Private Banking Global Market Report 2024

Description

Private banking involves a spectrum of financial services extended by banks or financial entities to high-net-worth individuals (HNWIs) or affluent clients. Tailored to suit the distinct requirements of wealthy individuals, these services include bespoke investment management, estate planning, tax advisory, wealth preservation, and specialized lending solutions.

Private banking offers a suite of services specifically designed to address the financial requirements of high-net-worth individuals (HNWIs) or affluent clients. These encompass asset management, insurance, trust management, tax advisory, real estate consultation, and the core private banking service itself. Asset management entails the professional oversight of a client's investment portfolio by a third-party entity such as an investment manager or advisory firm. These services are available through various banking institutions, spanning full-service and boutique banks, and serve both personal and enterprise needs.

The private banking market research report is one of a series of new reports from The Business Research Company that provides private banking market statistics, including private banking industry global market size, regional shares, competitors with a private banking market share, detailed private banking market segments, market trends and opportunities, and any further data you may need to thrive in the private banking industry. This private banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The private banking market size has grown strongly in recent years. It will grow from $419.25 billion in 2023 to $416.07 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth witnessed in the historic period can be attributed to several pivotal factors. These include the accumulation of wealth among individuals, facilitated by globalization which streamlined financial transactions globally. Regulatory changes also played a significant role in shaping the private banking sector, while demographic shifts influenced client preferences and needs. Moreover, intensified competition led to market consolidation, further driving growth and evolution within the private banking industry.

The private banking market size is expected to see strong growth in the next few years. It will grow to $632.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The projected growth in the forecast period can be attributed to several factors. These include ongoing economic trends, a heightened focus on customization and personalization within financial services, the emergence of sustainable finance initiatives, geopolitical factors influencing investment decisions, and the integration of artificial intelligence (AI) and automation in banking operations. Major anticipated trends in the forecast period encompass advancements in technology shaping financial services, evolving investment patterns, innovation in wealth transfer solutions, greater digital engagement with clients, and a notable increase in sustainable investing practices.

The anticipated surge in demand for private equity investments is poised to propel the growth of the private banking market in the coming years. Private equity, characterized by investments in privately held companies not traded publicly, is increasingly sought after due to its flexibility and innovative strategies, appealing to both investors and companies pursuing growth and strategic guidance. Private banking leverages private equity as an investment avenue to achieve diversification, bolster returns, access exclusive opportunities, tailor investment solutions, optimize portfolios, and preserve wealth over the long term. Notably, in February 2022, reports from the Harvard Law School Forum on Corporate Governance revealed record-breaking private equity-sponsored tech deals in 2021, totaling approximately $400 billion in U.S. tech transactions compared to $196 billion in the preceding year. This underscores the pivotal role of increasing private equity demand in driving the expansion of the private banking sector.

Prominent players in the private banking arena are channeling their efforts towards the introduction of innovative banking solutions, such as FINMA-licensed digital private banks equipped with cutting-edge digital services, to maintain competitiveness and cater to evolving client demands. These banks, having secured banking licenses from the Swiss Financial Market Supervisory Authority (FINMA), integrate digital banking platforms with the expertise of traditional private banks, offering clients highly personalized and innovative banking and investment services. For instance, in October 2022, Alpian SA, a Switzerland-based regulated and licensed bank entity, launched a FINMA-licensed digital private bank featuring a mobile-first digital service that seamlessly integrates everyday and private banking functionalities. This platform not only provides clients access to services traditionally associated with conventional private banks but also offers credibility, security, deposit insurance, and a comprehensive suite of financial services, appealing to both domestic and international clientele.

In September 2023, Delen Private Bank NV, headquartered in Belgium, finalized the acquisition of Groenstate Vermogensbeheer BV, furthering its ambition to establish a prominent presence in the Dutch private banking market. This strategic move enables Delen Private Bank to offer wealth management and financial planning solutions while bolstering its local footprint. Groenstate Vermogensbeheer BV, based in the Netherlands, is renowned for its array of private banking and investment advisory services, aligning with Delen Private Bank's commitment to delivering tailored financial solutions and exceptional client service.

