Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$2.56bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$2.12bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 2.59%, resulting in a market volume of US$2.91bn 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 Zimbabwe is experiencing significant growth and development in recent years.

Customer preferences: Zimbabwean customers are increasingly seeking professional wealth management services to help them achieve their financial goals. They are looking for personalized advice and tailored investment solutions that can help them navigate the complex financial landscape. Customers are also placing a greater emphasis on transparency and trust, and are seeking wealth management providers that can demonstrate a strong track record and a commitment to ethical business practices.

Trends in the market: One of the key trends in the Zimbabwean Wealth Management market is the growing demand for digital wealth management platforms. Customers are increasingly using digital channels to access wealth management services, as it offers convenience and flexibility. Wealth management providers are responding to this trend by investing in technology and developing user-friendly digital platforms that allow customers to manage their investments and access financial advice online. Another trend in the market is the increasing popularity of impact investing. Customers are increasingly interested in investing in companies and projects that have a positive social or environmental impact, and wealth management providers are offering a range of impact investing products to meet this demand.

Local special circumstances: The Zimbabwean Wealth Management market is also influenced by local special circumstances. One of these circumstances is the country's challenging economic environment. Zimbabwe has faced significant economic challenges in recent years, including high inflation and currency instability. This has created a need for wealth management services that can help customers navigate these challenges and protect and grow their wealth. Another special circumstance is the country's unique regulatory environment. The Zimbabwean government has implemented various regulations to ensure the stability and integrity of the financial system, and wealth management providers need to navigate these regulations to operate in the market.

Underlying macroeconomic factors: The development of the Wealth Management market in Zimbabwe is also influenced by underlying macroeconomic factors. One of these factors is the country's economic growth. Zimbabwe has experienced moderate economic growth in recent years, which has created opportunities for wealth creation. Another factor is the country's demographic profile. Zimbabwe has a young and growing population, which is driving the demand for wealth management services. Additionally, the country's political stability and investment climate play a role in the development of the Wealth Management market, as they create an environment that is conducive to investment and wealth creation. Overall, the Wealth Management market in Zimbabwe is experiencing growth and development driven by customer preferences for personalized and transparent wealth management services, as well as trends such as the adoption of digital platforms and the popularity of impact investing. The market is also influenced by local special circumstances, including the challenging economic environment and unique regulatory environment. Underlying macroeconomic factors such as economic growth, demographic profile, and political stability also contribute to the development 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.