Market Size of United States Private Banking Industry
| 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
*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.
