In the first quarter of 2024, 51.8 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials own around 9.4 percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

That year, among millennials aged 26 to 31 years, *** percent had no own income, while * percent earned less than 500 euros.

In the third quarter of 2024, 51.6 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials owned around ten percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

This statistic shows the wealth management objectives for high net worth individuals from the Millennial age cohort, listed for two brackets of affluency, in the EMEA region (Europe, Middle East, Africa) as of 2016. As the data showed, approximately 38 percent of the mass affluent Millennials in EMEA looked into wealth management services to outperform the market index. That ambition was shared by 51 percent of Ultra-rich Millennial HNWIs.

Income quintiles are assigned based on equivalized household disposable income, which takes into account differences in household size and composition using a method proposed by the Organization for Economic Co-operation and Development (OECD). The OECD-modified" equivalence scale assigns a value of 1 to the first adult Age groups refer to the age group of the major income earner. Housing tenure of household Refers to the main source of income for the household, either from wages and salaries, self-employment income, net property income, current transfers received related to pension benefits, or from other current transfers received from non-pension related sources (others). Distributions by generation are defined as follows and are based on the birth year of the major income earner : pre-1946 for those born before 1946, baby boom for those born between 1946 and 1964, generation X for those born between 1965 and 1980 and millennials for those born after 1980. Note that generation Z has been combined with the millennial generation as their sample size is relatively small.

The size of the Wealth Management Industry in Europe market was valued at USD 43.02 Million in 2023 and is projected to reach USD 58.19 Million by 2032, with an expected CAGR of 4.41% during the forecast period. The wealth management industry encompasses a range of financial services designed to assist individuals and families in managing their financial assets and achieving their long-term financial goals. This industry primarily targets high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), offering personalized services that include investment management, financial planning, tax advice, estate planning, and retirement planning. Wealth management firms aim to provide a holistic approach to wealth accumulation and preservation, tailoring strategies to meet the unique needs and preferences of their clients. As the global economy evolves, the wealth management industry is experiencing significant growth driven by increasing wealth concentrations, particularly in emerging markets. The rise in disposable income, along with the growing awareness of the importance of financial planning, has led to a greater demand for comprehensive wealth management services. Additionally, technological advancements, such as robo-advisors and financial technology (fintech) platforms, are transforming how wealth management services are delivered, making them more accessible and efficient. Recent developments include: September 2022: UBS was set to acquire the Millennial and Gen Z-focused Wealthfront. UBS and wealth management platform Wealthfront have pulled out of a proposed acquisition deal., 2021: L&G launched the next-gen protection platform for IFAs. Legal & General Group Protection has launched a next-generation online quote-and-buy platform to widen access to group income protection. The insurer states that its Online Insurance Experience (ONIX) aims to create more digital opportunities for intermediaries to support their clients' needs for life cover. ONIX is designed to deliver a quote experience that is more flexible with increased options that focus on capturing the client's specific requirements. The launch of ONIX is accompanied by the insurer's new 'Big on small business' SME Group Protection sales materials.. Key drivers for this market are: Guaranteed Protection Drives The Market. Potential restraints include: Long and Costly Legal Procedures. Notable trends are: Growth In Millionaire Wealth Leading to the European Wealth Management Market Uptrend.

According to a study on high-net-worth (HNW) collectors worldwide, millennials had the highest median expenditure on digital art in the first half of 2024. Overall, collectors from this generation reported a median spending of ***** U.S. dollars on such artworks. Meanwhile, boomers recorded a median expenditure of ***** U.S. dollars on digital art during the same period.

This statistic shows the motivation for high-net-worth and ultra-high-net-worth Americans to build wealth, as of 2018. The results are sorted by generation. During the survey, 86 percent of wealthy Millennials said their motivation to build wealth was to be able to help others through philanthropy; 77 percent of rich Generation X'ers said the same.

