The Italian wealth management market is undergoing a profound transformation, driven by the rapid expansion of the High Net Worth Individual (HNWI) and Ultra High Net Worth Individual (UHNWI) segments, and by the increasing sophistication of entrepreneurial families’ financial needs. In this evolving landscape, banks must reshape their advisory models towards services that are integrated, innovative, and highly personalised – built on specialised wealth management platforms capable of addressing complex and global needs. At the same time, the rise of artificial intelligence is enabling a hybrid model in which human expertise is increasingly enhanced by advanced technological capabilities.

In recent years, the investable financial wealth of Italian households has shown steady growth, with a sharp acceleration among HNWIs and UHNWIs – a segment that continues to outperform the market average, demonstrating both a stronger ability to generate wealth and a greater appetite for sophisticated investment strategies. The annual growth rate of financial wealth allocated to investments, around three percent in recent years, is expected to remain stable through 2025–2026, supported by positive inflows and resilient market conditions.

Private banking remains a structural growth engine within the Italian financial industry, with assets projected to rise by around six percent by 2026 – well above the national average. The sector’s assets under management (AuM) are expected to exceed €1.4trn in 2026, thanks to the ability to provide an increasingly diversified range of solutions for sophisticated clients, especially UHNWIs.

Italy is now approaching a fundamental turning point in what many call the ‘great wealth transfer’ – the inter-generational handover of hundreds of billions of euros in assets. Today, nearly 75 percent of total wealth is held by individuals over the age of 55. By 2033, it is estimated that approximately €300bn will be passed on to younger generations.

Private banking remains a structural growth engine within the Italian financial industry

This demographic and financial shift, mirrored across Europe, places longevity and generational planning at the very centre of the wealth management agenda. It marks a pivotal moment for how families manage both their personal and their business wealth. Here, the value of global advisory becomes crucial – the ability to transform the complexity of wealth transmission into a strategic opportunity for business growth and long-term value creation.

Managing the wealth of Italian families will increasingly require strategic partners capable of creating value throughout every stage of the client’s life journey – developing together a structured plan of objectives for the individual, the family and the enterprise. Equally essential will be a well-defined family governance structure to ensure the smooth transition of wealth and the continuity of the family business when ownership changes hands. In the coming years, the industry’s key challenge will be to offer goal-based, personalised, and flexible solutions through a truly global wealth management platform that can address the sophisticated and multidimensional needs of its clientele.

Investing in excellence
The transformation of wealth management for HNWI and UHNWI clients requires an integrated and specialised approach that goes far beyond traditional financial management. It demands a holistic and goal-based vision of wealth. At BNL BNP Paribas Private Banking & Wealth Management, the strength of our strategic advisory model lies in our ability to provide HNWIs and UHNWIs with highly skilled professionals who deliver tailored, timely support. Within our advisory model, relationship managers work alongside a team of specialists covering key areas such as global markets, wealth planning, trust services and corporate finance.

Our bankers, together with wealth planners and experts from our fiduciary company Servizio Italia, work closely with entrepreneurs to design succession plans that actively involve the next generation. Including younger family members in the design and implementation of succession strategies has been instrumental in ensuring business continuity and in strengthening the long-term vision of many family-owned enterprises.

We invest heavily and continuously in the advanced training of our professionals

Advisory during this delicate phase is a cornerstone of our way of doing private banking.Through our ‘One Bank’ model, we leverage on the expertise of all BNP Paribas Group business lines – combining the specialised knowledge of wealth management with the vertical capabilities of corporate and investment banking. This allows us to provide truly 360-degree advisory services, supporting entrepreneurs and their family businesses in both extraordinary transactions (such as M&A and ownership transitions) and the daily management of assets – including real estate and global markets advisory.

To consistently maintain the highest standards, we invest heavily and continuously in the advanced training of our professionals. A key initiative, in this regard, is the Excellence Academy of BNL BNP Paribas Private Banking & Wealth Management developed in partnership with the Bocconi University School of Management in Milan. The programme offers specialised, certified training paths for bankers and advisors, ensuring that our professionals remain at the forefront of industry best practices and HNWI and UHNWI client expectations.

An AI-driven future
Looking ahead, our vision is to build an integrated, international and innovation-driven service model – positioning ourselves as the strategic advisor of reference for clients managing wealth over the medium and long term. Innovation and the ability to anticipate shifts in global markets are becoming essential assets for anyone operating in private banking. Collaboration across business lines within the BNP Paribas Group, combined with our agility in developing bespoke solutions, enables us to respond effectively to the challenges posed by market volatility and evolving regulation.

Integration with international platforms is a defining feature of our model, allowing us to serve HNWIs and UHNWIs who are increasingly exposed to cross-border dynamics and global investment opportunities. Our company provides multi-asset, multi-currency solutions and advanced reporting services, ensuring a seamless client experience across all touchpoints.

Our cross-country architecture and specialised service verticals enrich a value proposition that is both comprehensive and personalised. The growing demand for diversification and capital protection is driving interest in sophisticated products such as alternative investments, private assets, and tailor-made financing solutions. Advanced analytics are further enhancing personalisation – allowing us to profile clients in greater depth and anticipate their needs through predictive data models.

Artificial intelligence is rapidly emerging as a transformative force across the industry. By leveraging AI, we can deepen client insight, automate processes, and deliver personalised, omnichannel experiences. Predictive analytics and insight-driven advisory tools will enable a shift from conventional to truly proactive and customised advisory. The challenge for the next decade will be to effectively integrate the human and the technological – creating a hybrid service model powered by Human+AI resources that preserves the relational value of human interaction while fully harnessing the potential of advanced technology.

Today, the industry faces an unprecedented opportunity: to combine the legacy of relationship excellence and local expertise with the new frontiers of internationalisation and innovation. Investing in global platforms, empowering our teams, and embedding AI within advisory processes will allow us to deliver a truly distinctive service – one that meets the expectations of a sophisticated, demanding, and global clientele.

This evolution calls for a new kind of leadership – one capable of orchestrating human and technological capabilities, combining the irreplaceable value of people with the extraordinary potential of AI. It is an intellectually stimulating challenge for the next generation of professionals in our industry – and one in which we intend to play a leading role.