Key Takeaways
- • PwC's APAC Asset and Wealth Management Revolution report projects regional AuM to reach US$34.5 trillion by 2030, up from US$23.2 trillion in 2024, a 6.8% CAGR that outpaces North America (6.2%) and Europe (5.6%).
- • The report identifies US$47 billion in new regional AWM revenues opening up by 2030, with private markets projected to reach 59.5% of total revenues (US$99.8 billion) by that year, up from 55.4% in 2024.
- • Passive investments grew at a 19% CAGR from 2020 to 2024, more than five times the pace of active mutual funds, and are projected to sustain a 15% CAGR through 2030, with ETFs reaching US$4.1 trillion.
- • AWM organisations manage less than a quarter of APAC institutional and retail client assets, versus nearly 40% in Europe and nearly 60% in North America, signalling substantial penetration headroom.
- • PwC argues that APAC cannot be treated as a single homogeneous market, given the absence of passporting and divergent regulatory regimes, requiring market-by-market frameworks, teams and risk models.
Summary
PwC Australia's Asset and Wealth Management (AWM) Revolution report on Asia-Pacific forecasts that the region's assets under management will reach US$34.5 trillion by the end of the decade, up from US$23.2 trillion in 2024. The projected 6.8% compound annual growth rate between now and 2030 exceeds that of North America (6.2%) and Europe (5.6%), and the report estimates US$47 billion in new regional AWM revenues will open up by 2030. Penetration remains low: AWM organisations manage less than a quarter of institutional and retail client assets in APAC, compared with nearly 40% in Europe and nearly 60% in North America.
The report attributes the region's growth to a reallocation of capital. While China attracted most investor attention before the COVID-19 pandemic, PwC points to India, Japan and South Korea maturing into deeper investable markets. Hong Kong's IPO market raised more than US$37 billion in 2025, which PwC says makes it the world's leading exchange by funds raised, driven by capital market reforms and Chinese central government policies encouraging mainland companies to list there. Government initiatives cited include Japan's NISA revamp, which is channelling household savings into equities, and Singapore's MAS additional S$1.5 billion top-up to the Financial Sector Development Fund alongside the S$5 billion Equity Market Development Programme and S$3 billion Anchor Fund. The report also notes that in 2025 direct capital market fundraising in mainland China surpassed indirect bank financing for the first time.
Product trends show strong shifts. Passive investments grew at a 19% CAGR from 2020 to 2024 and are projected to grow 15% annually through 2030, with ETFs expected to reach US$4.1 trillion by 2030. Alternatives are the third-fastest growing segment at an 8.3% CAGR, and private markets rose from 20.3% of APAC revenues in 2012 to 55.4% in 2024, while active management fell from 74.6% to 36.8%. Australia accounts for 57% of APAC active ETF AuM. According to the report, technology (73% of respondents) and geopolitical fragmentation (two-thirds of APAC AWM organisations) are the leading megatrends affecting the sector. Institutional ownership of APAC equity markets stands at 18%, less than half the global average of 47%.
PwC cautions that the region's diversity brings challenges, as treating APAC as a single opportunity will not work given the absence of passporting and varied regulatory regimes. The firm recommends differentiated market-by-market capabilities, including separate frameworks, teams and risk models, to capture returns.
The report attributes the region's growth to a reallocation of capital. While China attracted most investor attention before the COVID-19 pandemic, PwC points to India, Japan and South Korea maturing into deeper investable markets. Hong Kong's IPO market raised more than US$37 billion in 2025, which PwC says makes it the world's leading exchange by funds raised, driven by capital market reforms and Chinese central government policies encouraging mainland companies to list there. Government initiatives cited include Japan's NISA revamp, which is channelling household savings into equities, and Singapore's MAS additional S$1.5 billion top-up to the Financial Sector Development Fund alongside the S$5 billion Equity Market Development Programme and S$3 billion Anchor Fund. The report also notes that in 2025 direct capital market fundraising in mainland China surpassed indirect bank financing for the first time.
Product trends show strong shifts. Passive investments grew at a 19% CAGR from 2020 to 2024 and are projected to grow 15% annually through 2030, with ETFs expected to reach US$4.1 trillion by 2030. Alternatives are the third-fastest growing segment at an 8.3% CAGR, and private markets rose from 20.3% of APAC revenues in 2012 to 55.4% in 2024, while active management fell from 74.6% to 36.8%. Australia accounts for 57% of APAC active ETF AuM. According to the report, technology (73% of respondents) and geopolitical fragmentation (two-thirds of APAC AWM organisations) are the leading megatrends affecting the sector. Institutional ownership of APAC equity markets stands at 18%, less than half the global average of 47%.
PwC cautions that the region's diversity brings challenges, as treating APAC as a single opportunity will not work given the absence of passporting and varied regulatory regimes. The firm recommends differentiated market-by-market capabilities, including separate frameworks, teams and risk models, to capture returns.
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