U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2025
Serving the Ultra-Wealthy
Gain Insight into the Private Wealth Industry
- Determine how asset managers are engaging with professional buyers in the HNW space
- Evaluate shifting product and portfolio construction trends among HNW investors as they demand more customized, sustainable, and tax-efficient portfolios
- Understand evolving service and technology preferences among the next generation of HNW investors, including winning business models and best practices to engage clients
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Summary
This report provides insights and comprehensive analysis into the private wealth industry, focusing on high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals. Attention is given to the unique characteristics of investors with greater than $5 million in investable assets, including market sizing and growth trends, portfolio construction, product and service demands, and best approaches for both wealth management and asset management providers looking to attract and retain wealthy investors and their families.
A Note from the Author
What Will It Take to Service the UHNW Market?
Chayce Horton
Associate Director
Bio →
Chayce Horton
Associate Director
Chayce is an Associate Director in the Wealth Management practice and is the lead author of the annual High-Net-Worth and Ultra-High-Net-Worth Markets report. He also helps lead the annual Private Banks and Bank Trust Companies report as well as the quarterly Cerulli Advisor Edge. Chayce specializes in research and consulting related to high-net-worth investors and advisory firms, including multi-family offices, RIAs, broker/dealers, private banks, and trust companies, as well as the asset management providers that serve these investors and intermediaries.
Prior to joining Cerulli, Chayce worked in enterprise data governance, geopolitical research, and commercial banking at multiple global financial institutions.
Full biography here.
Ultra-high-net-worth (UHNW) families, those with $20 million or more in financial assets, continue to represent an increasing portion of wealth in the United States. Wealth managers are seeking innovative ways to broaden and deepen their service menus to cater to the unique needs of this demographic. According to our research:
- While making up just 0.3% of the U.S. population in 2024, UHNW investors account for nearly one-quarter (24.7%) of all financial assets, with more than $22.5 trillion in investable assets across approximately 442,000 households.
- Cerulli finds that practices more focused on the UHNW space tend to offer multiple additional services, on average. Services such as business planning (75%), foundation management (74%), and private banking (61%) are notably more prevalent upmarket.
- UHNW-focused intermediaries are nearly twice as likely to offer concierge/lifestyle services (58%) to their clients than the broader HNW market (31%).
- Advising across the entire balance sheet for families while providing access to specialist financial and nonfinancial services will allow advisory firms to unlock the most value for their wealthiest clients. For firms seeking to serve as the core advisory provider to ultra-wealthy families, it is crucial to deliver comprehensive solutions that cater to the client's needs.
Access The Cerulli Report—U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2025: Serving the Ultra-Wealthy to discover approaches to address the needs of UHNW and HNW investors. Learn the biggest trends shaping the HNW landscape and explore HNW practices’ top strategic initiatives for the coming year.
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