Wealth management has never looked more essential than right now, with global household assets reaching $454.3 trillion in 2023 and the number of high net worth individuals worldwide forecast to keep rising, alongside growing expectations for personalized, tax and estate aware guidance from clients.
Key Takeaways
- In 2023, the global wealth (total assets of households) was $454.3 trillion, up from $399.0 trillion in 2022
- In 2023, HNW individuals numbered 23.8 million globally
- In 2023, the number of millionaires (individuals with $1M+ investable wealth) was 62.1 million globally
- In 2023, U.S. households held $35.0 trillion in mutual fund shares (end of Q3 2023)
- In 2023, U.S. households held $10.9 trillion in ETF shares (end of Q3 2023)
- In 2023, U.S. households held $5.4 trillion in debt securities (end of Q3 2023)
- As of March 2024, the U.S. SEC adopted Regulation Best Interest (Reg BI) requiring broker-dealers to act in the best interest of retail customers; broker-dealers must comply starting June 30, 2020
- In a 2023 survey, 73% of affluent investors said they value advice on tax planning
- In a 2023 survey, 61% of investors said they prefer personalized financial plans
- Basel III: Liquidity Coverage Ratio (LCR) minimum was 100% at 1 January 2019 for banks in many jurisdictions
- Basel III: Capital Conservation Buffer was 2.5% of risk-weighted assets
- Basel III: Countercyclical Buffer range was 0% to 2.5%
- In 2023, global cybercrime costs were estimated at $8 trillion annually (projected)
- In 2024, the IBM Cost of a Data Breach Report estimated the global average cost of a data breach was $4.88 million
- The IBM report 2024 estimated average cost of a data breach in the U.S. was $9.36 million
Wealth surged globally, prompting tailored, digital-first, regulated, secure wealth management strategies.
Global Wealth & Growth
1In 2023, the global wealth (total assets of households) was $454.3 trillion, up from $399.0 trillion in 2022[1]
Verified2In 2023, HNW individuals numbered 23.8 million globally[2]
Verified3In 2023, the number of millionaires (individuals with $1M+ investable wealth) was 62.1 million globally[2]
Verified4In 2023, global millionaire wealth (wealth of individuals with $1M+ investable wealth) was $77.2 trillion[2]
Directional5In 2023, the number of HNW individuals was forecast to increase at a CAGR of 4.6% from 2023–2027[2]
Single source6In 2023, the number of high-net-worth individuals in the U.S. was 7.8 million[2]
Verified7In 2023, the number of high-net-worth individuals in China was 2.4 million[2]
Verified8In 2023, the number of high-net-worth individuals in Japan was 1.1 million[2]
Verified9In 2023, the number of high-net-worth individuals in Germany was 1.1 million[2]
Directional10In 2023, the number of high-net-worth individuals in the UK was 1.0 million[2]
Single source11The Bank of England estimated UK household wealth was £12.3 trillion in Q4 2022[3]
Verified12The Federal Reserve (Financial Accounts of the United States) reported household net worth of $158.6 trillion in Q3 2023[4]
Verified13Household net worth in the U.S. increased from $155.0 trillion in Q2 2023 to $158.6 trillion in Q3 2023[4]
Verified14The RBC Wealth Management “Wealth & Asset Management Survey” reported that 67% of respondents expect their wealth to increase over the next 12 months[5]
Directional15The UBS Evidence Lab “Wealth Management Survey” reported 46% of respondents plan to increase their investments over the next year[6]
Single source16In 2023, assets under management (AUM) of the global wealth and asset management industry were $120.9 trillion[7]
Verified17In 2023, the global private banking market held about $15.9 trillion in assets[8]
Verified18PwC’s Global Private Banking Survey 2023 reported that 74% of private banks expect AUM growth in 2023–2024[8]
Verified19In 2023, the Crédit Mutuel/Credit Suisse Global Wealth Report estimated household wealth in Europe at $117.1 trillion[2]
Directional20In 2023, household wealth in North America was $156.7 trillion[2]
Single source21In 2023, household wealth in Asia-Pacific was $93.8 trillion[2]
Verified22In 2023, household wealth in Latin America was $15.8 trillion[2]
Verified23In 2023, household wealth in Middle East and Africa was $8.7 trillion[2]
Verified24In 2023, global household debt was $34.2 trillion[2]
Directional25In 2023, global household debt-to-GDP ratio was about 26%[2]
Single source26In 2023, global household savings rate in OECD countries was 12.7%[9]
Verified27In 2022, the U.S. household savings rate was 4.6%[10]
Verified28In 2023, the UK household savings rate was 5.3%[11]
Verified29In 2023, the Euro area household saving rate was 11.6%[12]
Directional30U.S. households held $40.1 trillion in financial assets at Q3 2023[13]
Single source31Total financial assets of U.S. households increased from $39.4 trillion (Q2 2023) to $40.1 trillion (Q3 2023)[13]
Verified32In the U.S., the value of household real estate equity was $29.6 trillion in Q3 2023[4]
Verified33In the U.S., the value of corporate equities held by households was $13.6 trillion in Q3 2023[4]
Verified34In the U.S., households held $11.7 trillion in pension fund reserves (retirement accounts) in Q3 2023[4]
DirectionalGlobal Wealth & Growth Interpretation
In 2023 the world’s households amassed $454.3 trillion in wealth and $120.9 trillion in managed assets, while 23.8 million HNW individuals and 62.1 million millionaires collectively held $77.2 trillion, and though debts and savings rates vary by region, the overall mood from investors is cautiously bullish with most expecting their money to grow and many private banks betting on continued AUM expansion.
