Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$653.50bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$614.10bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.88%, resulting in a market volume of US$682.80bn 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 Southeast Asia is experiencing significant growth and development due to shifting customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Southeast Asia are changing, with a growing demand for personalized wealth management services.

High-net-worth individuals in the region are seeking tailored investment strategies and financial advice to meet their specific goals and objectives. They are looking for wealth managers who can provide a comprehensive range of services, including investment planning, tax optimization, and estate planning. Additionally, there is an increasing interest in sustainable and socially responsible investments, as individuals in Southeast Asia become more conscious of the environmental and social impact of their investments.

Trends in the Wealth Management market in Southeast Asia are also driving its development. One key trend is the rise of digital wealth management platforms. Fintech companies are leveraging technology to provide convenient and accessible wealth management solutions.

These platforms offer automated investment advice, online portfolio management, and easy access to financial information. They appeal to a younger generation of investors who are tech-savvy and prefer digital channels for managing their wealth. Another trend is the growing popularity of alternative investments, such as private equity, real estate, and hedge funds.

Wealthy individuals in Southeast Asia are diversifying their portfolios and seeking higher returns by investing in these alternative asset classes. Local special circumstances in Southeast Asia further contribute to the growth of the Wealth Management market. The region is home to a rapidly expanding middle class and a growing number of high-net-worth individuals.

Economic growth, urbanization, and rising incomes have created a favorable environment for wealth creation. Moreover, Southeast Asia has a large population of entrepreneurs and business owners who require specialized wealth management services to manage their business and personal finances. Underlying macroeconomic factors also play a role in the development of the Wealth Management market in Southeast Asia.

The region's economies are experiencing robust growth, driven by factors such as increasing consumer spending, infrastructure development, and foreign investments. This economic prosperity has resulted in a growing number of wealthy individuals and an increase in investable assets. Additionally, favorable government policies and regulatory reforms are attracting foreign investors and wealth management firms to the region.

In conclusion, the Wealth Management market in Southeast Asia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As individuals in the region seek personalized wealth management services, digital platforms and alternative investments are gaining traction. The growing middle class and favorable economic conditions further fuel the demand for wealth management services.

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.