfolios and generate higher returns. Local special circumstances also play a significant role in shaping the Wealth Management market in Eastern Asia. One such circumstance is the strong emphasis on family and intergenerational wealth transfer.

In many Eastern Asian cultures, preserving and growing family wealth is a top priority. This has led to the development of specialized wealth management services that focus on succession planning and wealth preservation strategies. Wealth managers in this region need to understand and navigate the complex dynamics of family relationships and cultural norms to effectively serve their clients.

Underlying macroeconomic factors are also contributing to the growth of the Wealth Management market in Eastern Asia. The region has witnessed rapid economic growth in recent years, leading to a significant increase in the number of high-net-worth individuals. The rising affluence has created a demand for sophisticated wealth management services that can help individuals manage and grow their wealth.

Additionally, favorable government policies and regulatory reforms have created a conducive environment for the development of the wealth management industry. In conclusion, the Wealth Management market in Eastern Asia is experiencing robust growth and development due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Wealth managers in this region need to adapt to these dynamics and offer personalized and comprehensive services 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.