Wealth Management - Worldwide

Worldwide

Assets under Management in the Wealth Management market are projected to reach €148.90tn in 2024.
Financial Advisory dominates the market with a projected market volume of €146.40tn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 2.12%, resulting in a market volume of €165.40tn by 2029.

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

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Analyst Opinion

The Wealth Management market Worldwide is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in the Wealth Management market are increasingly seeking personalized and tailored investment advice to meet their specific financial goals. They are looking for wealth managers who can provide comprehensive financial planning, investment strategies, and risk management solutions. Additionally, there is a growing demand for sustainable and socially responsible investment options, as customers are becoming more conscious of the environmental and social impact of their investments.

Trends in the market: One of the key trends in the Wealth Management market is the adoption of digital technologies. Wealth management firms are leveraging digital platforms and tools to enhance customer experience, streamline operations, and provide real-time access to investment information. This trend is driven by the increasing use of smartphones and internet penetration, which has made it easier for customers to access financial services and manage their investments online. Another trend in the market is the rise of robo-advisors. These automated investment platforms use algorithms and artificial intelligence to provide investment advice and manage portfolios. Robo-advisors offer cost-effective solutions and cater to a younger generation of investors who prefer a more hands-off approach to wealth management.

Local special circumstances: In specific countries, there may be local special circumstances that impact the Wealth Management market. For example, in emerging economies, there is a growing middle class with increasing disposable income, leading to a higher demand for wealth management services. These countries may also have unique regulatory frameworks and cultural factors that influence customer preferences and investment strategies.

Underlying macroeconomic factors: The development of the Wealth Management market is also influenced by underlying macroeconomic factors. For instance, economic growth, interest rates, inflation, and stock market performance play a crucial role in shaping investor sentiment and determining investment strategies. In times of economic uncertainty, investors may seek the guidance of wealth managers to navigate volatile markets and protect their wealth. Overall, the Wealth Management market in Worldwide is evolving to meet the changing needs and preferences of customers. The adoption of digital technologies, the rise of robo-advisors, and the focus on sustainable investing are all driving the growth and 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).