Market Size of Asia Pacific Private Banking Industry
| 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.
