Swiss bank UBS has been crowned the biggest wealth manager in the world with $2,403 billion of assets under management, followed by Bank of America Merrill Lynch ($1,080 billion) and Morgan Stanley ($1,045 billion).
China Merchants Bank entered the top 10 in 2017 and was the first Chinese bank ever to do so, according to research by GlobalData and Private Banker International.
According to the report, the private wealth management industry had a strong year last year as the number of high net-worth individuals and affluent investors continued to grow.
Let’s take a look at the top 10 biggest wealth managers in the world.
No. 10 China Merchants Bank – $292.8 billion
A China Merchants Bank branch at the Bund, Shanghai, October 30, 2017. [Photo/VCG]
No. 9 Julius Baer – $388.3 billion
A woman walks past a branch of Swiss private bank Julius Baer in Zurich, Switzerland February 1, 2016. [Photo/VCG]
No. 8 Goldman Sachs – $394.3 billion
A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, on January 24, 2014. [Photo/VCG]
No. 7 BNP Paribas Wealth Management – $436.7 billion
A BNP Paribas logo is seen at a bank in Paris, France, April 6, 2018. [Photo/VCG]
No. 6 Citi Private Bank – $460 billion
In this July 14, 2014 file photo, the Citibank Corporate Office & Headquarters is viewed in midtown Manhattan in New York. [Photo/VCG]
No. 5 J.P.Morgan Private Bank – $526 billion
J.P. Morgan Private Bank building is seen in Milan, Italy, September 15, 2017. [Photo/VCG]
No. 4 Credit Suisse – $792 billion
Pedestrians walk by a sign outside a Credit Suisse Group AG office building in Bern, Switzerland, on June 6, 2018. [Photo/VCG]
No. 3 Morgan Stanley – $1,045 billion
Morgan Stanley digital signage is displayed on the exterior of the company’s headquarters in New York, on April 12, 2018. [Photo/VCG]
No. 2 Bank of America Merrill Lynch – $1,080 billion
A view of offices of US investment bank Bank of America Merrill Lynch in London on May 5, 2017. [Photo/VCG]
No. 1 UBS – $2,403 billion
The logo of Swiss bank UBS is seen at the company’s headquarters in Zurich, February 10, 2015. [Photo: VCG]