Asia-Pacific Wealth Management Market Expected to Reach $811.50 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Asia-Pacific Wealth Management Market by Business Model, Channel, Provider, and End-user Type: Regional Opportunity Analysis and Industry Forecast, 2021–2030,” the Asia-Pacific wealth management market size was valued at $247.85 billion in 2020, and is projected to reach $811.50 billion by 2030, growing at a CAGR of 12.7% from 2021 to 2030.

Wealth management entails delivering specialist consulting services to affluent customers with regard to investment management. It protects consumer information gathered through financial planning and advising services. Financial and accounting services, legal or estate planning, retirement planning, tax services, investment guidance, and other financial disciplines are all used by wealth management advisors.

Furthermore, to improve client experience, financial performance, and operational efficiency, wealth managers are investing in new technologies such as artificial intelligence (AI), robotic process automation (RPA), robo-advisor, and digital identity (ID). As a result, numerous advantages connected with advanced technologies considerably contribute toward the global wealth management market.

For instance, over the last few years, wealth-tech has experienced rapid expansion in Singapore. According to recent studies, owing to its advanced infrastructure and sophisticated digital skills among competitors, Singapore has been dominating the Asia-Pacific industry, in terms of wealth management. In addition, growing investor interest, consolidation of smaller businesses, favorable laws, and a surge in demand for automated wealth advice services have all contributed to the industry's expansion.

By end-user type, the retail segment is anticipated to grow  at a fastest CAGR during the forecast period. Rise in adoption & implementation of private wealth management services by various food & grocery store owners and retailers for improving speed of transaction and to attract large customer base drive the growth of Asia-Pacific wealth management market trends among individuals.

Investors and wealth management organizations were both affected by the pandemic, and existing assets investors were directly impacted. Moreover, organizations with bigger customer bases have depended on technological ways to engage with their consumers, such as artificial intelligence (AI) or social media, which has posed a challenge to Asia-Pacific wealth management industry. As a result, demand for wealth management products has decreased as a result of the worldwide health crisis. With the change to virtual business methods, several wealth managers have been aggressively calling their customers to develop more goodwill through a personal touch.     

Key Findings Of The Study

• By business model, the human advisory segment led the highest Asia-Pacific wealth management market share, in terms of revenue in 2020.
• On the basis of provider, the FinTech advisors segment is expected to exhibit the fastest Asia-Pacific wealth management market growth rate during the forecast period.

The key players operating in the Asia-Pacific wealth management market analysis include Bank of America Corporation, BNP Paribas, Charles Schwab & Co., Inc., Citigroup Inc., CREDIT SUISSE GROUP AG, Goldman Sachs, JPMorgan Chase & Co., Julius Baer Group, Morgan Stanley, and UBS. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.