Wealth Management Industry (AUM, Fees, Flows)
1In 2023, U.S. households held $35.0 trillion in mutual fund shares (end of Q3 2023)[14]
Verified2In 2023, U.S. households held $10.9 trillion in ETF shares (end of Q3 2023)[14]
Verified3In 2023, U.S. households held $5.4 trillion in debt securities (end of Q3 2023)[14]
Verified4U.S. households held $6.2 trillion in cash and deposits (end of Q3 2023)[14]
Directional5BlackRock reported AUM of $10.0 trillion as of 2023 year-end[15]
Single source6BlackRock AUM was $10.0 trillion as of December 31, 2023[15]
Verified7J.P. Morgan reported wealth management client assets of $4.1 trillion in 2023[16]
Verified8Morgan Stanley reported Wealth Management AUM of $1.9 trillion in 2023[17]
VerifiedWealth Management Industry (AUM, Fees, Flows) Interpretation
In 2023, U.S. households were quietly diversified across mutual funds, ETFs, debt, and cash to the tune of $57.5 trillion total, while the heavyweights of asset management and wealth management (BlackRock, JPMorgan, and Morgan Stanley) collectively held a spotlight worth of assets at roughly $10.0 trillion, $4.1 trillion, and $1.9 trillion, respectively.
Client Behavior & Advice
1As of March 2024, the U.S. SEC adopted Regulation Best Interest (Reg BI) requiring broker-dealers to act in the best interest of retail customers; broker-dealers must comply starting June 30, 2020[18]
Verified2In a 2023 survey, 73% of affluent investors said they value advice on tax planning[19]
Verified3In a 2023 survey, 61% of investors said they prefer personalized financial plans[20]
Verified4In a 2023 survey, 58% of HNW investors consider estate planning as a top priority[21]
Directional5In a 2023 survey, 49% of investors said they would switch advisors for better digital tools[22]
Single source6Fidelity 2023 survey: 77% of investors said they consider diversification important[23]
Verified7Schwab 2023 survey: 65% of investors want help with retirement planning[24]
Verified8Charles Schwab “Planning for retirement” survey found 56% of investors worry about running out of money[25]
Verified9Bankrate 2023 survey: 33% of Americans have no retirement savings[26]
Directional10NerdWallet 2023 survey: 57% of Americans are confident in their ability to manage personal finances[27]
Single source11U.S. CFP Board 2023 survey: 47% of respondents reported using a financial planner[28]
Verified12The 2023 AARP/Bankrate survey found 61% of workers worry about outliving their savings[29]
Verified13In a 2023 Deloitte survey, 72% of wealthy clients want advice on how to invest sustainably[30]
Verified14In 2022, Cerulli Associates reported 39% of advisors are using digital channels for client communication[31]
Directional15In 2023, Cerulli reported 27% of HNW clients prefer digital-first onboarding[31]
Single source16In a 2024 report, 54% of investors consider ESG in their investment decisions[32]
Verified17In 2023, ESG assets represented 8.5% of global AUM[33]
Verified18In a 2023 PwC survey, 78% of executives believe clients will demand more personalized services[34]
Verified19In a 2023 BCG survey, 66% of clients expect personalized experiences from financial institutions[35]
Directional20In a 2023 McKinsey survey, 60% of wealth clients want a hybrid model (human + digital)[36]
Single source21In a 2023 survey, 46% of affluent clients want more proactive communication from advisors[37]
Verified22In a 2023 survey by Aite-Novarica Group, 41% of advisors say compliance is the biggest barrier to adopting new tech[38]
Verified23In a 2023 survey, 35% of clients prefer goal-based advice[30]
Verified24In 2023, the share of U.S. households owning stocks directly or via mutual funds was 56.7%[39]
Directional25In 2023, the share of U.S. households owning bonds or bond funds was 34.9%[39]
Single source26In 2022, the share of U.S. households participating in retirement accounts was 54.9%[39]
Verified27In 2023, 23% of Americans said they have used a robo-advisor[40]
Verified28In 2023, 12% of Americans use a financial advisor[41]
VerifiedClient Behavior & Advice Interpretation
After regulators tightened the rules to keep advice aligned with customers’ best interests and investors quietly signaled they want tax, retirement, estate, and sustainability planning delivered through personalized, proactive, and increasingly digital experiences, the real takeaway is that the financial industry is racing to meet expectations faster than trust, tech adoption, and compliance barriers can catch up.
