In Boston’s finance and insurance sector, 218,500 metro-area jobs accounted for 6.2% of total employment in 2022. The industry also drove $28.4B in metro GDP that year and contributed $4.1B annually in Massachusetts tax revenue. With wages well above the national average and strong fintech momentum—from VC funding to blockchain pilots—the page connects finance performance to broader economic impact.
Key Takeaways
- In 2022, financial services contributed $28.4 billion to Boston metro GDP, 9.8% of total
- Boston finance sector revenue grew 7.2% YoY to $152 billion in 2022
- Tax revenue from Boston financial services: $4.1 billion annually to MA state
- In 2022, the Boston-Cambridge-Nashua metropolitan area employed 218,500 people in finance and insurance, representing 6.2% of total employment
- Boston's financial services sector added 4,200 jobs between 2021 and 2022, a 1.9% growth rate
- Average annual wage in Boston's finance and insurance sector was $124,560 in 2022, 89% above the national average
- Boston's fintech sector raised $3.1 billion in VC in 2023, up 22% YoY
- Number of fintech companies in Boston: 450 as of 2023, employing 25,000
- Boston ranks #2 US city for fintech patents, 1,200 issued 2018-2023
- Boston metro AUM totals $5.2 trillion as of 2023, 4th largest in US
- Mutual fund assets managed from Boston: $2.8 trillion, 20% of US total
- Private equity dry powder in Boston firms: $350 billion in 2023
- Fidelity Investments, headquartered in Boston, manages $4.9 trillion in assets under administration as of 2023
- State Street Global Advisors in Boston oversees $4.1 trillion AUM, world's largest asset manager for ETFs
- Bain Capital, Boston-based, has $180 billion AUM across private equity, credit, VC as of 2023
In 2022, Boston finance powered $28.4 billion in metro GDP and supported thousands of jobs while fintech investment surged.
Related reading
01 · Category
Economic Impact24 stats
01
In 2022, financial services contributed $28.4 billion to Boston metro GDP, 9.8% of total
02
Boston finance sector revenue grew 7.2% YoY to $152 billion in 2022
03
Tax revenue from Boston financial services: $4.1 billion annually to MA state
04
Multiplier effect: each finance job supports 1.8 additional jobs in Boston economy
05
Boston finance exports (services): $12.5 billion in 2022
06
Sector GDP per worker: $650,000in Boston finance vs $120,000 citywide
07
Venture capital invested in Boston finance tech: $2.8 billion in 2022
08
Property tax from financial district: $1.2 billion yearly to Boston
09
Finance share of MA exports: 22%, led by Boston
10
Economic output growth: 5.4% in Boston finance 2021-2022
11
Charitable contributions from Boston finance firms: $450 million annually
12
Tourism boost from finance events: $300 million to Boston hotels/conferences
13
Finance sector's R&D spend: $1.7 billion in Boston metro 2022
14
Inflation-adjusted GDP contribution: up 18% since 2017
15
Boston finance payroll: $27 billion in 2022
16
Share of high-wage jobs (>100k): 68% in finance vs 22% citywide
17
Finance-driven real estate value: $45 billion in Seaport District
18
Export of financial IP: $800 million royalties annually
19
Sector's energy consumption savings via fintech: $50 million yearly
20
Boston finance firms sponsor 150+ MBTA improvements worth $200M
21
GDP multiplier: 2.9 for finance investments in Boston
22
Annual procurement spend by finance firms: $5.2 billion locally
23
Finance sector's carbon footprint reduction: 15% since 2019 via ESG
24
Total economic value added: $42 billion including indirect effects
Interpretation
Economic Impact Interpretation
In 2022, Boston’s financial services delivered a major economic impact, contributing $28.4 billion to the metro GDP and growing revenue 7.2% year over year to $152 billion, while also generating $4.1 billion in annual Massachusetts tax revenue and supporting wider job creation through a multiplier effect of 1.8 additional jobs per finance job.
