Source: Oliver Wyman analysis
Percent
Wealth Management valuation
Total market cap (excl. Wealth Management valuation)
250
200
150
100
50
0
2017
2016
2015
2014
2013
2012
2011
2010
82
2009
2008
2007
Indexed to 2007, sample of leading Wealth Managers, sum of parts analysis
Equity market value development of overall bank vs. Wealth Management unit
2018
60

Note: HNW wealth is measured across households with financial assets greater or equal to US$ 1 million. Financial assets include investable assets (deposits, equities, bonds, mutual funds and alternatives), excluding assets held in insurance policies, pensions and direct real estate or any other real assets. Numbers exclude the effect of currency fluctuations.
Source: Oliver Wyman Wealth Management model
2023
...
2018
2017
+5%
+4%
6%
8%
3%
6%
3%
9%
4%
3%
7%
2%
7%
2%
8%
7%
18-23E'
CAGR
17-18'
GR
1
2
2
5
3
3
4
4
4
4
5
3
11
10
12
15
16
24
39
32
91
70
68
31
North America
APAC
Middle East & Africa
Western Europe
Japan
Latin America
Eastern Europe
Global private HNW wealth by major region
2017-2023E, US$ TN
Source: Deutsche Bank Research, Oliver Wyman analysis
Developed market-based WMs
3%
7%
Asset performance
Asset performance vs. NNM (in % of AuM)
APAC-based WMs
3%
-5%
10%
14%
-3%
9%
-6%
5%
7%
1%
NNM
NNM
Asset Performance
AuM growth
2017
2018
2017
2018
AuM growth

Source: Deutsche Bank Research, Oliver Wyman analysis
NII margin
70
5
0
2017
2016
2015
2014
2013
2013-2018, indexed to 100 in 2013, sample of leading Wealth Managers
Margins for Developed Markets-based Wealth Managers
2018
75
80
85
90
95
100
105
110
115
120
125
F&C margin
Gross margin
Trading margin
Source: Deutsche Bank Research, Oliver Wyman analysis
18%
9%
Median
YoY loan growth, sample of leading Wealth Managers
7%
Mean
2014
2015
7%
2016
3%
6%
13%
12%
2017
3%
4%
2018
2014-2018, in %