Wealth Management enters 2026 after a year that confounded both pessimists and optimists. Markets absorbed tariff shocks and political theatre yet still pushed to new highs. Inflation eased, recession failed to materialise and artificial intelligence moved from narrative to capital-expenditure line item. Beneath this apparently benign surface, however, the industry is being pulled in different directions by regional economics, shifting client behaviour and the rising cost of staying relevant.
The IMGlobalWealth.com newsroom has examined three major studies produced by globally recognised institutions: the Natixis Investment Managers 2025 Wealth Industry Survey (aka The Eve of Disruption), the EY 2025 Global Wealth Research Report and IG Wealth Management’s 2026 Market Outlook.
“Markets do not hate tariffs; they hate uncertainty”
Taken together, these reports reveal not a single global story, but an industry whose future is being drawn on three overlapping maps: what wealth managers expect, how clients actually behave and how the macro cycle is evolving.
Top 10 Wealth Management Markets Globally – 2025
| Rank | Country | Market Size (USD billions) |
|---|---|---|
| 1 | United States | $92,533.01 |
| 2 | United Kingdom | $11,617.59 |
| 3 | Canada | $10,011.04 |
| 4 | France | $9,688.42 |
| 5 | Germany | $8,931.17 |
| 6 | Japan | $6,341.37 |
| 7 | China | $5,983.22 |
| 8 | Switzerland | $5,567.47 |
| 9 | Netherlands | $2,737.68 |
| 10 | Italy | $2,062.19 |
Natixis Investment Managers, the Paris-based global asset-management firm overseeing more than USD 1 trillion, offers the broadest industry snapshot. Its survey of 520 senior wealth professionals in 20 countries finds expected global asset growth of about 13.7% in 2025, with the strongest projections in the United States and United Kingdom, and more muted expectations in continental Europe and Asia.
“Those that combine realistic return assumptions with genuine advice, robust digital infrastructure and clear communication will emerge stronger. Those who cling to the idea of a uniform global cycle may find that the world has quietly moved on without them”
Private markets remain central to strategy: private equity, private debt, real estate and infrastructure together account for roughly 77% of alternative allocations. Yet managers highlight risks that sit largely outside their control, ranking new geopolitical conflicts, persistent inflation and US–China tensions among the most significant macro threats.
At portfolio level, most model long term moderate-risk returns around 7.4%, even as many clients still expect double-digit gains, a gap Natixis flags as a structural source of future disappointment.
Table 1: Expected Assets Under Management AUM Growth by Region (Natixis) in 2025
| Region | Expected AUM Growth 2025 |
|---|---|
| North America | 17.6 % |
| United Kingdom | 16.2 % |
| Europe | 11.2 % |
| Latin America | 9.8 % |
| Asia-Pacific | 8.3 % |
Natixis also underscores the accelerating role of artificial intelligence within wealth management. 79% of wealth managers believe AI will help accelerate earnings growth over the next decade, and 58% say their firms have already embedded AI tools into the investment process, with adoption strongest in Germany, France and Switzerland.
Managers see AI improving both sides of the investment equation: 69% expect it to enhance opportunity discovery, while 62% view it as essential for assessing market risks.
Yet enthusiasm is tempered by unease. Natixis notes that 30% of respondents worry that AI could pose existential risks, a sentiment reflected in the report’s “AI Screen Test,” which captures the industry’s blend of optimism and caution in equal measure.
