Wealth Management - Spain | Statista Market Forecast

Assets under Management in the Wealth Management market are projected to reach US$824.40bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$791.00bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.47%, resulting in a market volume of US$844.00bn 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.

For more information on the data displayed, use the info button right next to the boxes.

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 Spain has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Spain have shifted towards more personalized and tailored wealth management services.

Clients are increasingly seeking comprehensive financial advice and solutions that align with their individual goals and risk tolerance. This shift is partly due to the growing awareness among investors about the benefits of professional wealth management, as well as the need for expert guidance in an increasingly complex financial landscape. Furthermore, the younger generation in Spain is showing a greater interest in sustainable and socially responsible investing, which is driving the demand for wealth management services that incorporate environmental, social, and governance (ESG) factors.

One of the key trends in the Spanish wealth management market is the rise of digital platforms and robo-advisory services. These platforms leverage technology and algorithms to provide automated investment advice and portfolio management at a lower cost compared to traditional wealth managers. The convenience and accessibility of digital platforms appeal to a wide range of investors, particularly tech-savvy individuals and younger generations who prefer self-service options.

However, traditional wealth management firms are also adapting to this trend by incorporating digital tools and offering hybrid models that combine human expertise with technology-driven solutions. Another trend in the market is the increasing demand for alternative investments. With interest rates at historic lows, investors are seeking higher returns and diversification through alternative asset classes such as private equity, real estate, and hedge funds.

This trend is particularly pronounced among high-net-worth individuals and institutional investors, who have the resources and risk appetite to explore these investment opportunities. Wealth management firms in Spain are expanding their offerings to include alternative investments and partnering with specialized providers to meet this growing demand. In addition to changing customer preferences and emerging trends, there are also local special circumstances that are shaping the Wealth Management market in Spain.

The country has a large number of family-owned businesses, which require specialized wealth management services to ensure the smooth transfer of wealth across generations. Moreover, Spain has a significant expatriate population, particularly from other European countries, who require cross-border wealth management solutions to manage their assets and investments across different jurisdictions. Underlying macroeconomic factors also play a role in the development of the Wealth Management market in Spain.

The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and wealth accumulation. Additionally, the low interest rate environment has pushed investors to seek alternative investment options and professional advice to generate higher returns. Overall, the Wealth Management market in Spain is evolving to meet the changing needs and preferences of investors.

The shift towards personalized and tailored services, the rise of digital platforms and robo-advisory, the demand for alternative investments, local special circumstances, and favorable macroeconomic factors are all contributing to the growth and development of the market. Wealth management firms in Spain are adapting to these trends and special circumstances to provide innovative solutions and capture a larger share of the market.

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.