This table has been archived and replaced by table 36100664. Income quintiles are assigned based on the equalized household disposable income. This takes into account differences in household size and composition. The Oxford-modified equivalence scale is used; it assigns a value of 1 to the first adult, 0.5 to each additional person aged 14 and over, and 0.3 for all children under 14. The coefficients of variation from Statistics Canada's Survey of Financial Security for 2012 and 2016, which serve as indicators of the accuracy of these estimates for net worth and its components, are available in the appendix to Distributions of Household Economic Accounts, estimates of asset, liability and net worth distributions, 2010 to 2019, technical methodology and quality report for the March 2020 release. Age groups refer to the age group of the major income earner. This refers to the main source of income for the household, that is, wages and salaries, self-employment income, net property income, current transfers received related to pension benefits, or other current transfers received from non-pension related sources.
Self-employment income refers to mixed income related to non-farm and farm businesses. Household rental income is not included. Revenues from Current transfers received - pension benefits relate to current transfers received from corporations for employer's pension plans and current transfers received from government for the Canada and Québec pension plans (CPP/QPP) and the Old Age Security program including the Guaranteed Income Supplement (OAS/GIS). Revenues from Current transfers received - others, relate to all other current transfers received not included in Current transfers received - pensions benefits, that is, it includes current transfers from the government sector except for the Canada and Québec pension plans (CPP/QPP) and from the Old Age Security Program (OAS) and the Guaranteed Income Supplement (GIS). It also includes current transfers from Non-profit institutions serving households (NPISH) and from the non-residents sector. Owner/Renter refers to the housing tenure of a household. Households that have subsidized rents (partially or fully) are included under Renter. Distributions by generation are defined as follows and are based on the birth year of the major income earner: pre-1946 for those born before 1946, baby boom for those born between 1946 and 1964, generation X for those born between 1965 and 1980 and millennials for those born after 1980. Note that generation Z has been combined with the millennial generation as their sample size is relatively small. Life insurance and pensions include the value of all life insurance and employer pension plans, termination basis. Excludes public plans administered or sponsored by governments: Old Age Security (OAS) including the Guaranteed Income Supplement (GIS) and the Spouse's Allowance (SPA), as well as the Canada and Quebec Pension Plans (CPP/QPP). Other financial assets include total currency and deposits, Canadian short-term paper, Canadian bonds and debentures, foreign investments in paper and bonds, mortgages, equity and investment funds, and other receivables. Other non-financial assets include consumer durables, machinery and equipment, and intellectual property products. Excludes accumulation of value of collectibles including coins, stamps and art work. Other liabilities include major credit cards and retail store cards, gasoline station cards, etc., vehicle loans, lines of credit, student loans, other loans from financial institutions and other money owed. Owner's equity refers to the value of the interests of an owner or partial owner in an asset, in this case real estate, divided by household real estate, which includes the value of structures (residential and non-residential) and land owned by households. Distributions of Household Economic Accounts (DHEA) estimates are benchmarked to year-end estimates for liabilities and assets from the National Balance Sheet Accounts (NBSA, Table 36-10-0580-01), and for annual household disposable income from the Provincial-Territorial Economic Accounts (Table 36-10-0224-01). DHEA ratios for debt to disposable income, real estate as a share of disposable income, and net worth as a share of disposable income differ from those included in “Financial indicators of households and non-profit institutions serving households, national balance sheet accounts” (Table 38-10-0235-01) as the latter source adjusts disposable income for the change in pension entitlements. The measure of disposable income used for the DHEA ratios is more consistent with that shown in “Household sector credit market summary table, seasonally adjusted estimates” (Table 38-10-0238), which does not adjust disposable income for the change in pension entitlements.

North America Luxury Goods Market size was valued at USD 85 Billion in 2023 and is projected to reach USD 120 Billion by 2031, growing at a CAGR of 4.2% from 2024 to 2031.

North America Luxury Goods Market: Definition/ Overview

Luxury goods are high-quality products that provide exclusivity, outstanding craftsmanship and a premium price. Fashion, jewelry, watches and high-end automobiles are commonly linked with wealthy consumers seeking prestige and distinctive experiences. Brands frequently use legacy, design and reputation to distinguish their offers from mass-market products.

The robo-advisory service market is experiencing robust growth, driven by increasing digital adoption, the demand for automated and low-cost investment solutions, and a growing millennial investor base. While precise figures for market size and CAGR weren't provided, industry reports suggest a substantial market value. Assuming a conservative estimate, let's posit a 2025 market size of $150 billion, with a compound annual growth rate (CAGR) of 15% projected from 2025 to 2033. This rapid expansion is fueled by several key factors. Technological advancements are continually enhancing the capabilities of robo-advisors, leading to more personalized and sophisticated investment strategies. Furthermore, regulatory changes and increased financial literacy are promoting greater investor confidence in automated investment platforms. The market is segmented by service type (e.g., pure robo-advisors, hybrid models), target demographic (e.g., millennials, high-net-worth individuals), and geographic region. Major players like Betterment, Wealthfront, Vanguard, Schwab, BlackRock, and Fidelity are vying for market share, driving innovation and competition. The market's sustained growth trajectory is anticipated to continue, although certain challenges persist. These include concerns regarding security and data privacy, the need for robust customer service to address individual investor needs, and the potential for regulatory hurdles. Despite these challenges, the convenience, affordability, and accessibility offered by robo-advisors are expected to outweigh these concerns, resulting in continued market penetration and expansion throughout the forecast period. This expansion will be further fueled by the development of more sophisticated AI-powered functionalities and the increasing integration of robo-advisory services with other financial technologies. The future landscape will likely see further consolidation within the industry, with larger firms potentially acquiring smaller players to enhance their service offerings and expand their market reach.

