What Bank Do Most Millionaires Use? Private Bank Account Opportunities in 2023

Most of the world’s HNWIs do not keep all their savings in one bank account. They invest in businesses, securities, and real estate. For all that, a portion of private wealth is held in a private bank account. Most of them prefer to open a foreign bank account. USD 1,000,000 is a typical balance in a private bank account. However, the minimum sum varies.

What banks do very rich people use? Where do they invest their assets? Where do they most often open millionaire bank accounts? How can a private bank account legitimately and safely protect wealth from greedy cousins, creditors, and foreign courts? 

To understand the mindset of millionaires and billionaires, you have to qualify as a high-net-worth individual with a rich bank account. Our offshore business consultants share their insights into private banking. 

What do very wealthy people invest in?

In the face of the pandemic-infused global crisis, famine risk, climate changes, and political turmoil, HNWIs are driven to mitigate the risks and diversify their wealth. They choose to relocate their businesses, make tangible property investments, and park funds in different countries. 

Where do they invest in 2023? The list of preferred fields is as follows:

• income-generating stocks
• gold bullion and coins
• cryptocurrency
• real estate in the most popular destinations where foreigners relocate (the UAE, Turkiye, European jurisdictions, etc.)
• historically valuable artifacts
• antiques
• renewable energy sources
• telecommunications infrastructure
• AI (artificial intelligence) products and technologies
• cybersecurity
• foreign trade, etc.

To help HNWIs, wealth management firms offer a range of client-specific services and provide professional experts.  Their scope includes:

• portfolio management 
• investment management 
• tax planning 
• retirement planning 
• estate and succession planning 
• family governance
• and the client’s family business 
• and tax services, etc. 

Wealth management services are also provided by major private banks. However, the real money maker for these banks is the interest on assets under management (AUM). So, their private banking divisions try hard to keep HNWIs as clients – by offering them elite financial services. 

Private banking is an exclusive concierge-like financial management service. Every celebrity or very rich person has a private bank account abroad. Please take into account: to open an account and be assigned a dedicated private banker, the client needs to deposit a sizeable amount of wealth in the account. The private banker takes into account the client’s financial status and ambitions. His/her mission is to maximize the wealthy client’s banking experience with minimal stress. The account owner can engage this private banker at any time.

The scope of private banking normally involves the following services:

• Preferential rates and pricing on deposit accounts
• Overall financial planning
• Investment and wealth management
• Estate planning
• Lending
• Tax planning and philanthropy
• Credit and cash-flow management.

These services are generally reserved for high-net-worth individuals. They are available for a fee or commission. However, we should take into account that far from any wealthy client can get access to the most exclusive products from the bank. It is the bank that decides if the person has the necessary investable assets and can be allowed to open a private account and use elite services. If you qualify, private banking can open the door to exclusive hedge funds and other options.

In which currency should a private account be opened? Whatever the next normal is, the U.S. dollar is about to lose stability and value. On this account, most HNWIs prefer to have a multi-currency private account.

No wonder, millionaires choose to invest in safer currencies. One of the popular currencies is the Swiss franc.  

In 2023, the Swiss franc is one of the most liquid currencies in the world. Swiss banks remain highly capitalized and resilient. 

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What bank do billionaires use to save their wealth?

Wealthy individuals do not want information about their wealth or high-balance bank account to be publicly accessible. Likewise, they prefer their names not to appear in corporate documents. 

Confidentiality of high net-worth banking is a prerequisite for asset protection, privacy, and security. Therefore, the wealthiest people choose to set up a private bank account plus use other legitimate options:

• Trusts (irrevocable and discretionary) are the best way to protect private capital and every high-balance bank account from prying eyes, ease the tax burden, distribute profits among beneficiaries, and shield each high-net-worth bank account and its holder from creditors and foreign courts. The most ‘tight-lipped’ offshore jurisdictions are, for example, Nevis, Belize, Cook Islands, etc. 
• Foundations, including family foundations involving offshore companies, where the latter is the owner of the property and the capital stock. You only need to select a suitable high-net-worth bank that protects the names of the beneficiaries by bank secrecy. The right choice of a financial institution and the setup of a private banking account will allow you to freely and confidentially accumulate and manage your funds without violating the laws and regulations. Very popular jurisdictions for family foundations are, for example, Panama, Nevis, and Liechtenstein.
• A combo of an offshore trust (similar to a holding company) with an offshore LLC company. For example, a combination of an offshore trust and an LLC in Nevis.

Please note: when HNWIs set up an offshore trust and use fiduciary management, they do not have to deposit their money in a bank account in the jurisdiction of incorporation. They also should not invest all funds in the trust. Diversify! By starting a trust in one jurisdiction and opening a bank account in another you will not put all eggs in one basket. 

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What bank do most millionaires use to save their assets?

The global lists of recommended banks for wealth transfer include the best private banks, commercial banks, and state-owned financial institutions in Switzerland, the USA, Liechtenstein, Norway, and several European countries. Not on any account should you choose a bank without some research.

When choosing the most appropriate high-net-worth bank for opening a principal account and a reserve account, you should take into account many criteria. Banking safety can be assessed by the following parameters:

• the capital adequacy ratio (CAR) is 20% and above
• the bank does not engage in risky lending
• the bank does not have a physical presence (subsidiaries) in your country of residence (which is a way to avoid litigation risks).

There are also some other universal criteria for choosing the best ‘luxury bank account’. You are welcome to contact us for advice and assistance in selecting the best high-net-worth bank and wealth bank account for your specific needs.

The biggest risks of losing money in a foreign account may occur because of lawsuits and incompetent financial advisors. Unfortunately, the chance of account seizure and freeze because of sanctions or other threats is quite likely these days. If you think that nothing bad can happen to your account or assets in the nearest future, you should still prepare a backup plan. You need to open a reserve account as soon as possible. 

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What banks do very wealthy people use?

According to research by Global Finance in 2023, HNWIs are more likely to open a private bank account for asset protection and wealth accumulation. 

Private banking comes at more favorable rates and with a variety of banking services, including credit cards, savings account set-up, current account opening, etc. When opening a private account with a large balance, the client is classified as a VIP and can have a personal manager and a private banker.

The most popular banks for high-net-worth – the private banking list for 2023

What banks do very wealthy people use? What bank do most millionaires use? What bank do billionaires use? What are private banking and a private bank account? How much do wealthy people keep in the bank? What trends should you expect in private banking in 2023? These are the questions asked by our readers.

Here are some of the best private banks that HNWIs from around the world choose in 2023 for account opening and asset protection:

1. The best private bank for high-net-worth in the world in 2023 is the American private bank J.P. Morgan, which has $1.9 trillion in client assets.
2. The best bank for wealthy female clients is the Scotiabank of Scotland. This financial institution offers creative solutions for businesswomen, who can get professional advice on money management and open a high-net-worth bank account for many tasks.
3. The best private bank for high-net-worth in terms of digital solutions is the Hana Financial Group from South Korea, ad its Hana Bank. It has previously won awards for its innovative approach to digitization, and the 2021 My Branch app has become popular with customers who prefer to open an account on favorable terms
4. The best high-net-worth bank for investments in 2023 is the Private Bank BBVA, where in-house management of investment funds, selection, and analysis of investment products, as well as internal financing of clients, including loans and mortgages, are in place. To open an account with BBVA, all you need to do is ask our experts for assistance. 
5. The best high-net-worth bank by the use of technology and wealth management in 2023 is the BTG Pactual with comprehensive private banking services. Last year, the bank launched the new BTG Campus platform, which offers self-study topics and a choice of ways to address their financial issues in wealth management.
6. The best boutique private bank in the world is the Fieldpoint Private Bank, which is among the largest banks in the U.S. and serves HNWI and UHNWI clients. The company uses a set of digital tools to manage all interactions between the private bank and registered investment advisors (RIAs). This allows you to initiate a transaction or loan on behalf of a client and track progress through the lifecycle.
7. The best innovative private bank in the world in 2023 is the DBS Private Bank, which is rightly called a smart bank with advanced AI and machine technology (AI / ML). You can open an external management account in Singapore by sending an application to our experts.
8. The best private client bank for philanthropy is the Bank of America (BofA), which wrapped up the second quarter of 2022 with more than $117 billion in philanthropic client assets. This year, the bank’s team plans to raise another $6 billion by adding advisors in funds, endowments, trusts, and investments to its staff. To open an account with Private Bank of America, use our services. 
9. The best private bank for high-net-worth intergenerational wealth management is the Bradesco Private Bank, which has also created a fund to serve Generations Y, Z, and Alpha of clients. This bank understands the different needs of generations and the specifics of their asset management.
10. The best private bank for business is the PNC Private Bank. As of June 30, 2022, the bank had aggregate revenues of $103 billion and total gross inflows of assets of $62 million, an increase of 185% over 2021. Today, PNC (Private Bank) offers a full range of personal advisory services for family business development and transformation, insurance, risk management, credit products, and more.
11. The best private bank for entrepreneurs in 2023 is the ICBC Private Bank (China). To learn how foreign individuals can open an account with the private Bank of China, please book a private session with our experts.
12. The best private bank for family offices and trusts is the Northern Trust Private Bank. Today, it is a leading provider of wealth management services with top awards in 3 categories from Professional Wealth Management and The Banker magazines, Financial Times Group publications: “The Best Private Bank in the US”, “The Best Private Bank for Family Offices”, “The Best Private Bank for Innovation”. Here you can get a focused set of financial, banking, and advisory solutions for the world’s wealthiest families and the family offices that serve them.
13. The best private bank in emerging markets is the OTP Private Bank, which today has almost 42,000 clients in 11 countries and is the market leader in countries such as Bulgaria (DSK Bank), Montenegro (CKB Banka) and Slovenia (SKB banka). You are welcome to open a corporate account in Hungary with the OTP Private Bank together with our specialists. 
14. The best private high-net-worth bank for clients with less than $1 million in assets is the Asian (Singapore) United Overseas (UOB) Private Bank, which focuses on attracting wealthy clients and developing innovative tools and cutting-edge services.
15. The best private bank for clients with assets between $1 million and $24.9 million is the Scotia Wealth Management (Scotland). 
16. The best private bank for clients holding over $25 million in assets is the Citi Private Bank, which is set up to serve wealthy clients. The key feature of the bank is its global reach and broader range of financial instruments as compared to conventional banks. For example, it provides art consulting and aircraft financing, and full access to Citi’s institutional offerings in capital markets and advisory services.

How to protect your assets with private bank and offshore benefits?

Wealthy people keep their money not only in bank accounts, but also in investment projects, stocks, and offshore trusts. Please take into account our tips on how to properly diversify your assets and protect your finances from inflation, sanctions, and political and economic risks are given below:

1. Your assets are not threatened by your national government policies and court rulings.
2. A mix of several options needs to be used to diversify your capital: an offshore trust, a company, a foreign bank account with a high level of beneficiary privacy, investments, a family foundation, etc.
3. You should open an account with the best trustworthy private bank, where wealthy people are most willing to keep their money.
4. Consider using any of the best asset protection instruments – a Cook Islands Trust, a Nevis Trust, a Belize Trust, or a Panama Fund.
5. Take into account that you need to transfer money into a trust in advance, not when litigation is in progress, creditors are looking for you, or sanctions are imposed.
6. Swiss banks are not the only reputable financial institutions in the world where U.S. and foreign residents can open an account and rely on asset protection.
7. Please note that if the Swiss bank account belongs to an offshore company, the risk of its freezing is practically non-existent.

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