Table 2: AI Screen Test — How Wealth Managers Characterise the Future of AI
(Source: 2025 Natixis Wealth Industry Survey)
| Robot / Reference (Film) | Share of Respondents | Interpretation |
|---|---|---|
| C-3PO (Star Wars) | 39% | AI as a loyal assistant to humanity |
| Optimus Prime (Transformers) | 25% | AI as a force for good, protecting humanity |
| HAL 9000 (2001: A Space Odyssey) | 20% | AI becoming dangerously goal-obsessed |
| WALL-E (WALL-E) | 10% | AI as empathetic, moral and caring |
| Cyberdyne Systems Model 101 (Terminator) | 6% | AI bringing destruction to humanity |
Above: Natixis asked 520 wealth-management professionals which fictional robot best reflects how they view the future of AI. The results reveal a tension between optimism and anxiety: most respondents associate AI with constructive, human-supporting roles, yet a notable minority fear risks akin to HAL 9000 or the Terminator. This duality mirrors the industry’s broader mix of enthusiasm and caution toward advanced automation.
EY (Ernst & Young), one of the world’s largest professional services groups, shifts the focus from providers to clients. Its 2025 Global Wealth Research Report finds that 32% of investors feel underprepared to meet long-term financial goals.
Financial complexity has risen sharply: 45% report greater complexity in inheritance planning, 40% in tax planning, 31% in retirement and 41% in achieving a holistic view of their finances.
When asked about risks, clients place economic downturn (55%), inflation (52%), market volatility (45%) and geopolitical shocks (43%) at the top of their worry list.
EY’s most striking contribution is evidence that assets are in motion. Globally, 29% of respondents say they plan to switch their primary wealth manager within three years, and almost half expect to move between 26% and 50% of their portfolio.
Among Millennials, the intention to switch rises to 46%, compared with 13% for Boomers, and exceeds 50% in Mainland China.
Clients cite better performance (50%), wider product access (40%), stronger digital tools (35%) and lower fees (34%) as key reasons for changing provider. During recent bouts of volatility, many have become more demanding, with 44% increasing contact with advisers and 35% requesting additional planning meetings.
The message is clear: client loyalty is conditional, and expectations are rising faster than many business models.
IG Wealth Management (originally ‘Investors Group Financial Services’), one of Canada’s oldest financial-planning institutions, supplies the macro lens. Its 2026 Market Outlook recounts how early-2025 tariff fears triggered an 18.9% drop in the S&P 500, only for the index to regain its previous high within 55 days once policy uncertainty receded. Markets, IG notes, do not hate tariffs; they hate uncertainty.
As 2026 begins, the firm argues that fundamentals rather than headlines are once again in charge. Inflation is normalising, global trade is recovering, and Purchasing Managers’ Indices are ticking higher. Central banks have moved decisively into easing mode, while fiscal policy in the United States and Canada remains expansionary.
IG frames the next stage of the cycle around four pillars: monetary easing, fiscal support, AI-driven investment and a powerful wealth effect. It expects at least one additional rate cut from the Bank of Canada and four more from the Federal Reserve by late 2026, alongside an end to quantitative tightening that turns liquidity from headwind to tailwind.
AI capital expenditure by a small group of large technology and cloud companies already amounts to roughly 1.5% of US GDP, funded largely from cash flow rather than debt, while households in the top income quintile, who own the bulk of equities, account for about 40% of discretionary spending. Rising markets, in other words, are feeding directly into consumption and back into earnings.
Overlaying these three perspectives produces a more textured global map. In North America, the macro backdrop looks relatively supportive, with policy, corporate investment and household balance sheets broadly aligned.
In Europe, slower growth, heavier regulation and lingering inflation leave managers more defensive. In Asia and the Middle East, clients are both opportunity and risk: younger, more digitally savvy and more willing to switch providers, but also more exposed to geopolitical cross-currents.
The result is an industry that is global in brand yet increasingly local in reality. The year 2026 is unlikely to bring a single defining shock. Instead, it is more likely to redraw the wealth management map gradually, as firms adapt at different speeds to the same set of forces: restless clients, uneven macro conditions and the capital-intensive race to harness AI.
Those that combine realistic return assumptions with genuine advice, robust digital infrastructure and clear communication will emerge stronger. Those who cling to the idea of a uniform global cycle may find that the world has quietly moved on without them.