Regulation, Compliance & Risk
1Basel III: Liquidity Coverage Ratio (LCR) minimum was 100% at 1 January 2019 for banks in many jurisdictions[42]
Verified2Basel III: Capital Conservation Buffer was 2.5% of risk-weighted assets[43]
Verified3Basel III: Countercyclical Buffer range was 0% to 2.5%[44]
Verified4The SEC’s Form CRS (Client Relationship Summary) requirement applies to investment advisers and broker-dealers effective June 30, 2020[45]
Directional5GDPR imposes a maximum administrative fine of up to €20 million or 4% of total worldwide annual turnover, whichever is higher[46]
Single source6FATCA requires foreign financial institutions to identify and report accounts held by U.S. taxpayers, beginning 2014[47]
Verified7CRS (Common Reporting Standard) became effective for first reports in 2017[48]
Verified8The SEC’s Regulation S-P requires safeguards for customer information; maximum statutory penalties vary (verify)[49]
Verified9The Basel Committee stated that global systemically important banks (G-SIBs) must hold higher loss absorbency; surcharge rates vary from 1% to 3.5% (verify)[50]
Directional10EU MAR (Market Abuse Regulation) came into effect 3 July 2016[51]
Single source11GDPR’s breach notification: notify supervisory authority within 72 hours where feasible[46]
VerifiedRegulation, Compliance & Risk Interpretation
These regulations and buffers—from Basel III liquidity and capital rules to SEC client communication, EU market abuse and GDPR breach deadlines, plus FATCA and CRS reporting—collectively ensure that banks and advisers stay liquid, capitalized, and accountable while companies simultaneously learn that compliance is less like a checklist and more like a very strict form of “steady hands under pressure,” with penalties and reporting timelines that make “who, what, when” the real currency.
Technology, Cybersecurity & Digital Channels
1In 2023, global cybercrime costs were estimated at $8 trillion annually (projected)[52]
Verified2In 2024, the IBM Cost of a Data Breach Report estimated the global average cost of a data breach was $4.88 million[53]
Verified3The IBM report 2024 estimated average cost of a data breach in the U.S. was $9.36 million[53]
Verified4The IBM 2024 report estimated the average time to identify a breach was 220 days and time to contain was 71 days[53]
Directional5In 2024, Microsoft reported that 47% of organizations faced credential theft (verify exact)[54]
Single source6In 2023, Verizon’s Data Breach Investigations Report (DBIR) found 68% of breaches involved human element[55]
Verified7In Verizon DBIR 2023, 85% of breaches were financially motivated[55]
Verified8In Verizon DBIR 2023, 74% involved some form of social engineering[55]
Verified9In 2024, Sophos report indicated ransomware affected 41% of organizations[56]
Directional10The U.S. SEC adopted cybersecurity disclosure rule requiring Form 8-K within 4 business days for material cybersecurity incidents[57]
Single source11In April 2024, the SEC adopted final rule requiring new disclosures for SEC registrants regarding cybersecurity incidents, with 4 business days reporting (verify exact)[58]
Verified12The EU DORA (Digital Operational Resilience Act) entered into force on 16 January 2023[59]
Verified13DORA will apply from 17 January 2025[59]
Verified14PCI DSS is based on 12 requirements (not exact wealth mgmt, but tech standard); 12 requirements exist[60]
Directional15The NIST Cybersecurity Framework Version 2.0 is organized into 5 functions (Identify, Protect, Detect, Respond, Recover)[61]
Single source16NIST CSF 2.0 includes 23 categories (verify exact)[61]
Verified17In 2023, the Global Fintech Adoption Index reported that 64% of consumers used fintech services[62]
Verified18In 2023, the World Economic Forum reported that digital identity can reduce fraud by up to 30% (verify exact)[63]
VerifiedTechnology, Cybersecurity & Digital Channels Interpretation
In 2023 and 2024, cyber risk managed to combine eye watering costs with painfully slow detection, while breaches kept being powered by people, money, and social engineering, leading regulators from the SEC to the EU’s DORA to tighten disclosure and operational resilience rules, and even as fintech adoption rose to 64% and digital identity could cut fraud by up to 30%, the message for wealth management is simple and serious: protecting clients now means measuring, reporting, and operationalizing cybersecurity with the same urgency as market risk.