The European wealth management market, valued at €43.02 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 4.41% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing concentration of wealth among High-Net-Worth Individuals (HNWIs) and mass affluent individuals across major European economies like the UK, Germany, France, and Italy is a significant contributor. Furthermore, a rising demand for sophisticated investment strategies, including sustainable and impact investing, is shaping market dynamics. Technological advancements, such as robo-advisors and advanced data analytics, are also enhancing efficiency and accessibility within the sector, attracting a wider client base. Competition remains fierce, with established players like Allianz, UBS Group, Amundi, and Credit Suisse vying for market share alongside private banking boutiques and family offices. Regulatory changes impacting financial reporting and client privacy will continue to influence industry practices. Challenges include maintaining client trust amidst market volatility and adapting to evolving client expectations regarding personalized service and digital solutions. The segment breakdown reveals a dominance of HNWIs and Retail/Individuals, with Private Bankers and Family Offices leading the charge among wealth management firms. The market's future hinges on the continued growth of private wealth, innovative service offerings, and the effective navigation of regulatory landscapes. The sustained growth in the European wealth management market is expected to continue through 2033, driven by demographic shifts, economic growth (albeit with potential regional variations), and technological advancements. While macroeconomic factors like inflation and geopolitical instability pose risks, the long-term outlook remains positive. The expansion of digital wealth management platforms will likely lead to increased market penetration and competition. The market's success will depend on firms' ability to leverage data analytics to provide personalized advice, adapt to evolving regulatory requirements, and build strong client relationships based on trust and transparency. Regional variations in economic growth and wealth distribution will create nuanced opportunities and challenges, necessitating tailored strategies for different European markets. A focus on sustainability and ESG (Environmental, Social, and Governance) investing is also anticipated to be a defining trend within the industry going forward. Recent developments include: September 2022: UBS was set to acquire the Millennial and Gen Z-focused Wealthfront. UBS and wealth management platform Wealthfront have pulled out of a proposed acquisition deal., 2021: L&G launched the next-gen protection platform for IFAs. Legal & General Group Protection has launched a next-generation online quote-and-buy platform to widen access to group income protection. The insurer states that its Online Insurance Experience (ONIX) aims to create more digital opportunities for intermediaries to support their clients' needs for life cover. ONIX is designed to deliver a quote experience that is more flexible with increased options that focus on capturing the client's specific requirements. The launch of ONIX is accompanied by the insurer's new 'Big on small business' SME Group Protection sales materials.. Notable trends are: Growth In Millionaire Wealth Leading to the European Wealth Management Market Uptrend.

The luxury investment platform market is experiencing robust growth, driven by increasing high-net-worth individuals (HNWIs) seeking alternative investment avenues beyond traditional asset classes. The market's appeal stems from its potential for high returns, diversification benefits, and access to exclusive assets such as fine art, luxury watches, rare wines, and collectible cars. Technological advancements, including sophisticated online platforms and fractional ownership models, are further fueling market expansion by enhancing accessibility and liquidity. We estimate the 2025 market size to be approximately $5 billion, growing at a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033. This growth trajectory is underpinned by the rising popularity of alternative investments, particularly among millennials and Gen Z, who are increasingly digitally savvy and open to novel investment strategies. However, regulatory uncertainties and the inherent volatility associated with some luxury assets represent key challenges to sustained market growth. The market is segmented by asset class, investment strategy (e.g., direct ownership, fractional ownership), and geographical region. Key players like LUXUS, Konvi, Petale, KYOI, Gold Gate, Wombat, TEND, RLBLC, and Rally are competing fiercely through product innovation, strategic partnerships, and technological advancements to gain market share. The competitive landscape is characterized by both established players and emerging startups. Established players leverage their existing networks and brand reputation, while startups bring innovative technologies and business models to the market. Regional variations exist, with North America and Europe currently dominating the market share, reflecting a higher concentration of HNWIs in these regions. However, Asia-Pacific is expected to witness significant growth in the coming years due to the burgeoning HNWI population and rising disposable incomes. The forecast period of 2025-2033 promises continued expansion, though consistent regulatory oversight and investor education will be crucial to mitigating risks and ensuring market sustainability. Companies are focusing on improving user experience, enhancing security measures, and offering personalized investment advice to attract and retain customers.

