Private Banking Industry Assessment and Outlook 2018-2033: Analysis of Asset Management, Insurance, Trust, Tax Consulting, Real Estate Consulting, and Private Banking Services

Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Private Banking Global Market Report 2024" report has been added to's offering.

The global private banking market 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%. 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 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. 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.

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.

Research 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

Key Companies Mentioned: JPMorgan Chase & Co.; Bank of America Corporation; Citigroup Inc.; Santander Private Banking; HSBC Holdings plc

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 Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Key Attributes

Report AttributeDetails
No. of Pages175
Forecast Period2024-2028
Estimated Market Value (USD) in 2024$416.07 Billion
Forecasted Market Value (USD) by 2028$632.26 Billion
Compound Annual Growth Rate8.2%

A selection of companies mentioned in this report includes, but is not limited to:

  • 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.

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Global Private Banking Market

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