Wealth Management - Western Asia

Western Asia

In Western Asia, the Wealth Management market is anticipated to witness substantial growth in the coming years.
By 2024, the assets under management (AUM) are projected to reach a staggering US$915.20bn.
Among the various segments, Financial Advisory is expected to dominate with a projected market volume of US$894.30bn in the same year.
Looking ahead, the AUM is forecasted to display a steady annual growth rate (CAGR 2024-2028) of 4.92%.
This growth trajectory is expected to result in a market volume of US$1,109.00bn by 2028.
The Wealth Management market sector in Western Asia continues to thrive, attracting significant investments and opportunities for financial growth.
The wealth management sector in Western Asia is experiencing a growing demand for Sharia-compliant investment products.

Key regions: United States, United Kingdom, Germany, Hong Kong, Singapore

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Analyst Opinion

The Wealth Management market in Western Asia is experiencing significant growth and development. Customer preferences in the region are shifting towards more personalized and sophisticated wealth management services.

High-net-worth individuals in Western Asia are increasingly seeking tailored investment strategies that can help them preserve and grow their wealth. They are looking for a wide range of investment options, including alternative investments such as real estate, private equity, and hedge funds. Additionally, there is a growing demand for sustainable and socially responsible investment opportunities, as individuals in the region are becoming more conscious of the impact their investments can have on the environment and society.

The market is also witnessing a trend of digitalization and technological advancements. Wealth management firms in Western Asia are investing in digital platforms and tools to enhance their service offerings and provide clients with convenient access to their wealth management portfolios. Mobile applications, online platforms, and robo-advisors are becoming increasingly popular, allowing clients to manage their investments and access financial advice anytime, anywhere.

Local special circumstances in Western Asia are also contributing to the growth of the Wealth Management market. The region is home to a large population of high-net-worth individuals, including entrepreneurs, business owners, and professionals in industries such as finance, real estate, and technology. These individuals have accumulated significant wealth and are looking for professional guidance to manage and grow their assets.

Additionally, Western Asia is known for its vibrant financial centers, such as Dubai and Abu Dhabi, which attract international investors and serve as hubs for wealth management activities. Underlying macroeconomic factors are also driving the development of the Wealth Management market in Western Asia. The region has experienced rapid economic growth in recent years, fueled by factors such as favorable government policies, infrastructure development, and diversification efforts.

This has resulted in an increase in personal wealth and disposable income, creating a larger pool of potential clients for wealth management firms. Furthermore, Western Asia's strategic location as a gateway between East and West makes it an attractive destination for global investors, further boosting the demand for wealth management services. In conclusion, the Wealth Management market in Western Asia is witnessing significant growth and development.

Customer preferences for personalized and sophisticated wealth management services, along with the trend of digitalization, are driving the market forward. Local special circumstances, such as a large population of high-net-worth individuals and vibrant financial centers, are also contributing to the growth. Underlying macroeconomic factors, including rapid economic growth and Western Asia's strategic location, are further fueling the development of the market.

Methodology

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).