Private markets to account for more than half of global asset management industry revenues by 2030 - with global AuM to hit $200 trillion: PwC 2025 Global Asset & Wealth Management Report

• Global assets under management (AuM) are expected to climb from US $139 trillion in 2024 to $200 trillion by 2030, at a CAGR of 6.2%
• Private markets revenues are set to reach US $432.2 billion, growing at a CAGR of 8.2% and delivering over half of the total asset management industry's revenues by 2030
• Total investable wealth worldwide is expected to exceed US $481 trillion by 2030 – two-thirds to come from Mass Affluents (5.7% CAGR) and HNWIs (6.5% CAGR)
• Tokenised fund AuM is projected to soar from US $90 billion (2024) to US $715 billion by 2030, growing at a CAGR of 41%, fuelled by the retailisation of private markets
• Margins under pressure: revenues are rising, but 89% of AM's surveyed report profitability pressure over the past five years – with profit per AuM down 19% since 2018
• Asset managers target convergence with wealth managers and FinTechs, and look to AI and technology to drive cost-effective digital ecosystems tailored to servicing more diverse client segments

LONDON, Nov. 24, 2025 /PRNewswire/ -- Private market revenues are set to reach US $432.2 billion and account for more than half of the total global asset management industry's revenues by 2030, as technology fuels individual investor demand for digital assets and tokenised products, according to PwC's 2025 Global Asset & Wealth Management Report, released today.

The report, which surveyed 300 asset managers, institutional investors and distributors from 19 countries and 10 territories, also finds that based on PwC estimates, global AuM is projected to surge from US $139 trillion in 2024 to $200 trillion by 2030, growing at a CAGR of 6.2%, with total investable wealth worldwide expected to exceed $481 trillion.

But while the report finds revenues are rising – asset managers continue to face profitability pressures and narrowing margins amid relentless competition, fee pressure, a premium on talent, and cost-heavy investments for increasingly sophisticated and diverse client segments.

89% of asset managers reported profitability pressure over the past five years – with PwC analysis finding that profit per AuM is down 19% since 2018, with a further market-wide 9% decline expected by 2030, even though institutions can buck this trend, particularly by embracing the potential of new technologies.

Costs remain the most visible driver of the squeeze – with more than two-thirds (68%) of every dollar consumed by expenses.

Furthermore, almost three-fifths of institutional investors say they are likely (41%) or very likely (16%) to replace managers purely due to high fees.

As asset managers contend with surging revenues but diminishing profit per AuM – half (50%) say they are targeting convergence with wealth managers and FinTech's to build technology-enabled ecosystems, with AI integration and automation seen as the most important action to transform and future proof their business models by 2030.

Albertha Charles, Global Asset & Wealth Management Leader, PwC UK, said:

"Asset managers are evolving in the Intelligence Age, as new technologies – from Generative AI to Agentic AI – re-shape how value is created and delivered. The winners won't be those who gather the most assets, but those who rewire fastest, translating innovation into digital ecosystems that serve more diverse investors, more personally and efficiently than ever before."

Global assets under management to hit US $200 trillion by 2030

Under baseline projections, PwC research estimates global AuM held by asset and wealth managers (AWMs) is expected to rise from US$139 trillion today to $200 trillion by 2030, at a CAGR of 6.2%.

North America will remain the dominant market for global AuM and grow at a CAGR of 6.2%, but Asia-Pacific is projected to grow fastest at a CAGR of 6.8%. Latin America (6.6%), the Middle East and Africa (6.3%) and Europe (5.6%) are also expanding.

At the same time, the total pool of global investable wealth is set to climb from US $345 trillion in 2024 to $482 trillion by the end of the decade, growing at a CAGR of 5.7%.

Two-thirds of this growth will be driven by structural and demographic shifts among Mass Affluents (5.7% CAGR) and high-net-worth-individuals (HNWIs) – one of the fastest growing client segments – growing at a CAGR of 6.5%.

Private markets to account for more than half of industry revenue

Private markets are set to remain the industry's most profitable engine. Private markets generate roughly four times more profit per billion dollars of AuM than traditional managers today. By 2030, private markets revenues are set to reach US $432.2 billion and deliver over half of the total asset management industry's revenues by 2030.

Other bright spots include tokenised funds. AuM is projected to grow at a staggering 41% CAGR, from about $90 billion in 2024 to $715 billion by 2030, driven by the maturation of blockchain infrastructure, institutional adoption, as well as the democratisation of private markets.

Elsewhere, passive AuM is projected to rise at a CAGR of 10%, to reach $70 trillion by 2030.

Asset managers look to AI and target convergence with wealth managers and FinTech's to alleviate cost pressures

The spearhead of reinvention is the rapid advance of AI, including generative and agentic models, together with tokenisation.

Half of asset managers say convergence with wealth management and FinTech players will have the most significant impact on their revenue growth by 2030 – ahead of tokenisation and digital asset adoption (38%).

Two-thirds (69%) of institutional investors signalled a likelihood to allocate capital to asset managers developing tech capabilities to offer enhanced products and services.

The archetypes of success in the Intelligence Age

Businesses best positioned to outpace and outcompete are clustering around four distinct models – yet only 42% of firms today fit one of four winning archetypes.

1.  Full scale private-to-public hypermarkets: Projected to account for 49.5% of the increase in AWM revenues by 2030, these are groups that span public and private markets with breadth and operating scale, leveraging data and technology to personalise portfolios, offering end-to-end coverage, and translating client intelligence to improved outcomes.

2.  Solutions platforms: Projected to account for 14%, these are portfolio construction engines that are closely aligned to wealth platforms or institutional buyers.

3.  Low-cost manufacturers (ETF/CIT giants): Projected to account for 12.2%, these are firms that provide scalable, transparent investment products designed to fit into model portfolios and unbundled solutions, with their edge in broad product range and ultralow costs.

4.  Niche champions: Projected to account for 18.2%, these are well-defined specialisations that can deliver superior profitability, loyalty and brand strength.

The rest will only be able to capture 6.1% of the total increase in revenues by 2030. Archetypes are 1.5 times more likely to prioritise demographic shifts, and 1.5 times ahead in automating hyper-personalisation through the use of technologies over the next five years.

Notes to Editors

About PwC's 2025 Global Asset & Wealth Management Report

PwC's 2025 Global Asset and Wealth Management Report is an international report that surveys 300 global asset managers, distributors and institutional investors from 19 countries and 10 territories between August-September 2025. Asset managers surveyed span a wide range of AuM sizes, with more than half managing over US$50 billion in assets. The report includes PwC analysis, with projections of CAGR based on econometric modelling, incorporating various economic indicators and PwC expert opinions. We provide three scenarios—Base Case, High Case, and Low Case—each built on different sets of assumptions regarding the likelihood of global and industry-specific trends unfolding. This year's report is a forward-looking analysis of the AWM industry's response to growing cost pressures while exploring the transformative megatrends, disruptions, and opportunities that will shape profitability until 2030. 

About PwC 

At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We're a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com.  

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