Wealth Management Market size was estimated at $1162.66 billion in 2021 and is expected to reach $2315 billion by 2031, growing at a CAGR of 9% during the forecast period of 2022 to 2031.
Wealth Management Market
Wealth management is an investment consulting service that addresses the needs of affluent clients. Wealth management includes a wide range of services like investment advice, estate planning, accounting, retirement planning, and tax management. Wealth management comprises identifying the financial goals for clients ranging from affluent to high net worth and ultra-high net worth individuals, families, or corporations. After identifying the financial objectives, wealth management service providers design a customized solution to achieve the goals. In addition, after the implementation of the financial strategies, the service providers also monitor and review the plans.
Wealth Management Market Growth and Trend
The wealth management market has experienced significant growth in recent years. The market growth can be attributed to the rise in the population of retirees across the world, the surge in the wealth of high net worth corporations, and increasing interest in alternative investments such as bonds and stocks. Moreover, the widespread acceptance of cloud-based solutions is observed in the market. The end-users have realized the benefits offered by cloud-based solutions, including scalability, decreased operational cost, flexible payment options, self-operating capabilities, and easy access to data. Cloud-based solutions in wealth management are replacing the traditional ways of retail banking services. In addition, it is becoming comparatively popular as it offers considerable growth prospects, high return on equity, and lessens the requirement of capital. Furthermore, a significant rise in portfolio management and trading is another vital factor that is positively affecting market growth. However, the threat of cyber attacks and heavy fee burden may limit the market growth.
The outbreak of the Covid-19 pandemic all across the globe has affected the wealth management market to a certain extent. The decline in the world economy has led to slow yet steady growth of the market. However, an increase in stock trading and wealth exchange platforms is likely to create massive growth opportunities during the pandemic.
Wealth Management Market Segmentation
The global wealth management market is segmented based on types of asset, advisory mode, type of wealth manager, enterprise size, client type, and services. By type of assets, the market is classified into equity, fixed income, alternative assets, and others. The alternative asset segment is projected to witness robust growth over the forecast period due to the rising inclination of the public toward investing in alternative assets. Based on advisory mode, the market is segmented into human advisory, Robo advisory, and hybrid advisory. The hybrid advisory segment is expected to grow at a higher CAGR value over the forecast timeframe. The segmental growth can be attributed to the high adoption of cloud-based solutions among the end-users. By type of wealth manager, the market is segregated into private banks, investment managers, full-service wealth managers, stockbrokers, and others. The stockbroker segment is projected to grow faster as they provide professional services with expert advice to manage the wealth of the clients. Based on enterprise size, the market is segmented into large enterprises and small and medium enterprises. The client segment of the global wealth management market includes the mass affluent, HNWI, pension funds, insurance companies, and sovereign wealth funds. By services, the market is classified into asset management, portfolio management & investment advisory, and funds, trusts & others.
Wealth Management Market Country Analysis
North America is anticipated to remain the leading region over the forecast period. The regional growth can be attributed to the rising adoption of wealth management services by the people of the region and increasing awareness about the benefits of wealth management also contributing significantly to the regional market growth. On the other hand, Asia Pacific is expected to grow at a high CAGR value over the forecast period due to the ongoing technological advancement in the region and the rising inclination of people toward investing in alternative assets.
Wealth Management Market Share and Competition
The prominent players operating in the wealth management market are JPMorgan Chase & Co., Wells Fargo & Company, Bank of America Corporation, UBS Group AG, Morgan Stanley, the Goldman Sachs Group, Inc, Credit Suisse Group AG, HSBC Holdings plc, Industrial and Commercial Bank of China Limited, Kotak Wealth Management, Citigroup Inc., IIFL Wealth Management, Edelweiss Wealth Management, Axis Bank Wealth Management, BNP Paribas Wealth Management, Avendus, Angel Broking, AUM Capital, Noah Holdings, KW Wealth Advisors, CreditEase, and AVIC Trust.
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type of Asset Analysis (Revenue, USD Million, 2022 - 2031)
• Fixed Income
• Alternative Assets
Advisory Mode Analysis (Revenue, USD Million, 2022 - 2031)
• Human Advisory
• Robo Advisory
• Hybrid Advisory
Type of Wealth Manager Analysis (Revenue, USD Million, 2022 - 2031)
• Private Banks
• Investment Managers
• Full-Service Wealth Managers
Enterprise Size Analysis (Revenue, USD Million, 2022 - 2031)
• Large Enterprises
• Small and Medium Enterprise
Client Type Analysis (Revenue, USD Million, 2022 - 2031)
• Mass Affluent
• Pension Funds
• Insurance Companies
• Sovereign Wealth Funds
Services Analysis (Revenue, USD Million, 2022 - 2031)
• Asset Management
• Portfolio Management & Investment Advisory
• Trusts & Others
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Wealth Management Market Companies
• JPMorgan Chase & Co.
• Wells Fargo & Company
• Bank of America Corporation
• UBS Group AG, Morgan Stanley
• the Goldman Sachs Group, Inc
• Credit Suisse Group AG
• HSBC Holdings plc
• Industrial and Commercial Bank of China Limited
• Kotak Wealth Management
• Citigroup Inc.
• IIFL Wealth Management
• Edelweiss Wealth Management
• Axis Bank Wealth Management
• BNP Paribas Wealth Management
• Angel Broking
• AUM Capital
• Noah Holdings
• KW Wealth Advisors
• AVIC Trust.
• United States Wealth Management Industry Research Report
• Europe Wealth Management Industry Research Report
• Asia Pacific Wealth Management Industry Research Report
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