Mass Affluent Banking in the Anglo Region 2023

Mass Affluent Banking in the Anglo Region 2023

Summary

This report analyzes the Anglo region's mass affluent market, covering the US, the UK, Canada, Australia, and New Zealand. This includes overall mass affluent market size (number of individuals) and their distribution in the region. The report provides analysis of the factors driving affluence and examines mass affluent individuals’ financial goals, banking patterns, investment preferences, and insurance preferences. The report also covers the region's competitor benchmarking and case studies.

GlobalData forecasts steady growth of the mass affluent population across Anglo markets until 2027f, despite a decline in 2022. Canada, the UK, and the US will be the primary drivers of this growth. New Zealand entered an economic recession at the end of 2023, while Australia is teetering on the brink. Australia is unlikely to see significant growth in its mass affluent population by 2027f, whereas New Zealand may experience higher growth rates, albeit from a lower initial base.

Scope

• US customers are the most valuable to their respective market in terms of credit ownership. Mass market customers account for the majority of the lending market in the other countries.
• Premium accounts, especially fee-based accounts, are unpopular among mass affluent customers in these markets. The packages offered are not attractive enough to mass affluents, many of whom can get better benefits from credit cards aimed at the mass affluent.
• Equities and mutual funds stand out as the favored investment options across Anglo countries. Within these nations, the UK exhibits the lowest penetration rates for both products, signaling a more risk-averse attitude toward investment compared to its counterparts.

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