Italy Wealth Management – Market Sizing and Opportunities to 2025

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The Italian resident retail savings and investments market was $2,240.56 billion in 2020. The market is expected to grow at a CAGR of more than 3% during the forecast period 2021-2025. Italy’s affluent segment (covering HNWs and mass affluents) accounted for just 15.1% of the total population and held 86% of the country’s total onshore liquid assets in 2020. The majority of the affluent segment holds their wealth in deposits and bonds, indicating their preference for safe-haven assets. Therefore, as the outbreak of the COVID19 pandemic caused big downward shifts in the market performance of the country, the country’s affluent population did not incur huge losses due to their leaning quite heavily on safe-haven assets. Nevertheless, a strong predicted retail investments growth is expected over the upcoming period, owing to an effective vaccine program that will raise investor confidence in the economic performance of the country. Further, the country’s savings and investments market is observing a growing preference for robo-advisory by HNW investors.

Italy wealth management market overview

Italy wealth management market overview

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What are the market dynamics in the Italian wealth management market?

The majority of mass affluent investors hold investments in mutual funds, equities, and bonds

Benefits such as low correlation to financial markets, price appreciation, and stability of returns stand out as the leading drivers behind investments into this asset class. In 2020 Italian property prices reached their highest level in a decade as low mortgage interest rates made it affordable for consumers to make purchases.

An advisor at investors’ main bank is the most popular channel for arranging investments across all three investor classes

Italian investors’ preferred investment channel is advisors at their main bank. This preference is driven by the sense of trust investors have in their bank’s advisory business, as well as the personal relationships cultivated with advisors. As a result, the client wealth manager relationship is crucial to retention in Italy.

A lack of expertise drives demand for discretionary mandates

The current generation of HNW individuals may show limited interest in self-directing, but their heirs are likely to be more open to digital services and algorithm-driven investment.

Better returns and wider investment product ranges are key drivers for investors to offshore their wealth

Wealth held abroad presents a challenge to wealth managers that lack offshore capabilities. To avoid losing assets under management (AUM) to offshore providers, offering more sophisticated investment products onshore is a must.

Uncertainty around the country’s economic performance appears to have knocked HNW confidence, which will result in more HNW wealth being offshored

The average Italian HNW investor offshores 30.8% of their wealth. This reflects not just investors’ willingness to look for profitable investment avenues in foreign markets but also concerns about the country’s post-pandemic economic recovery.

What are the segment classifications in the Italian wealth management market?

Various segments in the Italian wealth management market include resident holdings and non-resident holdings. The Italian savings and investments market did not attract significant non-resident investments in 2020. In 2020, Italian non-resident equity holdings declined as the FTSE MIB closed 2020 down 5.4% against 2019, failing to recover losses incurred earlier in the year. Mutual funds witnessed a similar fate due to their significant correlation with stock market performance, although the decline in foreign investments was lower than for equities due to the diversification benefits provided by this asset class. In contrast, deposits remained an attractive investment avenue for non-resident investors in 2020. This can be attributed to the stability of returns this asset class generates to balance overall risk within portfolios.

Italy wealth management market, by segments

Italy wealth management market, by segments

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What are the segment classifications in the Italian resident savings and investments market by asset allocations?

By asset allocations, various segments in the Italian resident savings and investments market include equities, mutual funds, deposits, and bonds. 


Italian investors are conservative, placing the lowest proportion of their wealth in the equities. This indicates that investors favor the preservation of capital over the potential for higher returns. 

Mutual funds

Italian mutual fund holdings declined in 2020 compared to 2019 owing to their negative performance during the year. The country’s mutual fund market has the highest exposure to bond and equity-based funds. 


Investments in deposits are influenced by general risk appetite, the country’s overall household savings rate, and relative performance across other asset classes. In times of crisis, investors tend to hold the majority of their wealth in safe-haven assets such as deposits in order to avoid significant losses from investments in riskier asset classes. 


In stark contrast to the preferences of retail investors in most other developed countries worldwide, bonds account for the second-highest share of the average Italian retail investment portfolio.

Italy resident savings and investments market, by segments

Italy resident savings and investments market, by segments

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Market report scope

Market size (Year – 2020) $2,240.56 billion
Growth Rate CAGR of >3% during the period 2021-2025
Base year 2020
Forecast Period 2021-2025
Segmentation by wealth management Resident holdings and Non-resident holdings
Segmentation by resident savings and investments market (Asset allocation) Equities, mutual funds, deposits, and bonds


  • HNW individuals constituted only 0.42% of the total adult population of Italy in 2020.
  • Discretionary mandates accounted for the highest proportion (34.4%) of total HNW portfolio composition in Italy in 2020.
  • Deposits remain the most popular investment avenue for Italians indicating their preference for safe-haven investment asset classes.
  • In stark contrast to the investment preferences of other major wealth markets, equities accounted for the lowest share of the Italian retail investment portfolios in 2020.

Reasons to Buy

  • Make strategic decisions using top-level historic and forecast data on Italy’s wealth industry.
  • Identify the most promising client segment by analyzing the penetration of affluent individuals.
  • Receive detailed insights into retail liquid asset holdings in Italy.
  • Understand the changing market and competitive dynamics by learning about new competitors and recent deals in the wealth space.
  • See an overview of key digital disruptors in the country’s wealth market.

Borsa Italiana
Banca d'Italia
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Table of Contents

Table of Contents

Italy Wealth Market

Investor Insight

Resident Savings and Investments

Digital Disruptors

Recent Deals


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