What Bank Do Most Millionaires Use? Private Bank Account Opportunities in 2024

At the risk of stating the obvious, most of the world’s HNWIs do not keep all their savings in one bank account. They also aren’t just using a standard checking account. It’s just common sense. They invest in businesses, securities, and real estate. Nonetheless, of course, a portion of private wealth is held in various private bank accounts. Most of them prefer to open an offshore account in a jurisdiction with favorable privacy and legal protections, use wealth management services, and other private banking services that are offered to high-net-worth individuals. However, this isn’t to say that these services and opportunities are only for the ultra-rich. 

What banks do successful individuals use?  What are the common bank accounts for millionaires and billionaires? Where do they invest their assets for growth? Where do they typically open seven-figure bank accounts? How can a bank account legitimately and safely protect wealth from greedy and jealous people who try to take their money? What are the banks that offer bespoke services? We will explore this and more, and explain opportunities available to you. 

What do very wealthy people invest in?

Inn the face of war and violence, famine risk, climate changes, and political turmoil, HNWIs are smart enough to mitigate the risks and diversify their wealth. They choose to relocate their businesses and/or their families, make tangible property investments, and park funds in different countries. 

Where do they invest? According to Q Wealth’s research, the top 10 preferred investments are as follows:

• Income-generating stocks
• Gold bullion and coins
• Cryptocurrency
• Real estate in the most popular destinations where foreigners relocate (the UAE, Caribbean, European jurisdictions, etc.)
• Historically valuable artifacts
• Art and antiques
• Renewable energy sources
• Telecommunications infrastructure
• New technological products and technologies
• Cybersecurity businesses

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

• Portfolio management 
• Risk management
• Investment management 
• Tax planning 
• Retirement planning 
• Citizenship and residence planning
• Estate and succession planning 
• Family governance
• The client’s family business 
• Tax services
• And more.  

Wealth management advisory services are provided by major private banks. However, the real money maker for these banks is 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. Many celebrities or wealthy people have 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 sizable amount in the account and maintain a certain account balance. The private banker takes into account the client’s financial status and ambitions. Their mission is to maximize the wealthy client’s banking experience and grow the portfolio with minimal stress. The account owner can call this private banker directly at any time.

The scope of private banking normally involves the following services:

• Preferential interest 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
• Regular banking services like SWIFT transfers, credit cards etc..

These services are generally reserved for high-net-worth individuals, but these days the barriers are coming down and even the moderately wealthy may avail of these services. Banks also offer such services for a fee or commission. If you qualify, private banking can open the door to exclusive investment opportunities and other options.

In which currency should a private account be opened? Most HNWIs prefer to have a multi-currency private banking account. This cash account serves as the hub of the private banking relationship.

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

In 2025, 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 and discretion are bywords of high-net-worth banking – a prerequisite for asset protection, privacy, and security. Therefore, the wealthiest people choose to set up a private bank account combined with various legal asset  protection structures:

• Trusts (irrevocable and discretionary) are the best way to protect private capital and every high-balance bank account from prying eyes, distribute profits among beneficiaries, and shield each high-net-worth bank account and its holder from the inevitable risks that wealth brings.. The most legally secure offshore jurisdictions are, for example, Nevis, Belize, the Cook Islands, etc. 
• Foundations, including family office foundations involving offshore companies, where the latter is the owner of the property and the capital. You only need to select a suitable high-net-worth private bank that protects your assets and is located in a secure bank secrecy jurisdiction. 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 in a compliant manner. 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. 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?

There is no one bank used by all of the ultra rich. They typically use different banks, based on their needs, using different types of bank accounts in a jurisdiction (or several) to protect their wealth, privacy, and legacy. They require bespoke services available to higher account balances, and in exclusive banks also providing better interest rates and services including wealth management, access to a private banker, and use bank partnerships to spread funds. Essentially, they need banks and accounts that can help protect and grow their wealth. 

