Global Wealth Management
Market Report
2024
Global Wealth Management market size was $703.38 Billion in 2021 and it is forecasted to reach $1062.75 Billion by 2029. Wealth Management Industry's Compound Annual Growth Rate will be 4.78% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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Global Wealth Management market size was $703.38 Billion in 2021 and it is forecasted to reach $1062.75 Billion by 2029. Wealth Management Industry's Compound Annual Growth Rate will be 4.78% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Wealth Management Market Sales Revenue 2021 | $ 703.38 Billion |
Global Wealth Management Market Sales Revenue 2029 | $ 1062.75 Billion |
Global Wealth Management Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.78% |
Market Split by Type |
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Market Split by End Users |
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Market Split by Enterprise Size |
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Market Split by Business Model |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Wealth Management Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Wealth management is a financial services department that deals with the investing needs of wealthy customers. These are specialist consulting services that meet the demands of wealthy customers in terms of financial management. It entails meeting with wealthy customers and discussing their financial requirements and ambitions. Wealth management strategies are customized to meet the needs of each client. The financial products are blended to successfully meet the client's financial goals.
The expansion of the wealth management market is primarily driven by the increase in the population of high-net-worth people. There were around 20.8 million high-net-worth people (HNWIs) in the globe as of 2020. The United States, Japan, Germany, and China are home to about 63% of the world's HNWIs, according to the Capgemini World Wealth Report. In 2021, there were 7.5 million HNWIs in the U.S., a 13.5% increase from the previous year. These people frequently use the help of financial experts to handle their finances, and their high net worth frequently qualifies them for additional advantages and possibilities. This fuels the market's expansion.
The market's expansion may be hampered by a higher fee schedule. There are several ways that advisors might be paid for their services. Some are fee-only consultants that bill clients on a yearly, hourly, or flat-rate basis. Some people are paid through the investments they sell and work on commission. Fee-based advisers are paid a fee in addition to commissions on the investments they sell. The typical advice fee (up to $1 million AUM), according to a recent study of financial advisers, is just about 1%.
Nevertheless, it is anticipated that the wealth management sector would continue to be driven by the growing retiree population. In 2050, 80% of senior citizens would reside in low- and middle-income nations, according to the WHO. The percentage of people over 60 in the globe will increase from 12% to 22% between 2015 and 2050. This senior demographic is actively looking for asset management services to help them produce enough income in retirement. This is anticipated to offer a prospectus for the market's expansion.
The increasing implementation of technology in wealth management is also propelling market expansion. The inclusion and improvement of AI and ML in wealth management have become crucial with the emergence of alternative asset classes such as unlisted enterprises, private equity investment, ESG, non-fungible tokens (NFTs), and carbon credits. Regardless of their level of wealth, investors may utilize digital tools to analyze their overall financial health and plan their investments to correspond with their future goals by utilizing AI in wealth management. Similarly, all sectors and job functions now rely more heavily on technology as a result of the pandemic. In truth, technology has advanced greatly over the years, opening the door for innovative solutions that have radically altered the way many sectors function. The wealth management industry is the most current among a lengthy list of sectors to change and accommodate cutting-edge technology advancements.
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Choreo, LLC ("Choreo" or "the firm") today announced it has completed a previously announced agreement to acquire Cherry Bekaert Wealth Management LLC (CBWM), an entity affiliated with Cherry Bekaert Advisory LLC. As part of the deal, Choreo and Cherry Bekaert Advisory LLC have formed a strategic partnership wherein the firms will combine resources and teams to take advantage of other acquisition opportunities that spur further growth for their respective businesses.
Top Companies Market Share in Wealth Management Industry: (In no particular order of Rank)
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Geographically, the global market is divided into regions like North America, Europe, Asia Pacific, Latin America, and Middle-east Countries.
Region | 2021 % Share |
North America | 39.35% |
Europe | 30.48% |
Asia Pacific | 27.75% |
North America dominates the wealth management market due to the region’s high demand. Wealth management services are becoming increasingly important in North America in order to attract and keep successful retail customers. For example, rich mass customers in the region account for a sizable share of retail banks' net income. Many of the region's diverse financial service organizations are growing their wealth management activities.
The current report Scope analyzes Wealth Management Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Wealth Management Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Wealth Management Industry growth. Wealth Management market has been segmented with the help of its Type, End Users Enterprise Size, and others. Wealth Management market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
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Based on end users, the wealth management market has been dominated by banks. Banks generate huge unmanageable data as millions of customer access mobile apps and banking websites from manifold devices. The wealth management software allows banks to administer transactions and manage their wealth.
End User | 2021 % Share |
Banks | 32.10% |
Trading Firms | 19.82% |
Investment and Management Firms | 20.35% |
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Based on Business Model, the human advisory segment has the highest wealth management market share. The human advisory offers specialized consulting services for the creation and staffing of senior leadership teams that function well. In the wealth management business, the robo advisory is predicted to grow at the fastest rate. Robo-advisors provide typical investment management services at significantly cheaper prices than their human equivalents (financial advisors).
Business Model | 2021 % Share |
Human Advisory | 39.62% |
Robo Advisory | 27.31% |
Hybrid Advisory | 33.07% |
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
Swasti an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
In her current role, Swasti manages research for service and software category, leading initiatives to uncover market opportunities and enhance competitive positioning. Her strong analytical skills and ability to provide clear, impactful findings have been crucial to her team’s success. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations, Swasti remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Wealth Management Market is witnessing significant growth in the near future.
In 2023, the Funds segment accounted for noticeable share of global Wealth Management Market and is projected to experience significant growth in the near future.
The Banks segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Agricultural Bank of China , BlackRock Inc and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Funds, Trusts And Other Financial Vehicles, Asset Management, Portfolio Management and Investment Advice |
End Users | Banks, Trading Firms, Investment and Management Firms, Brokerage Firms, Others |
Enterprise Size | Large Enterprises, Medium Enterprises, Small Enterprises |
Business Model | Human Advisory, Robo Advisory, Hybrid |
List of Competitors | Agricultural Bank of China, Bank of America Private Bank, BlackRock Inc, BNP Paribas Wealth Management, Charles Schwab & Co Inc, Citigroup Inc, CREDIT SUISSE GROUP AG, Goldman Sachs, JPMorgan Chase & Co, Julius Baer Group, Morgan Stanley Financial Advisors, UBS Business Solutions, Wells Fargo, Others |
This chapter will help you gain GLOBAL Market Analysis of Wealth Management. Further deep in this chapter, you will be able to review Global Wealth Management Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by End Users Analysis 2019 -2031
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Chapter 12 Market Split by Enterprise Size Analysis 2019 -2031
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Chapter 13 Market Split by Business Model Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Wealth Management market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Funds have a significant impact on Wealth Management market? |
What are the key factors affecting the Funds and Trusts And Other Financial Vehicles of Wealth Management Market? |
What is the CAGR/Growth Rate of Banks during the forecast period? |
By type, which segment accounted for largest share of the global Wealth Management Market? |
Which region is expected to dominate the global Wealth Management Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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