Press release
Private Banking Market Anticipated To Witness Robust Growth, Surpassing $676.94 Billion By 2029
Private Banking
What Is the Current Private Banking Market Size and Its Estimated Growth Rate?
In recent times, there has been a swift up surge in the size of the private banking market. The market that was worth $461.07 billion in 2024 is projected to escalate to $507.57 billion in 2025 with a compound annual growth rate (CAGR) of 10.1%. This growth during the historical phase is primarily accredited to the surge in wealth accumulation, greater globalization, heightened regulatory alterations, demographic shifts, intensifying competition, and market consolidation.
The market size of private banking is anticipated to witness a robust expansion in the forthcoming years. It is predicted to surge to $676.94 billion in 2029, growing at a compounded annual growth rate (CAGR) of 7.5%. This augmentation in the projected timeframe can be linked to the uptick in economic trends, an increase in customization and personalization, a rise in sustainable finance, escalating geopolitical factors, and the incorporation of AI and automation. Key trends anticipated during this forecast period encompasses technological advancements, fluctuations in investment trends, innovation in wealth redistribution solutions, heightened digital engagement, and the advent of sustainable investing.
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How Are Emerging Segments Shaping the Private Banking Market Landscape?
The private banking market covered in this report is segmented -
1) By Type: Asset Management Service, Insurance Service, Trust Service, Tax Consulting, Real Estate Consulting, Private Banking
2) By Bank Type: Full-Services Banks, Tax Planning, Boutique Banks
3) By Application: Personal, Enterprise
Subsegments:
1) By Asset Management Service: Portfolio Management, Wealth Advisory
2) By Insurance Service: Life Insurance, Property And Casualty Insurance
3) By Trust Service: Estate Planning, Trustee Services
4) By Tax Consulting: Tax Planning, Compliance Services
5) By Real Estate Consulting: Property Valuation, Real Estate Investment Advisory
6) By Private Banking: Personal Banking Services, Customized Financial Solutions
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Which Growth Factors Are Influencing Private Banking Market Expansion?
The growth of the private banking market is anticipated to be propelled by the rising demand for private equity. Private equity is an investment type that involves investing in privately owned companies that do not partake in trade on a public stock exchange. Various factors such as flexibility and innovative techniques make private equity in demand, making it an appealing choice for investors and companies pursuing growth and strategic advice. Private banking employs private equity as an investment alternative to achieve diversification, improve returns, access unique opportunities, tailor investment solutions, optimize investment portfolios, and maintain wealth over an extended period. For example, in May 2024, based on documents published by Invest Europe, a Belgium-based group that speaks for Europe's private equity, venture capital, and infrastructure sectors, in 2023, European private equity and venture capital funds made up 0.44% of the European GDP. As a result, the mounting demand for private equity is fuelling the expansion of the private banking market.
Who Are the Dominant Players Across Different Private Banking Market Segments?
Major companies operating in the private banking market are JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Santander Private Banking, HSBC Holdings plc, Wells Fargo & Co., Morgan Stanley Co. LLC, Royal Bank of Canada (RBC), BNP Paribas SA, Goldman Sachs Group Inc., Internationale Nederlanden Groep, UBS Group AG, Barclays plc, Societe Generale, Credit Agricole SA, Standard Chartered plc, PNC Financial Services Group Inc., Bank of New York Mellon, National Westminster Bank, Mizuho Financial Group Inc., DBS Bank Ltd., Commerzbank AG, Raiffeisen Bank International AG, ABN AMRO Bank N.V., Northern Trust Corporation, Hang Seng Bank Ltd.
What Are the Latest Developing Trends in the Private Banking Market?
Leading entities in the private banking sector are focusing on introducing banks that provide novel banking solutions in order to stay competitive and fulfill their clients' changing needs. This includes the establishment of FINMA-licensed digital private banks, offering innovative digital services that combine the proficiency of conventional private banking with digital platform functionality. For example, in October 2022, Alpian SA, a Switzerland-based bank, obtained a FINMA license to launch a digital private bank. This development embraces a mobile-first approach, combining everyday and private banking services, thus granting clients access to services typically exclusive to traditional private banks. Additional merits include credibility, security, deposit insurance, and a broad range of financial services, making it an appealing prospect for both domestic and international account holders.
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Which Geographic Regions Are Expected to Dominate the Private Banking Market in the Coming Years?
North America was the largest region in the private banking market in 2024. The regions covered in the private banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Private Banking Market?
2. What is the CAGR expected in the Private Banking Market?
3. What Are the Key Innovations Transforming the Private Banking Industry?
4. Which Region Is Leading the Private Banking Market?
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