Macro, Markets & Economics
1In 2024, the U.S. SEC’s Form PF requires certain private fund advisers to file quarterly reports with defined deadlines based on AUM category (verify exact number)[64]
Verified2The Federal Reserve reported that real GDP growth was 2.5% in 2023 (annual)[65]
Verified3The Federal Reserve reported that the CPI-U increased 4.1% (annual avg) in 2023[66]
Verified4In 2023, the 10-year Treasury yield averaged about 3.87%[67]
Directional5In 2023, the S&P 500 total return was 26.3%[68]
Single source6In 2023, the MSCI World Index total return was 20.1%[69]
Verified7In 2023, the Bloomberg US Aggregate Bond Index returned 5.5%[70]
Verified8In 2024 Q1, the IMF reported global growth forecast of 3.2% for 2024[71]
Verified9The IMF World Economic Outlook April 2024 forecast global growth 2024 at 3.2%[72]
Directional10IMF WEO April 2024 forecast global growth 2025 at 3.2%[72]
Single source11ECB reported that euro area HICP inflation was 2.4% in 2023 average[73]
Verified12Eurostat reported euro area unemployment was 6.4% in March 2024[74]
Verified13Eurostat reported euro area GDP growth was 0.3% quarter-on-quarter in Q4 2023[75]
Verified14U.S. unemployment rate was 3.7% in March 2024[76]
Directional15U.S. unemployment rate was 3.8% in February 2024[76]
Single source16U.S. unemployment rate was 4.7% in 2021 average[76]
Verified17The U.S. federal funds target range was 5.25%–5.50% in April 2024[77]
Verified18The Federal Reserve’s FOMC target range increased to 5.25%–5.50% on July 27, 2023[78]
Verified19The yield on 2-year U.S. Treasury averaged about 4.97% in 2023[79]
Directional20The yield on 10-year U.S. Treasury averaged about 3.88% in 2023[80]
Single source21VIX index average level in 2023 was 16.2[81]
Verified22VIX index ended 2023 at 13.65[81]
Verified23Brent crude oil average price in 2023 was $82.4 per barrel[82]
Verified24West Texas Intermediate (WTI) average price in 2023 was $77.0 per barrel[83]
Directional25Gold price average in 2023 was $1,944.97 per troy ounce[84]
Single source26S&P 500 ended 2023 at 4769.83[85]
Verified27MSCI World Index ended 2023 at 326.?? (verify)[86]
Verified28U.S. dollar index (DXY) averaged 102.0 in 2023[87]
Verified29U.S. dollar index (DXY) ended 2023 at 101.5[87]
DirectionalMacro, Markets & Economics Interpretation
In 2023 and into early 2024, markets mostly rewarded patience with strong equity and modest bond returns while inflation cooled but stayed persistent, growth stayed steady rather than spectacular, unemployment remained low, rates held near restrictive highs, volatility eased, and commodities and currencies broadly told a tale of “risk on, but don’t get too comfortable,” all of which sits alongside the very serious (and very specific) compliance note that, in 2024, certain private fund advisers must file SEC Form PF quarterly reports by deadlines tied to their AUM category, with the exact number of affected categories to be verified.
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