Private Banking Global Market Report 2024

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%. 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.

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 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 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.


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