The global lists of recommended banks for wealth transfer include the best private banks, commercial banks, and other international financial institutions in Switzerland, the USA, Liechtenstein, Panama, Bahamas, and several Middle Eastern and Asian countries. Of course, you should never choose a bank without carrying out your own due diligence, finding out rates on savings accounts, costs of services, interest rates, and the bank’s private banking services.

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

• The capital adequacy ratio (CAR) is 20% or 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 private bank account’. You are welcome to contact us for advice and assistance in selecting the best high-net-worth bank and wealth management type bank account for your specific needs. Even if you think that nothing bad can happen to your account or assets in the near future, you should still prepare a backup plan. You need to open an offshore nest-egg account as soon as possible in a bank located outside of your home jurisdiction. This should be in addition to opening different bank accounts (such as retirement accounts), spreading funds to multiple accounts,  and considering private wealth management services. 

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What banks do very wealthy people use?

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

Private banking comes at more favorable rates and private banks offer a variety of banking services, including credit cards, savings account set-up, investment banking, 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 2024

What banks do very wealthy people use? What bank do most millionaires use? What bank do billionaires use? What indeed even is 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 2025? These are the questions asked by our readers.Here are some of the best private banks that HNWIs from around the world choose in 2025 for account opening and asset protection:

1. The best private bank for high-net-worth in the world in 2025 is the American J.P. Morgan Private Bank,. 
2. The best bank for wealthy female clients is the Scotiabank of Scotland. This financial institution has the The Scotiabank Women Initiative, which 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 BNP Paribas, as it has has been recognized globally for offering the best client-facing digital tools. 
4. The best high-net-worth bank for investments is UBS Global Wealth Management. As the world’s largest private financial institutions, UBS excels in discretionary portfolio management, sustainable investment strategies, and AI-driven tools like risk analytics and M&A identification
5. The best high-net-worth bank by the use of technology and wealth management in 2025 is DBS Private Bank, recognized for industry-leading AI and digital execution and awarded Best Internal Use of Technology by Global Finance. DBS also earned Euromoney’s top digital accolades in Asia and was named the world’s best bank for its quantified AI impact.
6. The best boutique private bank in the world is LGT Private Banking, a pure-play leader serving HNWI and UHNWI clients with a focused private-banking model. Euromoney named LGT the world’s best pure play or boutique private bank in 2025.
7. The best private client bank for philanthropy is Bank of America Private Bank, which won Global Finance’s 2025 award for philanthropic services and continues to scale advisory for giving strategies. To open an account with Bank of America Private Bank, use our services.
8. The best private bank for high-net-worth intergenerational wealth management is BTG Pactual Wealth Management, recognized by Global Finance in 2025 for next-gen and multi-gen planning focus. This bank addresses differing generational needs and portfolio design.
9. The best private bank for business is PNC Private Bank, which Global Finance named Best Private Bank for Business Owners in 2025. PNC offers comprehensive advisory for family business growth, insurance, risk solutions, credit, and more
10. The best private bank for entrepreneurs in 2025 is Fifth Third Private Bank, honored by Global Finance for tailored support to founders and wealth creators. To learn about onboarding, please book a private session with our experts
11. The best private bank for family offices and trusts is UBS, which Euromoney named the world’s best for family-office services in 2025. Here you can access coordinated investment, financing, governance, and multi-jurisdictional solutions for complex families.
12. The best private bank in emerging markets is Santander Private Banking, recognized by Global Finance in 2025 for leadership across growth economies. You are welcome to open a corporate account with our specialists
13. The best private high-net-worth bank for clients with less than $1 million in assets is Bradesco Global Private Bank, awarded by Global Finance in 2025 for this client segment and for building pathways into full private banking.
14. The best private bank for clients with assets between $1 million and $24.9 million is the Scotia Wealth Management (Scotland). 
15. 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 banks 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, which 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 most 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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