Asia Pacific Private Banking Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 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 greater than 8% during the forecast period(2024-2029).
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
Rising Insurance Business in Asia Pacific
With a continuously rising Insurance premium income in the Asia Pacific region, an increasing number of banking players are entering the market. China, Japan, South Korea, and India are among the leading countries in terms of Insurance premium income in the Asia Pacific and driving the insurance market of the region. In terms of the insurance segment life insurance exists with a comparatively higher share and penetration rate than non-life insurance in the region leading to a wide range of insurance premiums being available on life insurance. The widest and longest covers are among the most preferred insurance product features by the population in the region. These increasing gross written premiums and investments in the insurance business are leading to a growth path for the private banking market in the region.
China Leading the Asia Pacific Market
With the rise of private banking in China the size of the private wealth management market in the country is observing a continuous increase. Industrial and Commercial Bank of China, Agriculture Bank of China, China Construction Bank, and the Bank of China have emerged as leading banks engaged in private banking services in the country. Among the countries in the Asia Pacific, China has emerged with the largest number of high-net-worth individuals existing at more than 9 million, which is far more than other major Asia-Pacific countries of Japan, Australia, South Korea, and India leading to a rising number of bank providers making available their private banking in the country. Leading factors of Brand, Variety of products, and rate of return are driving the private banking clients in the country while selecting financial institutions and expanding the business of private banking in Asia Pacific.
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 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 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.
Asia Pacific Private Banking Market Report - 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
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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
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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
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5.2 By Application
- 5.2.1 Personal
- 5.2.2 Enterprise
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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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
** Subject To AvailablityAsia 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 Asia-Pacific Private Banking Market 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) For All The Above Segments
| By Type | Asset Management Service |
| Insurance Service | |
| Trust Service | |
| Tax Consulting | |
| Real Estate Consulting | |
| By Application | Personal |
| Enterprise |
Asia Pacific Private Banking Market Research Faqs
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 (2024-2029)
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.
What years does this Asia Pacific Private Banking Market cover?
The report covers the Asia Pacific Private Banking Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Private Banking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the future prospects for the Private Banking Market in the Asia Pacific region?
The future outlook for the Asia Pacific Private Banking Market remains promising, driven by a) Increasing demand for personalized financial services b) Embrace digital transformation and prioritize client relationships c) Adapt to evolving trends such as sustainable investing
Asia Pacific Private Banking Industry Report
The Asia Pacific private banking market has experienced robust growth, driven by increasing wealth creation, rising disposable incomes, and favorable regulatory frameworks. The region's booming economies, particularly in China, India, Singapore, and Hong Kong, have attracted a substantial number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), leading to a surge in demand for private banking services. Key market segments in the Asia private banking sector include investment management, wealth planning, estate planning, tax advisory, and fiduciary services. The market is characterized by intense competition and technological advancements. According to the latest private banking report, private banks are focusing on digital transformation, personalized client experiences, and expanding their service offerings to maintain a competitive edge. The private banking market research also highlights opportunities for growth through digital platforms, wealth transfer services, and expansion into emerging economies. However, challenges such as regulatory complexities, economic volatility, and intense competition remain. Statistics for the Asia Pacific private banking market share, size, and revenue growth rate are provided by Mordor Intelligence™ Industry Reports. The Asia Pacific private banking analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
