PwC Asset & Wealth Management Revolution Report 2025: $139.9 Trillion AUM with 40.1% Penetration Rate on $344.9 Trillion Total Client Assets, Total Client Assets by Segment – HNWIs $185.7 Trillion, Mass Affluent $140.5 Trillion, Pension Funds $87 Trillion, Insurance Companies $49.1 Trillion, Sovereign Wealth Funds $19.5 Trillion, Global AUM by Product in 2024 – Mutual Funds $68.3 Trillion, Mandates $50 Trillion, Alternatives $21.6 Trillion, Global Asset & Wealth Management Revenue in 2024 – $611 Billion, Profit of AUM in 2024 0.118%, $1.18 Million Profit Per $1 Billion AUM

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PwC Asset & Wealth Management Revolution Report 2025: $139.9 Trillion AUM with 40.1% Penetration Rate on $344.9 Trillion Total Client Assets, Total Client Assets by Segment – HNWIs $185.7 Trillion, Mass Affluent $140.5 Trillion, Pension Funds $87 Trillion, Insurance Companies $49.1 Trillion, Sovereign Wealth Funds $19.5 Trillion, Global AUM by Product in 2024 – Mutual Funds $68.3 Trillion, Mandates $50 Trillion, Alternatives $21.6 Trillion, Global Asset & Wealth Management Revenue in 2024 – $611 Billion, Profit of AUM in 2024 0.118%, $1.18 Million Profit Per $1 Billion AUM

22nd January | Hong Kong 

PwC has released the PwC Asset & Wealth Management Revolution Report 2025, providing key insights into the asset & wealth management industry from 300 asset managers, institutional investors & distributors (> 50% with more than $50 billion in assets).  Global Asset & Wealth Management AUM in 2024 – $139.9 trillion.  Asset Penetration Rate – 40.1%.  Total Client Assets in 2024 – $344.9 trillion.  Total Client Assets by Segment – HNWIs $185.7 trillion, Mass Affluent $140.5 trillion, Pension Funds $87 trillion, Insurance Companies $49.1 trillion, Sovereign Wealth Funds $19.5 trillion.  Global AUM by Product in 2024 – Mutual Funds $68.3 trillion, Mandates $50 trillion, Alternatives $21.6 trillion.  Global Asset & Wealth Management Revenue in 2024 – $611 billion.  Global Asset & Wealth Management Profit of AUM in 2024 – 0.118%.  Global Asset & Wealth Management Profit Per $1 Billion AUM in 2024 – $1.18 million profit per $1 billion AUM.  Top Impact on Revenue Growth by 2030 – Integration of wealth management & fintech solutions.  Top 4 Business Models for Revenue – Full-scale private-to-public hypermarkets, Niche champions, Solutions platforms, Low-cost manufacturers (ETFs / Collective investment trust).  See below for key findings & summary | View report here

“ PwC Asset & Wealth Management Revolution Report 2025: $139.9 Trillion AUM with 40.1% Penetration Rate on $344.9 Trillion Total Client Assets, Total Client Assets by Segment – HNWIs $185.7 Trillion, Mass Affluent $140.5 Trillion, Pension Funds $87 Trillion, Insurance Companies $49.1 Trillion, Sovereign Wealth Funds $19.5 Trillion, Global AUM by Product in 2024 – Mutual Funds $68.3 Trillion, Mandates $50 Trillion, Alternatives $21.6 Trillion, Global Asset & Wealth Management Revenue in 2024 – $611 Billion, Profit of AUM in 2024 0.118%, $1.18 Million Profit Per $1 Billion AUM “

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PwC Asset & Wealth Management Revolution Report 2025: $139.9 Trillion AUM with 40.1% Penetration Rate on $344.9 Trillion Total Client Assets, Total Client Assets by Segment – HNWIs $185.7 Trillion, Mass Affluent $140.5 Trillion, Pension Funds $87 Trillion, Insurance Companies $49.1 Trillion, Sovereign Wealth Funds $19.5 Trillion, Global AUM by Product in 2024 – Mutual Funds $68.3 Trillion, Mandates $50 Trillion, Alternatives $21.6 Trillion, Global Asset & Wealth Management Revenue in 2024 – $611 Billion, Profit of AUM in 2024 0.118%, $1.18 Million Profit Per $1 Billion AUM

PwC has released the PwC Asset & Wealth Management Revolution Report 2025, providing key insights into the asset & wealth management industry from 300 asset managers, institutional investors & distributors (> 50% with more than $50 billion in assets).  See below for key findings & summary | View report here

PwC Asset & Wealth Management Revolution Report 2025

Summary:

