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.
Do millionaires have several bank accounts?
7 Answers. 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.
What bank does Bill Gates use?
The State Bank The State Bank
Where do millionaires keep their liquid money?
The bulk of their assets are in investments. Typically liquid assets like cash or cash equivalents (CD’s and other short term investments that can be easily converted to cash) are held in a bank (or multiple banks) that are FDIC insured.
What do rich people invest in?
Investing Only in Intangible Assets
Instead, UHNWIs understand the value of physical assets, and they allocate their money accordingly. Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork.