Wealth Management - Ireland

Ireland

In Ireland, the Wealth Management market is anticipated to witness a significant rise in Assets under Management, with a projected value of US$206.50bn by 2024.
Financial Advisory holds a dominant position in this market, with a projected market volume of US$191.90bn in the same year.
Looking ahead, Assets under Management are expected to demonstrate a steady annual growth rate (CAGR 2024-2028) of 0.93%, leading to a market volume of US$214.30bn by 2028.
Ireland's wealth management market is experiencing a surge in demand for sustainable and socially responsible investment options.

Key regions: United States, United Kingdom, Germany, Hong Kong, Singapore

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Analyst Opinion

The Wealth Management market in Ireland has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Wealth Management market in Ireland have been shifting towards more personalized and holistic financial planning services.

Clients are increasingly seeking wealth managers who can provide comprehensive advice and solutions tailored to their individual needs and goals. This includes services such as investment management, retirement planning, tax planning, and estate planning. Additionally, clients are placing a greater emphasis on sustainability and socially responsible investing, as they seek to align their investments with their values.

Trends in the market are also contributing to the development of the Wealth Management industry in Ireland. One key trend is the growing demand for digital wealth management solutions. Clients are increasingly using online platforms and mobile apps to access their investment portfolios, monitor their financial goals, and communicate with their wealth managers.

This trend is driven by the convenience and accessibility of digital platforms, as well as the desire for real-time information and control over investments. Another trend in the Irish Wealth Management market is the increasing importance of wealth transfer and succession planning. As the population ages and wealth is transferred from one generation to the next, there is a growing need for wealth managers who can help clients navigate the complexities of estate planning and ensure a smooth transfer of assets.

This includes advising on tax-efficient strategies and helping clients establish trusts and other structures to protect and preserve their wealth for future generations. Local special circumstances in Ireland also contribute to the development of the Wealth Management market. Ireland has a favorable tax regime for high net worth individuals, with a low corporate tax rate and various tax incentives for investment and wealth management activities.

This has attracted international wealth managers to establish a presence in Ireland and serve both domestic and international clients. Underlying macroeconomic factors have also played a role in the growth of the Wealth Management market in Ireland. The country has experienced strong economic growth in recent years, driven by factors such as foreign direct investment, a skilled workforce, and a favorable business environment.

This has led to an increase in wealth creation and the accumulation of assets, creating a greater demand for wealth management services. In conclusion, the Wealth Management market in Ireland is developing due to customer preferences for personalized and holistic financial planning services, trends such as the demand for digital wealth management solutions and the importance of wealth transfer and succession planning, local special circumstances including a favorable tax regime, and underlying macroeconomic factors such as strong economic growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on gross revenues, assets under management, and user & advisor data of relevant services and products offered within the Wealth Management market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research activities (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as: GDP, gross national income (GNI), consumer spending, total investment (% of GDP), high income (% of population), and number of high-net-worth individuals (HNWI). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).