Asia Pacific Private Banking Market Size
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Private Banking Market Analysis
The Asia-Pacific private banking market is expected to register a CAGR of 7.5% per year over the next few years.
Private banking is a type of finance that is geared toward wealthy customers and aims to help them manage their money over the long term based on their goals and needs. Asia-Pacific has a strong economy because it is open to business, has few rules and regulations, and has a well-developed infrastructure. This has led to a rise in the number of high-net-worth individuals (HNWIs), especially younger people, who want banking and wealth management solutions that are technologically advanced and highly customized to meet their growing investment needs.
Asia-Pacific is home to 15 million HNWIs, which is the second-largest number in the world after North America. By 2024, the number of HNWIs is expected to grow by 39%, which is the most growth expected anywhere in the world. About half of these people live on mainland China and want highly personalized advice from advisors who are good with technology to help them plan their family wealth and succession.
The COVID-19 pandemic affected all aspects of human life, including the economy. Investments, transactions, and other financial services got a surprising shock as a result of the pandemic. Asia-Pacific countries took stringent measures to combat the viral infection and limit its human-to-human spread, including the closure of numerous commercial and industrial operations. As a result, the private banking industry was moderately impacted. However, as time went by, the pandemic started to renormalize, turning into a new normal. The cumulative impact on the banking system and on the bank-customer relationship can also be defined as a 'positive discontinuity' for the purpose of digitization of the sector and the ability to offer an excellent customer experience. With the economy on track to bounce back from the worst of the pandemic, private banks are gearing up to seize the opportunity as Asia-Pacific countries continue to benefit from wealth flows. At the same time, the burgeoning number of ultra-rich families and individuals in the region are also asking how they can do good and do well.
Asia Pacific Private Banking Market Trends
The Number of HNWIs Residing in Asia Pacific is Increasing
Private banking is a group of professionals who help high-net-worth individuals and families with everything from banking and cash management to lending, investment strategies, trust and wealth advisory services, and more. Due to the increasing wealth of individuals and the relative profitability of private banking businesses, many large banks have targeted private banking services.
In 2021, the number of HNW people in the world grew by 7.8%, and their wealth grew by 8%. This was because the stock market helped economies that were getting better. From an overall growth rate standpoint, Asia-Pacific’s HNW individual growth in 2021 was anticipated to be 4.2 percent in population and 5.4 percent in wealth. HNW individuals in Asia-Pacific recorded continuous growth between 2017 and 2021, from 6.18 million to 7.9 million.
Digitization of Private Banking Boosting the Market
The rapid developments in technology, the expectations of digital customers, and the emergence of new competitors have driven private banks to reconsider their business models and improve their internal processes. The financial institutions and banks in Asia-Pacific are focusing on artificial intelligence or machine learning, blockchain, data analysis or big data, and robo advisory platforms. These technologies, which are considered explosive, are intended to significantly change the way they work, with a strong impact on the strategies of the financial institutions and their governance, but especially on the operational area, where they contribute great progress and greater efficiency with their processes. Technologies are being developed to handle the threats that are increasingly associated with cybersecurity. renewed boost in banks investment to accelerate digital solutions for customers that have boosted digital interactions.
Asia Pacific Private Banking Industry Overview
Asia-Pacific private banking is a combination of high quality and high diversity of investment services on a global level. A private banking team of professionals delivers private banking and wealth management services to high-net-worth individuals and families. The customer of a private bank has the benefit of being forever in a professional exchange with an allotted private banker dealing with assets. The major players are UBS Global Wealth Management, Credit Suisse, HSBC Private Banking, Morgan Stanley Private Wealth Management, Julius Baer, J.P. Morgan Private Bank, Bank of Singapore, Goldman Sachs Private Wealth Management, Citi Bank, DBS, BNP Paribas Wealth Management, and Deutsche Bank International Private Banks.
Asia Pacific Private Banking Market Leaders
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UBS Global Wealth Management
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Credit Suisse
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HSBC Private Banking
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Morgan Stanley Private Wealth Management
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DBS
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Private Banking Market News
- February 27 2023: GXS, a digital bank majority owned by Grab, operator of Southeast Asia's ubiquitous super app, expanded services since opening in September. GXS's app hardly looks like a banking app. The app updates GXS account holders with daily reports on how much interest their deposits have accrued. While a regular savings account offers 0.08% interest, time deposits, opened for specific purposes such as travel or layaway purchases, earn 3.48%.
- November 04, 2022: SBC Global Private Banking announced the launch of its discretionary digital platform (DPM) in Asia, the first bank in the region to offer this service on a mobile app.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping the Market
4.5 Insights on impact of technology in the Market
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Buyers
4.6.2 Bargaining Power of Suppliers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Asset Management Service
5.1.2 Insurance Service
5.1.3 Trust Service
5.1.4 Tax Consulting
5.1.5 Real Estate Consulting
5.2 By Application
5.2.1 Personal
5.2.2 Enterprise
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 UBS Global Wealth Management
6.2.2 Credit Suisse
6.2.3 HSBC Private Banking
6.2.4 Morgan Stanley Private Wealth Management
6.2.5 Julius Baer
6.2.6 J.P. Morgan Private Bank
6.2.7 Bank of Singapore
6.2.8 Goldman Sachs Private Wealth Management
6.2.9 Citi Bank
6.2.10 DBS*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Asia Pacific Private Banking Industry Segmentation
Private banking is when a retail bank or other financial institution offers customized financial services and products to high-net-worth individuals (HNWI) who are their clients.It includes a wide range of wealth management services, all provided under one roof.
The private banking market in Asia-Pacific is segmented by type (asset management service, insurance service, trust service, tax consulting, and real estate consulting) and application (personal and enterprise). The private banking market in Asia-Pacific is segmented by type (asset management service, insurance service, trust service, tax consulting, and real estate consulting) and application (personal and enterprise). The report offers market sizes and forecasts for the private banking market in Asia Pacific in terms of revenue (USD billion) for all the above segments.
| By Type | |
| Asset Management Service | |
| Insurance Service | |
| Trust Service | |
| Tax Consulting | |
| Real Estate Consulting |
| By Application | |
| Personal | |
| Enterprise |
Frequently Asked Questions
What is the current Asia Pacific Private Banking Market size?
The Asia Pacific Private Banking Market is projected to register a CAGR of greater than 8% during the forecast period (2023-2028).
Who are the key players in Asia Pacific Private Banking Market?
UBS Global Wealth Management, Credit Suisse, HSBC Private Banking, Morgan Stanley Private Wealth Management and DBS are the major companies operating in the Asia Pacific Private Banking Market.
Asia Pacific Private Banking Industry Report
Statistics for the 2023 Asia Pacific Private Banking market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Private Banking analysis includes a market forecast outlook to for 2023 to (2023to2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
