This statistic shows the numbers of large private banks and wealth managers on the United Kingdom (UK) market in 2016. Wealth management is a broad category of financial services, which includes management of client's assets, and optimization of investment portfolio, according to client's financial goals and objectives. Private banking provides services that might not include investments. It typically centers around high-net-worth-individuals (HNWIs) financial needs, offering personalized care of clients' finances, either by public or private financial institution. As of 2016, there were 116 private wealth management firms operating on the market in London.

This statistic shows the value of cost per direct employee (full-time equivalent) of private wealth management firms and private banks in the United Kingdom (UK) form 2014 to 2016. Wealth management is a broad category of financial services, which includes management of client's assets, and optimization of investment portfolio, according to client's financial goals and objectives. Private banking provides services that might not include investments. It typically centers around high-net-worth-individuals (HNWIs) financial needs, offering personalized care of clients' finances, either by public or private financial institution. According to the data, the cost per employee amounted to 166 thousand British pounds in 2015, and decreased to 165 thousand British pounds in 2016.

This statistic presents the gross annual earnings (minimum and maximum bracket) of private wealth management specialists working in London (United Kingdom) as of January 2018, listed by years of post-qualification experience. In that time, private wealth managers with up to one year working experience earned between 75 and 85 thousand British pounds (GBP) per annum. Highly qualified wealth managers with over ten years of work experience earned at the minimum 150 thousand GBP yearly.

Data on household wealth in Great Britain by ethnic group. Includes total, property, financial, physical and private pension wealth by age, region, household composition and housing tenure.

This statistic presents the wealth distribution among households in the United Kingdom (UK) in 2018. Approximately 44.6 percent adults in the United Kingdom found themselves in the bracket of between 100 thousand and one million U.S. dollars as their household private wealth.

This statistic shows the total value of investment assets of all large wealth management firms in the United Kingdom (UK) between 2013 and 2018 (listed by portfolio mandate type). Wealth management is a broad category of financial services, which includes management of client's assets, and optimization of investment portfolio, according to client's financial goals and objectives. Private banking provides services that might not include investments. It typically centers around high-net-worth-individuals (HNWIs) financial needs, offering personalized care of clients' finances, either by public or private financial institution. As of 2018, approximately 552 billion British pounds were managed by wealth management firms as discretionary assets.

In Europe, the variation in average amounts of financial wealth per adult varied considerably as of 2022, from approximately ******* U.S. dollars in Switzerland to roughly ***** U.S. dollars in Azerbaijan. In Europe, the overall average financial wealth per adult as of 2022 was ****** U.S. dollars. In terms of private wealth, Europe held the second highest value in the world, after North America. What is financial wealth? Financial wealth, also known as financial assets or liquid assets can include wealth that an individual has in the forms of cash, stocks, bonds, mutual funds, and bank deposits. In addition to financial wealth, wealth can also be measured in other assets, called non-financial wealth. This includes physical assets, such as real estate, land, vehicles, jewelry, and art, just to name a few. Where do most wealthy individuals live? Individuals with a net worth over *********** U.S. dollars are called high-net worth individuals (HNWI). The United States was the home country to the highest number of HNWIs in 2021. China followed, although their number of HNWIs did not even reach ********* of the number in the United States. In Europe, Switzerland is the country with the highest average financial wealth per adult, but with its small population size, the number of HNWIs does not come near the numbers in the United Kingdom, Germany, France, and Italy – the European countries with the highest number of HNWIs. Considering Switzerland’s small population size, however, it is the country in the world with the highest proportion of millionaires.

United States Private Banking Market was valued at USD 108.96 Billion in 2024 and is expected to reach USD 180.65 Billion by 2030 with a CAGR of 8.79% during the forecast period.

The Wealth and Assets Survey (WAS) is a longitudinal survey, which aims to address gaps identified in data about the economic well-being of households by gathering information on level of assets, savings and debt; saving for retirement; how wealth is distributed among households or individuals; and factors that affect financial planning. Private households in Great Britain were sampled for the survey (meaning that people in residential institutions, such as retirement homes, nursing homes, prisons, barracks or university halls of residence, and also homeless people were not included).

