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.
For more information on the data displayed, use the info button right next to the boxes.
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
The Wealth Management market in Nigeria has been experiencing significant growth and development in recent years.
Customer preferences: Nigerian customers are increasingly seeking professional guidance and assistance in managing their wealth. They are looking for personalized and tailored financial advice to help them achieve their financial goals. This has led to a growing demand for wealth management services in the country.
Trends in the market: One of the key trends in the Wealth Management market in Nigeria is the increasing adoption of technology. Wealth management firms are leveraging digital platforms and tools to provide more efficient and convenient services to their clients. This includes online investment platforms, mobile apps, and robo-advisory services. The use of technology has also enabled wealth managers to reach a wider audience and provide services to clients in remote areas. Another trend in the market is the focus on sustainable and socially responsible investments. Nigerian customers are becoming more conscious of the environmental and social impact of their investments. As a result, wealth management firms are incorporating Environmental, Social, and Governance (ESG) criteria into their investment strategies. This trend is driven by global awareness of sustainability issues and the increasing demand for ethical investments.
Local special circumstances: Nigeria has a large and growing middle class population, which presents a significant opportunity for the Wealth Management market. As the economy continues to grow, more individuals are accumulating wealth and seeking professional advice on how to manage it. This has created a favorable environment for wealth management firms to expand their services and cater to the needs of this emerging market segment.
Underlying macroeconomic factors: The development of the Wealth Management market in Nigeria is also influenced by several macroeconomic factors. The country has experienced stable economic growth in recent years, driven by sectors such as oil and gas, telecommunications, and banking. This has resulted in an increase in disposable income and wealth creation, leading to a greater demand for wealth management services. Additionally, the government has implemented various reforms to improve the business environment and attract foreign investments. This has contributed to the overall growth of the economy and created opportunities for wealth management firms to expand their operations in Nigeria. In conclusion, the Wealth Management market in Nigeria is developing rapidly due to changing customer preferences, technological advancements, and a favorable macroeconomic environment. Wealth management firms are adapting to these trends by leveraging technology, incorporating sustainable investment strategies, and expanding their services to cater to the growing middle class population. With the continued economic growth and favorable business environment, the Wealth Management market in Nigeria is expected to further expand in the coming years.
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
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).Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights