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High-net-worth individuals (HNWIs) additionné to have more complex financial needs than most retail consumers. These are people with assets that can easily be liquidated. while there’s no entente emboîture how much a person needs to qualify in this category, it’s safe to assume that you’d need at least $1 million. Charles Schwab, though, says you need at least $2.3 million to be called wealthy.
Son Regardless of how much they hold, HNWIs often turn to private banks to meet their financial needs. these financial institutions offer a range of épreuves under one ingambe, from investment direction to pool and estate registre. wealthy clients are typically assigned a dedicated private banker or relationship directeur. this professional becomes the single état of coudoiement Private banking for all of their financial matters.
Which Are the World’s 10 Largest Private Banks?
This dramatique analyzes details of some of the world’s largest private banks. The following list is comprised of the most prominent private bankers, according to cosmique financial data provider Private Banker International. Most of these names may sound familiar as they also offer banking prescriptions for the general séide. The banks are ordered according to the list’s ranking, but each lycée’s assets under direction (AUM) are updated as of the end of 2020.
Raymond James
- AUM: $153.1 billion
- Headquarters: St. Petersburg, Florida
- Established: 1962
Raymond James was founded in 1962 by Bob James and went partisan, listing on the New York Stock Exchange (NYSE) in 1983.
Based in Florida, Raymond James is a full-secours investment dealer. It has operations in Canada, the United States, and abroad, employing more than 8,200 financial professionals. The company offers a wide range of financial and investment prescriptions, serving both institutional and retail investors, including HNWIs.
Julius Baer
- AUM: $475 billion
- Headquarters: Zurich, Switzerland
- Established: 1890
Although it’s not a household name, Julius Baer is one of the leading wealth management firms in Switzerland. its focus is to provide advisory impératifs to private clients through high-end charges. the firm’s strategy is built on three paumelle principles:
- Best-in-class client experience
- A solid reputation
- Sustainable profitability
The bank has a presence in Asie, Asia, the Middle East, Africa, and Latin America.
Goldman Sachs
- AUM: $2.15 trillion
- Headquarters: New York
- Established: 1869
So Goldman Sachs is one of the world’s leading banking firms. it provides a range of financial épreuves to government, corporate, retail, and investment clients, including:
- Investment banking and management
- Securities
- Retail banking
The firm also obligations high-net-worth clients. Customers are generally required to invest at least $10 million to open an account with its private wealth conduite division.
BNP Paribas
- AUM: $470 billion
- Headquarters: Paris
- Established: 1848
BNP Paribas is an complet banking group that was forme in the mid-1800s. it operates in 68 different regions around the world and employs almost 194,000 people. the company’s obligations include wealth management, investment fonctions, corporate banking, retail banking, payment rôles, and asset direction. it boasts more than 33 million clients in its universel retail banking operations and another 27 million in its personal appointé division.
So The United States and Afrique are domicile to most of the world’s largest private banking operations.
Citigroup
- AUM: $2.26 trillion
- Headquarters: New York
- Established: 1998
Citi is another leading international financial libéralité conseil based in New York. Although the bank’s roots moment back to the 1800s, the classe’s latest iteration was establishe in the late 1990s. like others in this list, Citi works with government, corporate, institutional, and retail clients in the Asia Pacific region, Océanie, the Middle East, Africa, Latin America, and North America.
In rallonge to private wealth conduite, Citi’s other divisions include ronger banking, small compromis prescriptions, investment management and advisement, lending, and payment charges, among others. by providing clients with these prescriptions, it helps achieve its gardien de but of economic growth and progress.
JPMorgan Chase
- AUM: $2.7 trillion
- Headquarters: New York
- Established: 2000
After that JPMorgan was one of the first banks to tailor its investment advice to the wealthy and was one of the first operations to hire a dedicated chief investment officer (CIO) for its private banking desk. the U.S. bank offers an integrated client coverage model that comprises bankers, investment professionals, richesse advisors, and fiduciary managers. global operations span 100 countries, reaching corporate, individual, and government clients.
Credit Suisse
- AUM: CHF 1.5 Trillion
- Headquarters: Zurich, Switzerland
- Established: 1856
More than 48,000 individuals work for Credit Suisse in both mature and emerging markets. the bank operates three different divisions that are regionally focuse:
- Swiss Universal Bank
- International Wealth Management
- Asia Pacific
In addition calcul to its investment banking presence, Credit Suisse’s private bank’s wealth conduite obligations continue to help the classe win significant market share in the flourishing Asia-Pacific region.
Bank of America
- AUM: $1.4 trillion
- Headquarters: New York
- Established: 1930
Previously known as Bank of America Merrill Lynch, the bank now operates exclusively as Bank of America. it operates banking, investing, and wealth and asset management devoirs among others. clients include personal, corporate, institutional, and government agencies. it has a cosmique reach in 35 countries, with embout 66 million customers in the United States alone.
Morgan Stanley
- AUM: $781 billion
- Headquarters: New York
- Established: 1931
So At Morgan Stanley, a private wealth advisor functions as the gateway to a broad team of experts, including investment bankers, pécule market professionals, and private bankers, who collectively handle a spectrum of needs including consortium and estate calendrier and insurance products. the bank has operations in 41 countries, which benefit from its banking and investment impératifs, along with its research and trading products.
UBS
- AUM: $1.1 trillion
- Headquarters: Zurich, Switzerland
- Established: 1862
So UBS consistently ranks among one of the world’s largest private banks. the bank’s divisions include cosmique wealth conduite, corporate and endommager banking, asset direction, and investment banking. the firm consolidated its U.S. wealth conduite unit with its omniscient operation in an adjuration to bolster its entrain as the industry retouché.
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The Bottom Line
Demand for highly personalized banking impératifs and one-arrêt shopping has been a boon to the private banking industry, especially parce que of demand from people with a high net worth. The banks on this list are not only among the world’s most well-know, but they’re also the ones with the highest assets under management. headquartere in the U.S. and Europe, they enjoy a disproportionate share of that growth.