02 · Category
Employment30 stats
01
In 2022, the Boston-Cambridge-Nashua metropolitan area employed 218,500 people in finance and insurance, representing 6.2% of total employment
02
Boston's financial services sector added 4,200 jobs between 2021 and 2022, a 1.9% growth rate
03
Average annual wage in Boston's finance and insurance sector was $124,560in 2022, 89% above the national average
04
45% of Boston's financial services workforce holds a bachelor's degree or higher, compared to 38% nationally
05
Women comprise 52.3% of employees in Boston's financial services industry as of 2023
06
The sector saw a 2.1% increase in financial analysts positions in Boston metro, totaling 12,450 jobs in 2022
07
Boston ranks 3rd in the US for per capita financial services employment at 1 in 42 residents
08
Unemployment rate in Boston finance sector was 2.4% in 2023, below the city average of 3.1%
09
Over 15,000 jobs in securities, commodities, and investments in Boston metro in 2022
10
Boston financial services projected to add 8,500 jobs by 2030, a 4% growth
11
28% of Boston's finance jobs are in professional, scientific, and technical services subsector
12
Median age of financial services workers in Boston is 44.2 years, higher than tech sector's 38.5
13
Boston hosts 1,200 financial services firms employing over 100,000 directly
14
Financial managers in Boston earn $187,450median annually, top 10% nationally
15
7,200 actuaries and related roles in Boston metro area in 2022
16
Boston's finance sector has 3.2% foreign-born workforce share
17
Growth in personal financial advisors jobs: +15% from 2018-2023 in Boston
18
62% of Boston finance jobs require advanced degrees
19
Boston metro financial clerks employment: 18,900 in 2022
20
Sector employment density: 2,450 jobs per square mile in downtown Boston
21
Boston financial services employment grew 12% faster than national average 2017-2022
22
9,500 insurance sales agents in Boston area 2022
23
Diversity: 14% Black/African American in Boston finance workforce vs 6% national
24
Remote work adoption in Boston finance: 22% fully remote post-2022
25
Entry-level teller jobs: 4,100 in Boston metro, average wage $38,760
26
Boston finance sector turnover rate: 8.7% annually, below national 11.2%
27
16,200 loan officers employed in 2022
28
STEM-designated finance roles: 35% of total in Boston
29
Boston's share of MA finance jobs: 68%
30
Projected 2032 employment: 235,000 in Boston finance and insurance
Interpretation
Employment Interpretation
In Boston’s employment landscape for finance and insurance, the sector employed 218,500 people in 2022 and added 4,200 jobs from 2021 to 2022, a 1.9% growth rate, while paying an average annual wage of $124,560 that was 89% above the national average.
03 · Category
Fintech Innovation22 stats
01
Boston's fintech sector raised $3.1 billion in VC in 2023, up 22% YoY
02
Number of fintech companies in Boston: 450 as of 2023, employing 25,000
03
Boston ranks #2 US city for fintech patents, 1,200 issued 2018-2023
04
Adoption of blockchain in Boston banks: 65% piloting solutions in 2023
05
AI-driven trading platforms from Boston firms: handle 40% of local trades
06
Open banking APIs developed in Boston: 2,500+
07
Regtech startups in Boston: 80, compliance cost savings $1.2B annually
08
Digital wallet transactions via Boston fintech: $45 billion in 2023
09
Insurtech firms in Boston: 120, $800M VC raised 2022-2023
10
Quantum computing for finance R&D spend: $150M from Boston institutions
11
Embedded finance deals: 200 pilots in Boston retail
12
Boston fintech accelerators graduated 300 startups since 2018
13
Cybersecurity fintech exports from Boston: $500M revenue
14
DeFi protocols developed in Boston: 25, $10B TVL
15
Robo-advisors AUM from Boston: $120B, 25% market share
16
Sustainable fintech apps downloads: 5M from Boston devs
17
API economy value in Boston finance: $2B platform revenue
18
Neobank users in Boston metro: 1.2 million active
19
Generative AI pilots in compliance: 75% of Boston banks
20
Cross-border payment fintech volume: $20B processed
21
Boston fintech unicorns: 8, total valuation $35B
22
Tokenization pilots for assets: $5B in real estate via Boston platforms
Interpretation
Fintech Innovation Interpretation
Boston’s fintech innovation momentum is accelerating with $3.1 billion in VC funding in 2023, a 22% year over year jump, supported by 450 fintech firms and strong patent activity that reinforces the city’s leadership in developing new financial technologies.