🌐 Key Expectations for Wealth Management in 2025
1. A Year of Divergence, Not Convergence
- Wealth management will not move in a straight global line.
- North America enters 2025–2026 in a relatively strong position,
- Europe remains constrained and Asia-Pacific shows both promise and risk.
- Regional divergence becomes the defining feature of the industry.
2. Markets May Stay Resilient — But Highly Sensitive to Policy Clarity
- IG data shows that markets recovered from early-2025 tariff shocks within 55 days once uncertainties cleared.
- The lesson: 2025 could be turbulent, but not necessarily destructive — provided policy shifts remain transparent.
3. Inflation and Geopolitics Remain the Primary Global Threats
- Natixis respondents list new geopolitical conflicts, inflation and US–China tensions among their most serious economic risks.
- EY clients echo this with high concern over economic downturn (55%), inflation (52%) and geopolitical shocks (43%).
4. The Wealth Effect Is Back — Supporting Spending and Investment
- After three years of equity-market gains, household balance sheets have strengthened.
- IG identifies this as a key driver of both consumption and portfolio confidence heading into 2025.
5. Clients Are Feeling More Overwhelmed and Underprepared
EY shows that:
- 32% feel underprepared for long-term goals
- Financial complexity is rising sharply across tax, inheritance and retirement planning
This increases demand for hands-on, personalised advice.
6. Switching Will Accelerate — A Silent Threat to Firms
EY’s switching data is striking:
- 29% plan to switch their primary wealth manager
- Nearly half plan to move between 26% and 50% of assets
- Switching is strongest among Millennials and in Mainland China
Client loyalty in 2025 becomes conditional, not assumed.
7. Private Markets Stay in Demand but Liquidity Tightens
- Natixis confirms that 77% of alternative allocations sit in private equity, private debt, real estate and infrastructure.
- However, liquidity constraints and access bottlenecks are intensifying, especially outside North America.
8. AI Becomes a Strategic Divider
- AI is no longer optional.
- Natixis and IG show that firms integrating AI into research, planning and operations will scale faster, while those without AI-enabled infrastructure risk falling behind.
- AI becomes a competitive advantage, not a buzzword.
9. Advisory Models Will Be Tested by Client Behaviour
EY shows:
- 44% contacted advisers more often during volatility
- 38% exercised more direct control
- 35% demanded additional planning meetings
The modern client expects responsiveness, transparency and multi-channel access.
10. Return Expectations and Reality Continue to Clash
- Natixis shows wealth managers modelling ~7.4% long-term returns, while clients expect double-digit performance.
- This expectation gap may become one of 2025’s biggest reputational and retention risks.
11. Europe Faces a Harder Road
- Sluggish growth, regulatory pressure and lingering inflation weigh on European optimism.
- Rate cuts here are defensive rather than expansionary.
12. North America Stands Out as a Relative Bright Spot
IG’s outlook shows:
- Monetary easing
- Fiscal support
- Improving PMI and manufacturing indicators
- Strong labour-market resilience
North America may lead the global recovery narrative in 2025.
⚡ Summary: What 2025 Will Look Like
2025 is not a crisis year — but it is a pressure year. nThe firms that will thrive are the ones that can:
- Manage client expectations honestly
- Leverage AI without overpromising
- Stay agile across divergent regional cycles
- Strengthen digital and advisory capabilities
- Address rising client complexity proactively
- Prepare for significant asset movement (“assets in motion”)
Wealth Management is entering a year where trust, responsiveness and regional strategy will matter as much as market performance.
For additional reporting on wealth management, see also:
- Shaping the Future of Finance: Key Wealth Management Trends for 2025
- Ranked: The World’s Top 10 Wealth Management Firms for 2024
- 𝑻𝒉𝒆 𝑨𝒅𝒗𝒊𝒔𝒐𝒓 𝑺𝒉𝒐𝒓𝒕𝒂𝒈𝒆: A Looming Crisis in US Wealth Management
