Table of Contents

Executive Summary

Macroeconomic Overview

Belgium’s Wealth Market

Resident Retail Savings and Investments

Resident vs Non-Resident Investments in Belgium

Digital Disruptors

Recent Deals

Appendix

Belgium Wealth Management: Market Sizing and Opportunities to 2022

Summary

Based on our proprietary datasets, this report analyzes Belgium’s wealth and retail savings and investments markets, with a focus on the high net worth (HNW) segment. This includes the overall affluent market size (both by the number of individuals and the value of their liquid assets) as well as a breakdown of liquid vs. illiquid HNW holdings. The report also provides analysis of the factors driving liquid asset growth, including a breakdown and forecast of total retail savings and investments split by asset classes including deposits, mutual funds, equities, and bonds.

Steady economic growth, high levels of affluence, and Belgium’s economically strategic location make the country an attractive market to operate in. HNW and mass affluent individuals collectively represent 35.5% of the total adult population. Belgian HNW investors hold 76.6% of their investments in liquid assets such as equities, mutual funds, deposits, and bonds. However, wealth managers must also focus on the slowly increasing investments in illiquid assets seen in recent years, with this trend set to continue going forward. Recording a compound annual growth rate (CAGR) of 2.9% over 2014-18, Belgium’s retail savings and investments market reached a value of $801.3bn in 2018.

Scope

- Affluent individuals accounted for 35.5% of Belgium’s total adult population in 2018, collectively holding 85.6% of the country’s retail wealth.
- Deposits continue to maintain their dominance in the Belgian retail investment portfolio, with retail investors allocating 53.0% of their liquid assets to deposits in 2018.
- 11.7% of Belgian HNW investors’ assets were invested outside of the country, with tax efficiency and client anonymity being the primary reasons to invest offshore.

Reasons to buy

- Make strategic decisions using top-level historic and forecast data on Belgium’s wealth industry.
- Identify the most promising client segment by analyzing penetration of affluent individuals.
- Receive detailed insight into retail liquid asset holdings in Belgium, including deposits, mutual funds, equities, and bonds.
- Understand changing market and competitive dynamics by learning about new competitors and recent deals in the wealth space.
- See an overview of key digital disruptors in the country’s wealth market.