Major companies operating in the private banking market report 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.

North America was the largest region in the private banking market in 2023. The regions covered in the private banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the private banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The private banking market includes revenues earned by entities by providing services such as wealth management, financial planning, tax advisory, estate planning, concierge services, and risk management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Private Banking Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on private banking market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for private banking ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The private banking market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered: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
Companies Mentioned: JPMorgan Chase & Co.; Bank of America Corporation; Citigroup Inc.; Santander Private Banking; HSBC Holdings plc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r16892

1. Executive Summary

2. Private Banking Market Characteristics

3. Private Banking Market Trends And Strategies

4. Private Banking Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Private Banking Market Size and Growth

5.1. Global Private Banking Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Private Banking Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Private Banking Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Private Banking Market Segmentation

6.1. Global Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Asset Management Service
Insurance Service
Trust Service
Tax Consulting
Real Estate Consulting
Private Banking
6.2. Global Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Full-Services Banks
Boutique Banks
6.3. Global Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Personal
Enterprise

7. Private Banking Market Regional And Country Analysis

7.1. Global Private Banking Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Private Banking Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Private Banking Market

8.1. Asia-Pacific Private Banking Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Private Banking Market

9.1. China Private Banking Market Overview
9.2. China Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Private Banking Market

10.1. India Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Private Banking Market

11.1. Japan Private Banking Market Overview
11.2. Japan Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Private Banking Market

12.1. Australia Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Private Banking Market

13.1. Indonesia Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Private Banking Market

14.1. South Korea Private Banking Market Overview
14.2. South Korea Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Private Banking Market

15.1. Western Europe Private Banking Market Overview
15.2. Western Europe Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Private Banking Market

16.1. UK Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Private Banking Market

17.1. Germany Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Private Banking Market

18.1. France Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Private Banking Market

19.1. Italy Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Private Banking Market

20.1. Spain Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Private Banking Market

21.1. Eastern Europe Private Banking Market Overview
21.2. Eastern Europe Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Private Banking Market

22.1. Russia Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Private Banking Market

23.1. North America Private Banking Market Overview
23.2. North America Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Private Banking Market

24.1. USA Private Banking Market Overview
24.2. USA Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Private Banking Market

25.1. Canada Private Banking Market Overview
25.2. Canada Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Private Banking Market

26.1. South America Private Banking Market Overview
26.2. South America Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Private Banking Market

27.1. Brazil Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Private Banking Market

28.1. Middle East Private Banking Market Overview
28.2. Middle East Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Private Banking Market

29.1. Africa Private Banking Market Overview
29.2. Africa Private Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Private Banking Market, Segmentation By Bank Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Private Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Private Banking Market Competitive Landscape And Company Profiles

30.1. Private Banking Market Competitive Landscape
30.2. Private Banking Market Company Profiles
- 30.2.1. JPMorgan Chase & Co.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Bank of America Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Citigroup Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Santander Private Banking
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. HSBC Holdings plc
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Private Banking Market Other Major And Innovative Companies

31.1. Wells Fargo & Co.
31.2. Morgan Stanley Co. LLC
31.3. Royal Bank of Canada (RBC)
31.4. BNP Paribas SA
31.5. Goldman Sachs Group Inc.
31.6. Internationale Nederlanden Groep
31.7. UBS Group AG
31.8. Barclays plc
31.9. Societe Generale
31.10. Credit Agricole SA
31.11. Standard Chartered plc
31.12. PNC Financial Services Group Inc.
31.13. Bank of New York Mellon
31.14. National Westminster Bank
31.15. Mizuho Financial Group Inc.

32. Global Private Banking Market Competitive Benchmarking

33. Global Private Banking Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Private Banking Market

35. Private Banking Market Future Outlook and Potential Analysis

35.1 Private Banking Market In 2028 - Countries Offering Most New Opportunities
35.2 Private Banking Market In 2028 - Segments Offering Most New Opportunities
35.3 Private Banking Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer