In a constantly evolving financial world, wealth management centres face significant challenges and profound structural transformations. At the heart of this evolution lies a crucial question: how can European financial hubs maintain their competitiveness in a global environment where technology, consumer behaviour, and innovation are reshaping the industry?
In a constantly evolving financial world, wealth management centres face significant challenges and profound structural transformations. At the heart of this evolution lies a crucial question: how can European financial hubs maintain their competitiveness in a global environment where technology, consumer behaviour, and innovation are reshaping the industry?
This article analyses the changing dynamics of international wealth management and investigates whether technology represents a threat or a unique opportunity for Europe. We examine the performance of major global centres, the shifting expectations of wealthy and affluent clients, and the strategic levers available to European players.
Technology and global competition: European centres at a crossroads
Since 2021, Europe’s leading wealth centres have followed increasingly divergent paths amid growing global competition and technological disruption.
The United Kingdom, though still grappling with Brexit fallout and infrastructure gaps, is repositioning. Regulatory reforms, such as the easing of London Stock Exchange rules, aim to foster FinTech growth and attract digital investment platforms. The UK's recovery increasingly hinges on hybrid Advisery models and technology-enabled offerings.
Luxembourg remains a stable cross-border asset servicing centre. Its market share rose from 4.2% in 2020 to 4.6% in 2023, reflecting strong demand. Yet, its small domestic base limits scalability. Continued competitiveness will depend on expanding digital Advisery capabilities and integrating AI into portfolio processes.
Elsewhere in Europe, countries with larger internal markets are gaining ground. In France, high-net-worth investor numbers have grown since 2021, driven by digital-first platforms like Yomoni and Boursorama. Germany is advancing hybrid Advisery through FinTech such as Scalable Capital. In Southern and Eastern Europe, countries like Spain, Poland, and Romania are piloting robo-Advisery and AI compliance tools, though adoption remains uneven.
Globally, non-European hubs are accelerating. Singapore now competes with Switzerland, thanks to its technology focus, neutrality, and pro-business regulations. The United States has moved into third place, propelled by AI leadership and deep capital markets. Hong Kong maintains strength despite political risks, while the United Arab Emirates has overtaken the UK in recent rankings.
Performance and growth: Europe holding ground, but losing share
In 2023, the total International Market Value (IMV) of cross-border wealth reached US$10.1 trillion, a modest 2.9% rebound after the 2022 contraction. Yet this recovery masks a deeper trend: Europe’s relative weight is declining, as non-European hubs outpace growth through technology and regulatory agility.
Switzerland remains the largest international wealth hub with US$2.2 trillion in cross-border assets, but its share fell from 23.7% in 2020 to 21.4% in 2023. Limited digital and AI adoption is hampering its ability to defend its lead.
The United Kingdom matched Switzerland in 2023 with a 21.4% share. Despite ongoing macro and political uncertainty, FinTech-driven platforms have helped sustain its momentum.
Luxembourg continues to grow in niche areas like fund servicing and sustainable finance. Yet, infrastructure scalability remains a concern. France and Germany are driving domestic wealth expansion, France via digital platforms and pension reform, and Germany through hybrid Advisery and robot-services.
Beyond Europe:
- Hong Kong posted the highest IMV growth in 2023 (+8.8%), showing resilience amid political tensions.
- The United States ranks third globally, underpinned by leadership in AI-led wealth management and strong capital markets.
- Singapore, though stable in IMV, saw 10% AUM and 9.5% private banking growth in early 2024, supported by a digital-first regulatory environment.
More broadly, IMV’s share of global wealth has dropped from 5.3% in 2013 to 3.7% in 2023, reflecting a shift toward domesticised wealth management. Regulatory tightening, tax harmonisation, and local digital offerings reshape cross-border models.
The rise of a new wealth generation: Personalisation, digitalisation, and ESG expectations
One of the strongest forces reshaping global wealth management is the rise of a new generation of affluent clients. These individuals are digitally native, socially conscious, and increasingly demanding when it comes to personalisation and transparency.
This emerging segment, including next-generation heirs, crypto founders, female investors, and digital influencers, is challenging the traditional rules of engagement. Standard portfolios and generic risk profiling are no longer sufficient. Instead, data-driven segmentation and personalised experiences have become essential.
European wealth centres must adapt to these new expectations. In France and Germany, the number of digital investment platforms has increased by more than 20% since 2021, with a clear shift toward ESG-integrated portfolios, especially among younger and female high-net-worth individuals.
In Italy and Austria, hybrid Advisery models that blend human expertise with AI-generated insights are gaining popularity. These solutions appeal to millennial ultra-high-net-worth clients seeking both technological efficiency and personalised service.
More broadly, the future of client experience lies in seamless, omnichannel journeys that combine mobile, web, in-person, and remote interactions. AI-driven analytics allow for real-time understanding of client needs, but human empathy remains vital for building lasting trust.
Strategic priorities for the future of European wealth management
To remain competitive in an increasingly digital and fragmented global environment, European wealth managers must redefine their strategic roadmap around five key, interconnected capabilities that address both operational efficiency and evolving client expectations.
First, the ability to deliver client personalisation at scale is now critical. AI must be harnessed to map increasingly complex investor preferences and behaviours, enabling the delivery of bespoke solutions across a wide spectrum, from crypto assets and ESG mandates to private equity and impact-driven strategies. The days of generic Advisery are over; tomorrow’s leaders will offer deeply contextualised investment journeys.
Second, exclusive investment access must be made available through secure and intuitive digital platforms. Whether it is tokenised assets, curated private equity portfolios, or high-conviction thematic baskets, wealth managers need to offer value-added products that justify premium pricing. The digital layer is not just a channel, it is a key differentiator in product distribution and client engagement.
Third, cost control through advanced operational technologies is essential in an environment of margin compression. Streamlining onboarding, automating compliance, and digitalising booking centre operations can drastically reduce friction while improving profitability. Technology-enabled efficiency is becoming a core strategic advantage rather than a support function.
Fourth, the hybrid client experience is becoming a standard. The intelligent combination of personalized advice and digital solutions satisfies increasingly demanding clients while improving operational efficiency.
Finally, European firms must lead or catch up in generative AI and data strategy. Modular technology platforms that support predictive analytics, intelligent automation, and the integration of generative AI will reshape both front and back-office operations. In this domain, Europe is already falling behind. Competitors in the US have developed mature data architectures that fuel AI-powered decision-making at scale. For European banks and wealth managers, accelerating investment in infrastructure, data governance, and innovation partnerships is not optional.
Conclusion
European wealth management centres stand at a turning point. Technology should not be viewed as a threat, but rather as a test of leadership, adaptability, and long-term vision.
Although Switzerland and the United Kingdom continue to hold leading positions, their dominance can no longer be assumed. The true differentiator will be the ability to effectively combine digital transformation with human insight, creating a hybrid model that reflects the evolving expectations of both current and future clients.
Those who fully invest in AI, enhance the client experience, and build scalable digital infrastructures, while maintaining high standards of trust and regulatory excellence will position themselves as the next global leaders in wealth management.
Interested in reading the European WealthTech Landscape Report 2025? You can read the report online here.
About The European Wealth Landscape Report 2025
The European WealthTech Landscape Report 2025 is a new WealthTech Landscape Report from The Wealth Mosaic, focused on the wealth management sector in Europe.
With the rapid pace of change in financial services, understanding technology's impact on this sector is more crucial than ever. This Europe-focused Landscape Report features a series of insightful articles that explore the trends, challenges, and innovations surrounding technology adoption in wealth management. Contributions come from a range of organisations, including AWS, Croesus, Deloitte, ERI, EY, Fincite, Finfox, First Rate, Infront, Intellect Design Arena, Moneyfarm, Raise Partner and WealthOS.
The articles you will find within the report provide valuable perspectives on how technology is transforming the wealth management industry. They discuss various aspects of technology adoption, from the latest innovations to how firms can leverage technology to enhance client engagement, streamline operations, and comply with regulatory demands.
We trust you find this report invaluable to your business needs and supportive of your understanding of the fast-moving technology marketplace surrounding the European wealth management market.
Click here for more information.
About The WealthTech Landscape Report Series
Our goal with our WealthTech Landscape Reports (WTLRs) is to collate relevant, insightful content and comments from both wealth managers and vendors operating in a specific region. Each WTLR is founded on a curated directory of hundreds of relevant technology and related solution providers to the business needs of the wealth management community in focus. The directory is supported by a rich variety of thought leadership articles and interviews with industry participants from both buy and sell side, plus a section of Solution Showcases. We also look at country, regional, and sectoral trends.
If you are interested in contributing to our editorial projects, don't hesitate to get in touch.
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