Quick Answer: What Banks Do Rich People Use?

What banks do millionaires use?

Top Banks for Millionaires

The most popular banks for HNW customers, according to surveys and industry studies, include J.P.

Morgan Chase, Bank of America, and Wells Fargo.

But smaller banks and credit unions are also popular with millionaires and multi-millionaires—and those names rarely make the “Best Of” lists.

How many bank accounts do millionaires have?

They might not have to open accounts at 12 bank because the coverage does allow multiple accounts at one institution if the accounts are joint accounts. It also treats retirement accounts a separate account. The bigger issue is that most millionaires don’t have all their money siting in the bank.

Where do rich people put their money?

banks

What bank does Bill Gates use?

Cash decays through inflation, so most high net-worth individuals (HNWI) usually don’t keep their money in cash. Billionaires typically keep the majority of their assets at investment and holding companies, in the case of Bill Gates, the bulk of his net worth is at Cascade Investment.