Private banks cash in on high net worth clients
(22 November 2011 – Australia) The Australian Private Banking Council has estimated that the high net worth of individuals (HNWI) in Australia is growing at 10 percent on average throughout the past 10 years.
Australian’s are among the world’s wealthiest people and bankers want to cash in on that fact, private banks are rushing to enhance services for the growing ranks of the countries super rich.
Australians are the world’s wealthiest people on a median basis and second behind Switzerland on an average basis, according to a Credit Suisse Global Wealth report.
The report claims Australian adults are worth nearly US$221,704 (A$215,525) each on a median basis, which is almost four times that of a United States adult.
Individual wealth has been boosted by the strong Aussie dollar, high levels of property ownership and a robust job market.
Private banks are a one-stop shop offering all banking and wealth management needs and can be small stand-alone entities or any of the Big Four.
Edward Jewell-Tait, head of private banking at Credit Suisse in Australia, said the industry is focused on the complexity of HNWI’s needs.
While generally you would need at least A$1 million in assets, some private banks now cater for clients with much lower sums at their disposal.
Australians are the world’s wealthiest people on a median basis and second behind Switzerland on an average basis, according to a Credit Suisse Global Wealth report.
The report claims Australian adults are worth nearly US$221,704 (A$215,525) each on a median basis, which is almost four times that of a United States adult.
Individual wealth has been boosted by the strong Aussie dollar, high levels of property ownership and a robust job market.
Private banks are a one-stop shop offering all banking and wealth management needs and can be small stand-alone entities or any of the Big Four.
Edward Jewell-Tait, head of private banking at Credit Suisse in Australia, said the industry is focused on the complexity of HNWI’s needs.
While generally you would need at least A$1 million in assets, some private banks now cater for clients with much lower sums at their disposal.
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