Private banking is the VIP tier of banking services designed exclusively for high-net-worth individuals (HNWIs) — typically those with at least $1 million in investable assets. You get a dedicated relationship manager, customized investment strategies, and access to exclusive financial products.
Services include personalized wealth management, estate planning, tax optimization, concierge banking, exclusive lending rates, and access to alternative investments (private equity, hedge funds, real estate). Some private banks even help with art collection, yacht financing, and philanthropy advisory.
The world's largest private banks include UBS ($3.2 trillion in invested assets), Morgan Stanley, and Credit Suisse (now merged with UBS). In Asia, HSBC Private Banking and DBS Private Bank are major players. The industry manages over $30 trillion globally and charges fees typically ranging from 0.5% to 2% of assets under management.