More related reading
04 · Category
Investments23 stats
01
Boston metro AUM totals $5.2 trillion as of 2023, 4th largest in US
02
Mutual fund assets managed from Boston: $2.8 trillion, 20% of US total
03
Private equity dry powder in Boston firms: $350 billion in 2023
04
VC funding into Boston startups: $18.5 billion in 2022, fintech 25%
05
Hedge fund AUM in Boston: $450 billion across 200 funds
06
Pension fund assets managed by Boston firms: $1.2 trillion
07
ETF assets from State Street Boston: $1.1 trillion
08
Angel investments in Boston fintech: $250 million annually
09
Total deal volume in Boston PE/VC: 450 deals worth $25B in 2023
10
Family office AUM in Greater Boston: $120 billion
11
ESG assets managed from Boston: $800 billion, 15% of total AUM
12
Credit fund AUM growth: 12% YoY to $250B
13
Boston firms' global AUM share: 8% of worldwide $120T
14
Infrastructure investments from Boston PE: $50 billion committed
15
Fintech M&A deals: 60 in Boston 2023, $4.2B value
16
Real estate investment trusts managed from Boston: $300B AUM
17
Crowdfunding platforms Boston-based: $1.5B raised 2023
18
Sovereign wealth mandates to Boston managers: $200B
19
Crypto assets custodied by Boston firms: $15 billion
20
Impact investing AUM: $75 billion from Boston
21
Leveraged loan market share Boston originators: 10%
22
Boston VC exits: 120 in 2023, $12B proceeds
23
Fixed income AUM: $1.5 trillion managed locally
Interpretation
Investments Interpretation
Boston’s Investments landscape is scaling fast, with $5.2 trillion in metro AUM and $2.8 trillion in mutual fund assets managed from the city, while strong private equity momentum adds $350 billion of dry powder in 2023.
05 · Category
Major Firms26 stats
01
Fidelity Investments, headquartered in Boston, manages $4.9 trillion in assets under administration as of 2023
02
State Street Global Advisors in Boston oversees $4.1 trillion AUM, world's largest asset manager for ETFs
03
Bain Capital, Boston-based, has $180 billion AUM across private equity, credit, VC as of 2023
04
Wellington Management in Boston manages $1.1 trillion AUM for institutional clients
05
Boston employs 25 of the top 100 global asset managers by AUM
06
John Hancock Financial, Boston HQ, has 2.8 million policyholders and $253 billion assets
07
Putnam Investments, Boston, $148 billion AUM, founded 1937
08
Boston has 147 mutual fund companies managing $2.5 trillion
09
General Catalyst, Boston VC firm, $25 billion AUM, 800+ portfolio companies
10
Waystone Compliance Solutions, Boston office, serves 1,000+ funds
11
Boston's Big Four accounting firms (Deloitte, EY, KPMG, PwC) employ 15,000 in financial services advisory
12
MFS Investment Management, Boston, $577 billion AUM, 26 offices globally
13
Affiliated Managers Group HQ Boston, oversees $600 billion via affiliates
14
Bright Horizons, Boston financial services client servicer, $2.5B revenue
15
Boston hosts 12 hedge funds with >$10B AUM each
16
Loomis Sayles, Boston, $34B AUM in fixed income and equity
17
Eaton Vance (Morgan Stanley), Boston legacy, $500B+ AUM historically
18
Number of RIAs in Boston metro: 1,450, managing $1.2T
19
TJX Companies financial arm in Boston processes $50B annual sales
20
Boston fintech startups: 350+, backed by firms like Battery Ventures
21
Guardian Life Insurance Boston office manages $85B assets
22
HPS Investment Partners, Boston, $100B AUM in credit strategies
23
Number of Boston-based PE firms: 120, $300B dry powder
24
Vestcor, with Boston ties, $45B pension assets
25
Boston's financial district hosts 500+ firms with 50,000 employees
26
LPL Financial Boston hub supports 18,000 advisors, $1.3T assets
Interpretation
Major Firms Interpretation
In the Major Firms category, Boston’s scale is evident in how six powerhouse institutions anchor the city with massive balance sheets, including Fidelity’s $4.9 trillion in assets under administration and State Street Global Advisors’ $4.1 trillion AUM, signaling that Boston remains a global command center for asset management and investing.
Reference
Cite This Report
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APA
Aisha Okonkwo. (2026, February 13). Boston Financial Services Industry Statistics. Gitnux. https://gitnux.org/boston-financial-services-industry-statistics
MLA
Aisha Okonkwo. "Boston Financial Services Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/boston-financial-services-industry-statistics.
Chicago
Aisha Okonkwo. 2026. "Boston Financial Services Industry Statistics." Gitnux. https://gitnux.org/boston-financial-services-industry-statistics.
Sources & references
84 datasets cited across this report · attribution is report-level
+1 additional datasets cited (not shown individually)