South Korea has a huge and strong wealth management industry, but it has yet to reach its full potential. The industry is highly regulated, and it is difficult for global banks to tap into the market. One of the reasons for this is that the local banks have extensive networks and contacts into the market, making it hard for global banks to even get started.
The South Korea wealth management market is still worth studying, and even wroth looking into from a international banker's perspective. South Korea has the fifth-largest population of HNWIs in the region, with more than 195,000 HNWIs, which is a major increase from 2015 and 2014.
This report evaluates South Korea’s HNWI behaviors, the changes in South Korea's wealth management regulations, the competitive landscape, and the various wealth management products and their demand in the market. The report also thoroughly analyses the playing field for South Korea's commercial banks, from domestic to foreign. This report is completed by two surveys: The first survey interviews 100 HNWI throughout South Korea to learn their needs, their changes, and how they view wealth management in South Korea. The second survey interviews 20 major banks in South Korea to learn about emerging trends in wealth management in South Korea and the country’s competitive landscape.
Our analysts across London, New York, Singapore and Hong Kong survey the globe's top bankers to acquire detailed insights for our reports.