The WAS commenced in July 2006, with a first wave of interviews carried out over two years, to June 2008. Interviews were achieved with 30,595 households at Wave 1. Those households were approached again for a Wave 2 interview between July 2008 and June 2010, and 20,170 households took part. Wave 3 covered July 2010 - June 2012, Wave 4 covered July 2012 - June 2014 and Wave 5 covered July 2014 - June 2016. Revisions to previous waves' data mean that small differences may occur between originally published estimates and estimates from the datasets held by the UK Data Service. Data are revised on a wave by wave basis, as a result of backwards imputation from the current wave's data. These revisions are due to improvements in the imputation methodology.

Note from the WAS team - November 2023:

“The Office for National Statistics has identified a very small number of outlier cases present in the seventh round of the Wealth and Assets Survey covering the period April 2018 to March 2020. Our current approach is to treat cases where we have reasonable evidence to suggest the values provided for specific variables are outliers. This approach did not occur for two individuals for several variables involved in the estimation of their pension wealth. While we estimate any impacts are very small overall and median pension wealth and median total wealth estimates are unaffected, this will affect the accuracy of the breakdowns of the pension wealth within the wealthiest decile, and data derived from them. We are urging caution in the interpretation of more detailed estimates.”

Survey Periodicity - "Waves" to "Rounds"
Due to the survey periodicity moving from “Waves” (July, ending in June two years later) to “Rounds” (April, ending in March two years later), interviews using the ‘Wave 6’ questionnaire started in July 2016 and were conducted for 21 months, finishing in March 2018. Data for round 6 covers the period April 2016 to March 2018. This comprises of the last three months of Wave 5 (April to June 2016) and 21 months of Wave 6 (July 2016 to March 2018). Round 5 and Round 6 datasets are based on a mixture of original wave-based datasets. Each wave of the survey has a unique questionnaire and therefore each of these round-based datasets are based on two questionnaires. While there may be some changes in the questionnaires, the derived variables for the key wealth estimates have not changed over this period. The aim is to collect the same data, though in some cases the exact questions asked may differ slightly. Detailed information on Moving the Wealth and Assets Survey onto a financial years’ basis was published on the ONS website in July 2019.

A Secure Access version of the WAS, subject to more stringent access conditions, is available under SN 6709; it contains more detailed geographic variables than the EUL version. Users are advised to download the EUL version first (SN 7215) to see if it is suitable for their needs, before considering making an application for the Secure Access version.

Further information and documentation may be found on the ONS "https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/methodologies/wealthandassetssurveywas" title="Wealth and Assets Survey"> Wealth and Assets Survey webpage. Users are advised to the check the page for updates before commencing analysis.

Occupation data for 2021 and 2022 data files

The ONS have identified an issue with the collection of some occupational data in 2021 and 2022 data files in a number of their surveys. While they estimate any impacts will be small overall, this will affect the accuracy of the breakdowns of some detailed (four-digit Standard Occupational Classification (SOC)) occupations, and data derived from them. None of ONS' headline statistics, other than those directly sourced from occupational data, are affected and you can continue to rely on their accuracy. For further information on this issue, please see: https://www.ons.gov.uk/news/statementsandletters/occupationaldatainonssurveys.

The data dictionary for round 8 person file is not available.

Latest edition information

For the 20th edition (May 2025), the Round 8 data files were updated to include variables personr7, nounitsr8 and porage1tar8, and derived binary versions of multi-choice questions, their collected equivalents and imputed binary versions of these variables. Also, variables that were only collected for part of the round have been removed. Additional documentation for Round 8 was also added to the study, including an updated variable list and derived variable specifications.

The United States private banking market was valued at USD 266.44 Billion in 2024. The industry is expected to grow at a CAGR of 10.20% during the forecast period of 2025-2034 to attain a valuation of USD 703.75 Billion by 2034.

Graph and download economic data for Share of Net Worth Held by the Top 1% (99th to 100th Wealth Percentiles) (WFRBST01134) from Q3 1989 to Q1 2025 about net worth, wealth, percentile, Net, and USA.

United States Private Banking Market size was valued at USD 113.79 Billion in 2024 and is projected to reach USD 264.69 Billion by 2032, growing at a CAGR of 11.13% from 2026 to 2032.

​The United States private banking market is experiencing significant growth, driven by several key factors. The increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) has expanded the client base seeking specialized financial services. This demographic shift has heightened demand for personalized wealth management, investment advisory, and estate planning services. Additionally, the growing complexity of tax and investment regulations necessitates expert guidance, further propelling the need for private banking services. Technological advancements have also played a crucial role, enabling banks to offer sophisticated digital platforms that enhance client experiences and streamline financial management. Moreover, the trend towards sustainable and responsible investing has led private banks to develop tailored products that align with clients' environmental and social values. Collectively, these factors contribute to the robust expansion of the U.S. private banking sector.

