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The increasing demand for private credit investment opportunities is cultivating a lucrative growth trajectory for the private banking industry. As HNWIs and institutions seek alternative & diversified investment options, private banks are well-positioned to cater to this demand. For instance, in September 2023, Deutsche Bank established Deutsche Bank Investment Partners (DBIP), a new investment manager designed to provide institutional and high-net-worth clients with access to opportunities in private credit investments. Financial institutions are capitalizing on the desire for unique investment avenues, contributing to the market expansion.
The escalating demand for wealth management solutions is propelling the private banking industry growth. As individuals and families accumulate wealth, there is a heightened necessity for sophisticated and personalized financial services. The ability of private banks to offer tailored investment strategies, tax planning, and estate management positions them as crucial partners for high-net-worth clients, thereby driving continual expansion in the private banking sector.
The market size of private banking reached USD 477.3 billion in 2023 and is poised to expand at 10% CAGR between 2024 and 2032. As overall assets increase, private banks gain a larger pool of potential clients with substantial financial portfolios.
North America market share was over 32% of revenue share in 2023, due to the concentration of high-net-worth individuals in the region.
The asset management service segment accounted for over 40% market share in 2023, owing to the growing need for diversification in investment portfolios.
Bank of America, BNP Paribas, Citigroup, DBS Group, Goldman Sachs, HSBC, J.P. Morgan Private Bank, Morgan Stanley, Raymond James, and UBS Group AG.