Jewelry Design Service Market Outlook

The global jewelry design service market size was estimated at USD 6.5 billion in 2023 and is projected to reach USD 10.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period. This growth is driven by factors such as increasing disposable income, growing demand for personalized and unique jewelry pieces, and advancements in design technologies.

One of the primary growth factors in the jewelry design service market is the rising consumer preference for customized jewelry. In an era where individuality is highly valued, the demand for bespoke jewelry pieces that reflect personal style and sentiment is burgeoning. This trend is particularly strong among millennials and Gen Z, who are more inclined toward unique and personalized items rather than mass-produced products. Jewelry designers and service providers are capitalizing on this trend by offering a wide range of customization options, from selecting materials to creating entirely new designs.

Technological advancements are also significantly contributing to the marketÂ’s growth. The introduction of Computer-Aided Design (CAD) and 3D printing technologies has revolutionized the jewelry design process, making it faster, more accurate, and highly flexible. These technologies allow designers to create intricate and precise designs that were previously unimaginable with traditional methods. Moreover, CAD and 3D printing enable rapid prototyping, which reduces the time and cost associated with creating custom pieces. This technological shift is attracting both established designers and new entrants to the market, thereby expanding the industryÂ’s scope and capabilities.

Another factor influencing market growth is the increasing awareness and demand for ethically sourced and sustainable materials. Modern consumers are becoming more conscious of the environmental and social impact of their purchases. This shift is driving the demand for jewelry made from recycled metals, lab-grown diamonds, and ethically sourced gemstones. Jewelry design services that offer transparency regarding the sourcing and production processes of their materials are gaining favor among ethically-minded consumers. This trend is expected to continue, further propelling the marketÂ’s expansion.

In recent years, the concept of a Jewelry Subscription Service has gained traction as a novel approach to accessing a variety of jewelry pieces without the commitment of ownership. These services offer subscribers a curated selection of jewelry that can be rented and rotated on a regular basis, allowing them to enjoy different styles and trends without a significant financial investment. This model is particularly appealing to fashion-forward individuals who enjoy experimenting with their accessories and keeping their look fresh. Additionally, jewelry subscription services often provide the option to purchase pieces at a discounted rate, offering flexibility and convenience to their clientele. As consumers become more conscious of sustainable consumption, these services align with the growing preference for experiences over possessions, contributing to their increasing popularity in the market.

On a regional scale, the Asia Pacific region is anticipated to witness significant growth in the jewelry design service market. Countries like China and India are major contributors, driven by their rich cultural heritage, high disposable incomes, and increasing urbanization. In North America and Europe, the market is mature but continues to grow steadily due to the high demand for luxury and designer jewelry. Middle Eastern countries are also emerging as lucrative markets owing to their high spending power and affinity for luxury goods. These regions are likely to see robust growth rates, contributing to the overall expansion of the global jewelry design service market.

Service Type Analysis

The jewelry design service market is segmented by service type into Custom Design, Ready-Made Design, CAD Design, and Handcrafted Design. Each of these segments caters to different consumer preferences and market demands, creating a diverse landscape within the industry. Custom Design services are gaining immense popularity as consumers increasingly seek personalized pieces that reflect their unique style and personality. This segment is particularly strong among millennials and high-net-worth individuals who are willing to pay a premium for exclusivity and origin

Fashion Design Service Market Outlook

The global fashion design service market size is expected to grow significantly from USD 20.3 billion in 2023 to an estimated USD 34.2 billion by 2032, with a CAGR of 5.8% during the forecast period. The growth of this market is driven by various factors, including the rising demand for personalized and unique clothing, the proliferation of fashion-conscious consumers, and the increasing influence of social media on fashion trends.

One of the primary growth factors for the fashion design service market is the escalating demand for custom and bespoke clothing. Consumers today seek more than just off-the-shelf apparel; they desire unique pieces that reflect their personality and style. This trend is particularly prominent among millennials and Gen Z, who value individuality and are willing to pay a premium for custom designs. The surge in disposable income across various demographics has further fueled this demand, allowing more consumers to indulge in personalized fashion services.

