Global Wealth Management: Competitive Dynamics 2026

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This report benchmarks the world’s leading wealth managers by managed client assets and financial performance. It covers the 49 most-prominent institutions, including standalone private banks and wealth managers, as well as competitors that are part of larger universal financial groups. Chapters include wealth managers by AUM, financial analysis, and competitive trends, whereby external and internal factors are highlighted (e.g., the impacts of geo-politics or the impacts of an acquisition).

Wealth managers maintained strong momentum in 2024, with continued growth in assets under management (AUM) driven by alternative investments and the technology sector. Revenues and profits remained robust, supported by diversification into private equity, infrastructure, and active management. Meanwhile, the wealth management industry continued to expand in 2025.

Scope

AUM across the wealth management industry rebounded strongly, largely driven by improving financial markets and renewed investor confidence.

North America’s lead of global wealth management by AUM was driven by major US players, Morgan Stanley, J.P. Morgan, and Goldman Sachs, which collectively managed trillions of dollars.

The wealth management industry experienced strong financial performance in 2025, driven by elevated asset levels and improving client engagement.

Key Highlights

  • AUM grew significantly in 2023 thanks to favorable markets and higher net inflows.
  • The biggest continues to get even bigger, fueled by increased merger and acquisition (M&A) activity.
  • Inflows to the largest wealth managers outpaced growth in overall HNW wealth in 2021.
  • Digitalization of private wealth management is continuing to reduce headcount at leading banks, even as assets under management and clients reach all-time highs.
  • COVID-19 has already faded from the strategies of the top wealth managers, with geopolitics and environmental, social, and governance rising as concerns.

Reasons to Buy

Understand the challenges facing wealth managers and how the top banks are addressing them.

Learn about the strategies driving growth at leading wealth management groups.

Analyze wealth profitability trends and discover the strategies that leading banks are using to improve performance.

Identify the industry’s best practices in managing operating costs and boosting revenues.

Gain insight into the major trends preoccupying wealth managers.

ABN Amro
Bank of America Merrill Lynch
Bank of China
Banque Cantonale Vaudoise
Barclays
BMO
BNP Paribas
BNY Mellon
Charles Schwab
China Merchants Bank
Citigroup
DBS
Deutsche Bank
Edmond de Rothschild
EFG International
Goldman Sachs
HSBC
ICBC
IIFL
Investec
J. Safra Sarasin
J.P. Morgan
Julius Baer
Lombard Odier
Morgan Stanley
NatWest
Nordea
Northern Trust
Nedbank
OCBC
Pictet
Quintet
RBC
Rothschild & Co
Santander
Société Générale
Standard Chartered
TD Bank
UBP
UBS
Vontobel
Wells Fargo
Credit Suisse
Mariner Wealth Advisors
Avantax
First Republic Bank
Flagstar
Signature Bank
First Citizens Bank
Ellevest
Girls Who Invest
Raymond James
ICICI
HDFC
Betterment
Wealthfront
Personal Capital Advisors
Acorns
Vanguard
Moneyfarm
Wealthify
Nutmeg
Stash
Grab

Table of Contents

Table of Contents

1. Executive Summary

2. Wealth Managers by AUM

3. Financial Analysis

4. Competitive Trends

5. Appendix

Table

List of Tables

Table 1: Private banks with significant net inflows growth in 2021

Table 2: Published client AUM for the top 15 private wealth managers ($ billion), 2021-H1 2022

Table 3: Private wealth management minimum thresholds

Table 4: Net new money from reporting wealth management competitors ($ billion), 2016-21

Figures

List of Figures

Figure 1: Consolidation has been slowly reversing itself due to high HNW asset growth

Figure 2: Competitive pressure is building in the private wealth management market as economic storm clouds gather

Figure 3: Inflows surged in 2021 as the rich world rolled out COVID vaccines and opened up again

Figure 4: Raymond James led the pack in 2021 due to capital appreciation and net inflows

Figure 5: Wealth management profitability bounced back in 2021, aided by a recovery in the cost/revenue ratio

Figure 6: Growth in profit was widespread across regions and types of private wealth manager

Figure 7: Both costs and revenue surged in 2021 thanks to a reinvigorated industry

Figure 8: Wealth revenue growth was driven by fees generated from larger portfolios

Figure 9: Wealth FTEs have continued to fall across the top wealth management firms

Figure 10: The top wealth management banking groups have turned the corner on the pandemic

Figure 11: Only Credit Suisse and Quintet truly suffered a reversal in group profits in 2021

Figure 12: Several turnaround stories at troubled majors led the pack in group profit growth

Figure 13: Wealth management has not grown appreciably as a share of overall banking

Figure 14: The top wealth managers remain focused on ESG

Figure 15: ESG investment demand has shifted to the Middle East and Africa

Figure 16: Financial market decline is expected to materially affect industry performance in 2022

Figure 17: Demand for credit is highest in North America, where rates have already risen

Figure 18: Wealth managers will need to look beyond the West to find more HNW wealth to manage

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