United States Private Banking Market Size (2024 - 2029)

The United States private banking market is experiencing significant growth, driven by an increasing number of high-net-worth and ultra-high-net-worth individuals seeking wealth management services. This expansion is supported by banking institutions managing substantial investable assets and making strategic investment decisions to generate revenue through fees. The market's growth is further fueled by globalization, as international business activities and cross-border wealth management become more prevalent. Additionally, the rising demand for private equity, enhanced transparency through digitalization, and the need for improved consumer experiences contribute to the market's expansion. The proliferation of startups and businesses aiming to boost revenue and profitability also presents substantial opportunities for market growth.

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Market Size of United States Private Banking Industry

United States Private Banking Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 88 Billion
Market Size (2029) USD 143.28 Billion
CAGR (2024 - 2029) 10.24 %
Market Concentration Medium

Major Players

United States Private Banking Market Major Players

*Disclaimer: Major Players sorted in no particular order

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United States Private Banking Market Analysis

The United States Private Banking Market size is estimated at USD 88 billion in 2024, and is expected to reach USD 143.28 billion by 2029, growing at a CAGR of 10.24% during the forecast period (2024-2029).

The demand for private banking services increased as the number of high-net-worth and ultra-high-net-worth individuals in the United States grew. The demand also comprises banking institutions actively managing wealth for clients with investable assets exceeding USD 1.0 million.

Private banks can make investment decisions and generate revenue through fees based on asset management, portfolio performance, and specialty wealth-advisory services. The US economy further propelled the industry, as wealthy individuals worldwide sought to park their wealth in secure assets such as urban real estate.

Globalization plays an essential role in the growth of the private banking market in the United States. High Net Worth individuals seek financial services as international business activities and cross-border wealth management increase.

Rising demand for private equity, increased transparency because of the increased use of digitalization in the financial sector, and the need for better consumer experience drive the market's growth. The rise in the number of startups and businesses in the United States focused on accelerating their revenue and profitability offers great market growth opportunities.

United States Private Banking Industry Segmentation

 The private banking services industry primarily provides investment advisory, asset management, and gift and estate planning, among other specialized services. These services are for high-net-worth clients with at least USD 1.0 million in investable assets and ultra-high-net-worth clients whose investable assets exceed USD 10.0 million. 

The private banking market in the United States is segmented by type and application. By type, the market is sub-segmented into asset management service, insurance service, trust service, tax consulting, and real estate consulting. The application of the market is sub-segmented into personal and enterprise. The report offers market sizes and forecasts for the private banking market in the United States 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
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United States Private Banking Market Size Summary

The United States private banking market is experiencing significant growth, driven by an increase in high-net-worth and ultra-high-net-worth individuals. This growth is fueled by the expanding demand for private banking services, which include wealth management, investment strategies, and specialty advisory services. The market is further bolstered by the US economy's attractiveness to global wealthy individuals seeking secure investment opportunities, such as urban real estate. Globalization and cross-border wealth management are also contributing to the market's expansion, as high-net-worth individuals increasingly seek international financial services. The rise in private equity demand, enhanced transparency through digitalization, and the need for improved consumer experiences are key factors propelling the market forward.

Private banking in the United States is characterized by a team of professionals offering tailored financial services to affluent clients, including banking, cash management, lending, and trust services. The sector's growth is supported by technological advancements and the adoption of innovative solutions like artificial intelligence, blockchain, and robo-advisory platforms, which are transforming operational efficiencies and strategies. Major financial institutions, such as Morgan Stanley, JP Morgan Chase & Co, and Bank of America, are leading the charge in digitalization and strategic partnerships to enhance their service offerings. The market's expansion is also reflected in the establishment of new financial centers and strategic collaborations aimed at providing diverse and high-quality investment services to a growing clientele.

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United States Private Banking Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on Various Regulatory Trends Shaping the Market

    5. 1.5 Insights on impact of technology in the Market

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Asset Management Service

      2. 2.1.2 Insurance Service

      3. 2.1.3 Trust Service

      4. 2.1.4 Tax Consulting

      5. 2.1.5 Real Estate Consulting

    2. 2.2 By Application

      1. 2.2.1 Personal

      2. 2.2.2 Enterprise

United States Private Banking Market Size FAQs

The United States Private Banking Market size is expected to reach USD 88 billion in 2024 and grow at a CAGR of 10.24% to reach USD 143.28 billion by 2029.

In 2024, the United States Private Banking Market size is expected to reach USD 88 billion.

United States Private Banking Market Report Snapshots

United States Private Banking Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)