1. Global Asset & Wealth Management AUM in 2024 – $139.9 trillion 
2. Asset Penetration Rate – 40.1%
3. Total Client Assets in 2024 – $344.9 trillion
4. Total Client Assets by Segment – HNWIs $185.7 trillion, Mass Affluent $140.5 trillion, Pension Funds $87 trillion, Insurance Companies $49.1 trillion, Sovereign Wealth Funds $19.5 trillion
5. Global AUM by Product in 2024 – Mutual Funds $68.3 trillion, Mandates $50 trillion, Alternatives $21.6 trillion
6. Global Asset & Wealth Management Revenue in 2024 – $611 billion 
7. Global Asset & Wealth Management Profit of AUM in 2024 – 0.118% 
8. Global Asset & Wealth Management Profit Per $1 Billion AUM in 2024 – $1.18 million profit per $1 billion AUM
9. Top Impact on Revenue Growth by 2030 – Integration of wealth management & fintech solutions
10. Top 4 Business Models for Revenue – Full-scale private-to-public hypermarkets, Niche champions, Solutions platforms, Low-cost manufacturers (ETFs / Collective investment trust) 

PwC Asset & Wealth Management Revolution Report 2025

1) Global Asset & Wealth Management AUM & Assets

Global AUM

• 2020 – $116.2 trillion
• 2022 – $113.6 trillion
• 2024 – $139.9 trillion 
• 2030 – $200.4 trillion

Client Assets in 2024

• HNWIs – $127 trillion
• Mass Affluent – $91.4 trillion
• Pension Funds – $65 trillion
• Insurance Companies – $39.1 trillion
• Sovereign Wealth Funds – $13.3 trillion
• Total Assets – $344.9 trillion
• Total AUM – $139.9 trillion 

Assets Penetration rate – 40.1%

Client Assets in 2030

• HNWIs – $185.7 trillion
• Mass Affluent – $140.5 trillion
• Pension Funds – $87 trillion
• Insurance Companies – $49.1 trillion
• Sovereign Wealth Funds – $19.5 trillion
• Total Assets – $481.8 trillion
• Total AUM – $200.4 trillion 

Assets Penetration rate – 41.6%

2) Asset Management Products AUM

Global AUM by Product in 2024:

• Mutual Funds – $68.3 trillion
• Mandates – $50 trillion
• Alternatives – $21.6 trillion
• Total – $139.9 trillion 

Global AUM by Product in 2030:

• Mutual Funds – $101.6 trillion
• Mandates – $64.5 trillion
• Alternatives – $34.2 trillion
• Total – $200.4 trillion

3) Asset & Wealth Management Revenue & Profit

Global Asset & Wealth Management Revenue:

• 2018 – $460 billion
• 2019 – $520 billlion 
• 2020 – $544 billion
• 2021 – $584 billion
• 2022 – $521 billion 
• 2023 – $551 billion 
• 2024 – $611 billion 
• 2030 – $842 billion 

Global Asset & Wealth Management Profit of AUM:

• 2018 – 0.146%
• 2019 – 0.144%
• 2020 – 0.152%
• 2021 – 0.168%
• 2022 – 0.139%
• 2023 – 0.115%
• 2024 – 0.118%
• 2030 – 0.107%

Global Asset & Wealth Management Profit Per $1 Billion AUM:

• 2018 – $1.46 million
• 2019 – $1.44 million
• 2020 – $1.52 million
• 2021 – $1.68 million
• 2022 – $1.39 million
• 2023 – $1.15 million
• 2024 – $1.18 million
• 2030 – $1.07 million

4) Asset & Wealth Management Revenue & Profit Insights

Top Impact on Revenue Growth by 2030

1. Integration of wealth management & fintech solutions – 50%
2. Increased tokenisation & digital asset adoption – 38%
3. Cross-sectoral convergence across financial services – 36%
4. Democratisation of private markets – 33%
5. Convergence of public & private markets – 32%

Top 4 Business Models for Revenue:

1. Full-scale private-to-public hypermarkets – 49.4%
2. Niche champions – 18.2%
3. Solutions platforms – 14%
4. Low-cost manufacturers (ETFs / Collective investment trust) – 12.2%

Private Markets & Tokenization Insights

• Private markets generate 400% more profit per dollar AUM than traditional managers
• Alternative AUM to reach $34 trillion in 2030
• Tokenised fund AUM to reach $715 billion in 2030
• Private markets AUM to reach $26.6 trillion in 2030 & generate >50% of industry revenues
• Regulatory reforms & new semi-liquid structures are opening private markets to a wider investor base

PwC Asset & Wealth Management Revolution Report 2025

The Survey – PwC’s 2025 Global Asset and Wealth Management Survey is an international survey of global asset managers, distributors, and institutional investors.  Despite continued growth in AUM, profitability remains under pressure from fee compression, rising operational costs, and evolving investor demands. This year’s survey is a forward- looking analysis of the AWM industry’s response to this growing trend that also highlights transformative megatrends, disruptions, and opportunities that will shape profitability until 2030.  The survey captured responses from 300 asset managers, institutional investors, and distributors, spanning a wide range of AUM sizes. More than half manage more than $50 billion in assets. 

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