2024 Global Retail Investor Outlook 2025

Global asset under management by channel2 2014-2021-2030 estimated, $ trillions 2014 2021 2030Retail** Defined contribution 35%$58 trillion $96 trillion $175 trillion 31%26% 13% 61%16% 52%20% 45%Institutional* 201620406080100120140 2017Users (millions) 2018 2019 2020 2021 2022 2023 2024e 2025eStock trading annual app users globally1 2016-2025 estimated, millions Stock trading app annual users compound annual growth rate (CAGR) Globally, 2016-2025 estimated20%EstimatedMarket participation continues to rapidly grow, with global stock app users increasing by 20% annually and retail assets under management estimated to cross to above $100 trillion by 2030 Lockdowns and the meme-stock movement sparked a sharp rise in retail investing during the pandemic. Recent global brokerage platform growth projections suggest that levels will not return to pre-COVID-19 norms. Retail investing has become a lasting trend that is here to stay.Global assets under management attributable to retail investment channels are expected to reach 61% of total by 2030 (and generate 67% of sector revenue). The wealth management industry is shifting from its institution-centred nature to an individual investor-driven market.*“Institutional channels” include defined benefit, insurance, endowments, foundations, sovereign wealth and corporate treasury. **“Retail channels” include retail and private banks, financial advisers, family offices and self-directed. 2024 Global Retail Investor Outlook 15