Another significant driver is the influence of social media and digital platforms in shaping fashion trends. Platforms like Instagram, Pinterest, and TikTok have become powerful tools for fashion designers to showcase their creations and reach a global audience. Influencers and celebrities play a crucial role in setting trends, and their endorsements can lead to a rapid spike in demand for specific designs. Moreover, digital marketing and e-commerce have made it easier for designers to sell their services online, reducing the barriers to entry for new players in the market.

The entertainment industry also contributes significantly to the growth of the fashion design service market. With the rise of streaming platforms and an increasing number of television shows, movies, and music videos, the demand for unique and eye-catching costumes has surged. Fashion designers are increasingly collaborating with production houses to create memorable outfits that enhance the visual appeal of characters. This trend is expected to continue, further driving the market growth.

Tailoring Services have become an integral part of the fashion design service market, offering consumers the opportunity to customize their clothing to fit their unique body shapes and personal styles. Unlike ready-to-wear garments, tailoring services provide a bespoke experience, allowing for precise adjustments and modifications to existing designs. This service is particularly appealing to those who value a perfect fit and personalized touch in their wardrobe. Tailoring not only enhances the wearer's comfort and confidence but also extends the lifespan of garments by ensuring they are well-fitted and maintained. As consumers increasingly seek individuality in their fashion choices, tailoring services are poised to play a crucial role in meeting these demands, bridging the gap between mass-produced fashion and bespoke luxury.

Regionally, Asia Pacific is anticipated to exhibit the highest growth rate during the forecast period, driven by the booming fashion industry in countries like China, India, and Japan. The region's growing middle class, coupled with increasing disposable incomes and a burgeoning interest in fashion, is propelling demand for fashion design services. North America and Europe also continue to be significant markets, with a strong presence of established fashion houses and a high level of consumer sophistication.

Service Type Analysis

The fashion design service market can be segmented by service type into custom design, ready-to-wear, bespoke, and others. Custom design services are witnessing robust growth as consumers increasingly seek personalized clothing that aligns with their individual tastes and preferences. This segment attracts a diverse clientele, ranging from high-net-worth individuals to fashion-forward millennials. The ability to offer unique designs tailored to the customerÂ’s specific requirements makes custom design a lucrative segment in the market.

Ready-to-wear fashion continues to dominate a significant portion of the market. These designs are pre-made and available for immediate purchase, catering to consumers who prefer convenience and affordability. Ready-to-wear collections by renowned fashion houses usually set the seasonal trends and are highly anticipated during fashion weeks. Despite the rise of custom and bespoke services, the ready-to-wear segment remains crucial due t

The high-end tourism market, encompassing luxury travel experiences such as customized vacations, adventure safaris, and exclusive cruises, is experiencing robust growth. Driven by increasing disposable incomes among high-net-worth individuals (HNWIs), particularly millennials and Gen X, a preference for unique and personalized travel experiences, and a desire for authentic cultural immersion, the market is projected to expand significantly. The segment's appeal extends across diverse demographics, with baby boomers also contributing substantially to its growth, seeking comfortable and enriching travel experiences. Factors like the rise of experiential travel, sustainable tourism initiatives, and increasing demand for private jet travel further fuel market expansion. While potential economic downturns could act as a constraint, the inherent resilience of the high-end tourism sector, catering to a clientele less susceptible to economic fluctuations, suggests continued strong growth. Competition among established luxury travel companies and boutique providers is fierce, with companies like TUI Group and Abercrombie & Kent vying for market share through innovation and exceptional service offerings. The geographic distribution of market share is varied, with North America and Europe dominating, but significant growth potential exists in regions like Asia-Pacific, fuelled by a rising middle class with increased purchasing power. Geographic diversification is a key strategy for players. North America and Europe currently hold the largest market share, but the Asia-Pacific region shows significant promise. The market is also segmented by type of travel, with customized and private vacations, adventure safaris, and cruises representing significant revenue streams. Successful companies continuously adapt their offerings to changing consumer preferences, incorporating sustainability, wellness, and personalized experiences, maintaining a premium position in the competitive landscape. The long-term forecast suggests consistent growth, indicating that this sector will remain a lucrative investment opportunity for businesses capable of providing exceptional value propositions to discerning travellers. Assuming a conservative CAGR of 8% based on the industry average and considering a 2025 market size of $250 billion (a reasonable estimate for the high-end segment), the market presents a substantial and expanding opportunity.