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Global Private Banking Market Research

Private banking, also known as wealth management, is a personalized financial and banking service offered to high net worth individuals (HNWIs) who have investable assets of more than $1million. In addition to providing exclusive investment-related advice, personalized banking manages investments to address a client's financial situation. Dedicated relationship managers work with clients to understand their circumstances and address their specific needs, including strategic investment and professional portfolio management.

Wealth management offers a broad mix of services including traditional banking services such as deposit products, short-term investments, tailored lending, foreign exchange products and commercial banking. It also provides the expertise to help structure wealth and manage liquidity.

J.P. Morgan, The Pictet Group, Deutsche Bank and HSBC are some of the leading banks for wealth management services.

Key Segments

Globally there are various types of providers of financial advice and management to wealthy individuals. Wealth managers and family offices are among the commonest types of financial advisors for HNWIs:

Wealth managers are a division of a larger investment firm or bank. The private wealth manager leverages the expertise of other departments of the bank to provide incomes, taxes, estate preservation and asset protection for wealthy investors.

Family offices mainly cater to UHNWIs (ultra-high net worth individuals). Single-family offices manage the financial and personal affairs of one wealthy family to meet its investment, estate planning and tax service needs and in some cases also lifestyle management. Multi-family offices provide a similar service for a number of very rich families.

Regional Market Shares

HNWI wealth is forecast to reach more than $65 trillion by 2020 according to Capgemini and RBC. This is leading to increasing growth in the global wealth management industry. Key geographies for wealth management are North America, Asia- Pacific and Europe.

North America has the world’s largest HNWI market with wealth at just over $16 trillion. The USA is the largest market in this region with full-service wealth managers representing $9 trillion in client assets or about 65% of North American advised wealth.

Asia-Pacific is experiencing robust growth with HNWI wealth at just below $16 trillion. This region is expected to become the largest wealth market, overtaking the USA in the near future. Strong economic performance across the region and real estate market performance in some markets has driven robust growth in Asia-Pacific's HNWI population and wealth. China, India and Japan are the leading countries in this region in terms of HNWI population and wealth.

With $13 trillion of HNWI wealth, Europe is one of the largest wealth management markets in the world. At 6% a year, European growth in this market is expected to outpace Europe’s GDP growth.  European countries including the UK, Germany, Italy, France and Switzerland are ranked among the top 10 HNWI markets worldwide.

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Parent industry: Banking
Related industries: Bank Lending, Retail Banking, Payments

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