The value of any pension pots already accrued that are not state basic retirement or state earning related. This includes occupational pensions, personal pensions, retained rights in previous pensions and pensions in payment.

Private Banking Market in the United States Report is Segmented by Type (Asset Management Service, Insurance Service, Trust Service, Tax Consulting, and Real Estate Consulting) and Application (Personal and Enterprise). The Report Offers Market Sizes and Forecasts in Revenue (USD) for all the Above Segments.

Preliminary estimates for Great Britain from the Wealth and Assets Survey using attitudinal data not dependent on thorough checking and imputation methodology.

United Kingdom UK: Banking Survey: Claims on Private Sector data was reported at 2,852,966.000 GBP mn in Sep 2018. This records an increase from the previous number of 2,843,153.000 GBP mn for Jun 2018. United Kingdom UK: Banking Survey: Claims on Private Sector data is updated quarterly, averaging 468,565.000 GBP mn from Mar 1959 (Median) to Sep 2018, with 239 observations. The data reached an all-time high of 3,171,431.897 GBP mn in Mar 2010 and a record low of 3,207.000 GBP mn in Mar 1959. United Kingdom UK: Banking Survey: Claims on Private Sector data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United Kingdom – Table UK.IMF.IFS: Financial System: Monetary: Quarterly.

This statistic shows the projection of direct staff (full-time equivalent) in the private banking and wealth management sector in the United Kingdom (UK) in 2016, by region. The projection is based on data collected for the first, second and third quarter of 2016. Wealth management is a broad category of financial services, which includes management of client's assets, and optimization of investment portfolio, according to client's financial goals and objectives. Private banking provides services that might not include investments. It typically centers around high-net-worth-individuals (HNWIs) financial needs, offering personalized care of clients' finances, either by public or private financial institution. In 2016, approximately 16.1 thousand staff was projected to be working in London in private banking and wealth management services.

The United States private banking market, valued at $101.74 billion in 2025, is poised for robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 9.87% from 2025 to 2033. This expansion is driven by several key factors. Firstly, increasing high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in the US are seeking sophisticated wealth management solutions, fueling demand for personalized financial services. Secondly, favorable economic conditions and a rising stock market contribute to increased investable assets, further boosting market growth. Technological advancements, particularly in areas like robo-advisors and digital platforms, are enhancing efficiency and accessibility, attracting a broader client base. Finally, the growing demand for specialized services, including asset management, insurance, trust services, tax consulting, and real estate consulting, across both personal and enterprise applications, contributes significantly to market expansion. The competitive landscape is dominated by major players like Morgan Stanley, JP Morgan Chase, and Bank of America, amongst others, each vying for market share through strategic acquisitions, product innovation, and enhanced client service offerings. The segmentation of the US private banking market reveals a significant share held by asset management services, reflecting the preference of HNWIs for proactive investment strategies. Insurance services play a crucial role in risk mitigation, while trust services are vital for estate planning and wealth preservation. Tax consulting and real estate consulting cater to the specific financial needs of HNWIs and their businesses. The market’s trajectory is influenced by potential restraints including regulatory changes, economic downturns, and competition from fintech companies. However, the overall market outlook remains positive, driven by the continued growth of the HNWI population and the increasing sophistication of wealth management needs. The forecast period of 2025-2033 anticipates substantial market expansion, driven by ongoing trends in technological integration and personalized financial advice. Recent developments include: February 2024: Bank of America furthered its efforts in tailoring digital banking experiences as clients increasingly gravitated toward managing their finances online.March 2024: Goldman Sachs Asset Management, a division of Goldman Sachs Group, revealed plans to bolster its private credit portfolio. The firm aims to grow it from the current USD 130 billion to a target of USD 300 billion over the next five years.. Key drivers for this market are: Rising Number of HNWIs, Digitization of Private Banking. Potential restraints include: Rising Number of HNWIs, Digitization of Private Banking. Notable trends are: Rising Number of HNWIs Driving the Market.

Annual estimates of personal sector wealth, by type of asset and liability, 1920 to 1956, from Solomou and Weale (1997).