Private Banking Market 2024 : Size, Growth Rate, Business Module, Product Scope, Regional Analysis And Expansions 2033

Private banking refers to financial services provided by banks or financial institutions to high-net-worth individuals (HNWIs) or affluent clients. These services are tailored to meet the specific needs of wealthy clients, including personalized investment management, estate planning, tax advisory, wealth preservation, and specialized lending services.

Aug 22, 2024 - 00:06

Private Banking Market 2024 : Size, Growth Rate, Business Module, Product Scope, Regional Analysis And Expansions 2033

Overview and Scope
Private banking refers to financial services provided by banks or financial institutions to high-net-worth individuals (HNWIs) or affluent clients. These services are tailored to meet the specific needs of wealthy clients, including personalized investment management, estate planning, tax advisory, wealth preservation, and specialized lending services.

Sizing and Forecast
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 10.0%. The growth in the historic period can be attributed to increased wealth accumulation, increased globalization, increased regulatory changes, increased demographic shifts, increased competition and market consolidation.

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 growth in the forecast period can be attributed to increasing economic trends, increasing customization and personalization, increasing sustainable finance, increasing geopolitical factors, integration of AI and automation. Major trends in the forecast period include technological advancements, investment trends, innovation in wealth transfer solutions, enhanced digital engagement, rise of sustainable investing.

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The private banking market covered in this report is segmented –

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

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.

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Major Driver Impacting Market Growth
The increasing demand for private equity is expected to propel the growth of the private banking market going forward. Private equity refers to a form of investment in privately held companies that are not publicly traded on a stock exchange. The demand for private equity is driven by a combination of factors such as flexibility, innovative strategies making it an attractive option for both investors and companies seeking growth and strategic guidance.. Private banking uses private equity as an investment option to achieve diversification, enhance returns, access exclusive opportunities, customize investment solutions, optimize their investment portfolios, and preserve wealth over the long term. For instance, in February 2022, according to reports published by the Harvard Law School Forum on Corporate Governance, a UK-based online blog services firm, private equity sponsored a record level of tech deals in 2021, unveiling approximately $400 billion in U.S. tech deals, compared to $196 billion in 2020. Therefore, the increasing demand for private equity is driving the growth of the private banking market.

Key Industry Players
Major companies operating in the private banking market 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.

The private banking market report table of contents includes:

1. Executive Summary

2. Private Banking Market Characteristics

3. Private Banking Market Trends And Strategies

4. Private Banking Market - Macro Economic Scenario

5. Global Private Banking Market Size and Growth
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32. Global Private Banking Market Competitive Benchmarking

33. Global Private Banking Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Private Banking Market

35. Private Banking Market Future Outlook and Potential Analysis

36. Appendix

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