The 2024 AUM Power Rankings and Strategic Outlook
Welcome to the epicenter of global wealth strategy. In 2024, private banking—an industry long associated with exclusivity, discretion, and multigenerational legacy—underwent a remarkable transformation. Fueled by bullish markets, strategic mergers, and evolving client demands, the world’s leading private banks reported record growth in Assets Under Management (AUM).
But which institutions now rule the private wealth landscape? This comprehensive analysis reveals the Top 10 global private banks, ranked by AUM or equivalent client asset metrics as of Fiscal Year 2024. Whether you’re a financial professional, investor, entrepreneur, or UHNW client, this guide offers an insider view into the institutions shaping the future of private banking.
Why AUM Still Matters: A Barometer of Market Leadership
AUM—Assets Under Management—is more than a financial figure. It’s a reflection of trust, performance, client acquisition, and retention. In the world of private banking, where personal relationships meet precision investment strategy, high AUM typically signals a bank’s global influence, operational scale, and brand credibility.
In 2024, private banks benefited from:
- A strong rebound in global equity markets
- Intergenerational wealth transfers gaining momentum
- Strategic consolidations, including the landmark UBS–Credit Suisse merger
- Increased inflows from emerging markets, particularly in Asia-Pacific
Let’s explore who came out on top—and why.
UBS Takes the Throne: A Global Giant in Private Wealth
The New Gold Standard in Wealth Management
With $6.1 trillion in invested assets, UBS Group AG is now the undisputed global leader in private banking. The 2023 acquisition of Credit Suisse was more than a tactical move—it was a structural shift in global wealth management.
Key Highlights:
- $97 billion in Net New Assets (NNA) reported in FY24
- Half of the world’s billionaires are UBS clients
- Asia-Pacific expected to represent 20% of total AUM by 2026
- Awarded “Best Private Bank in Asia-Pacific” by several institutions
UBS has capitalized on its Global Wealth Management (GWM) division, positioning itself at the intersection of bespoke client service and institutional-grade asset management.
U.S. Powerhouses: Dominating with Scale and Innovation
The American private banking sector continues to shine, driven by a massive domestic wealth pool and world-leading capital markets. Let’s take a closer look at the top-performing U.S. institutions.
2. Morgan Stanley
- AUM Estimate: ~$4.3 trillion
- Total Client Assets: $7.9 trillion
- NNA in FY24: $251 billion
- Focus: Fee-based planning, family office services, and intergenerational wealth strategy
Morgan Stanley leverages its hybrid advisor model and deep relationships with UHNW families to generate consistent inflows and deliver value-added planning.
3. Bank of America (GWIM)
- AUM: $4.3 trillion across Merrill and The Private Bank
- Recognized for next-gen advisory, philanthropic planning, and integrated banking + investing
BofA’s Global Wealth and Investment Management (GWIM) unit combines retail accessibility with institutional-grade wealth solutions—appealing to both mass-affluent and ultra-wealthy clients.
4. JPMorgan Chase
- AUM: $4.0 trillion | Client Assets: $5.9 trillion
- NNA: $234 billion (long-term inflows)
- Frequently awarded “World’s Best Private Bank”
JPMorgan’s global scale, elite reputation, and product diversification help it stand out in the high-stakes competition for UHNW clients.
5. Goldman Sachs
- AUM: $3.1 trillion
- Specialties: Alternative investments, private credit, AI-enhanced portfolios
- 28 consecutive quarters of net inflows
Goldman Sachs targets sophisticated investors with access to unique market opportunities—particularly in private markets and ESG-linked investments.
6. Wells Fargo
- Total Client Assets: $2.293 trillion
- Strength: U.S. wealth management through a trusted advisor network
- Revenue growth driven by fee-based solutions and positive market performance
Wells Fargo’s Wealth & Investment Management (WIM) division capitalizes on brand trust and localized service models to remain a top-tier player.
European Institutions: Strategic Stability Meets Global Reach
Europe remains a critical player in global private banking. Its institutions offer multi-jurisdictional expertise, deep family office experience, and a strategic emphasis on cross-border services.
7. HSBC
- Wealth Balances: $1.8 trillion
- Asia now represents 52% of private banking AUM
- NNA in 2024: $64 billion
- Strong pivot toward UHNW clients and family offices in Greater China and ASEAN
8. Citi Global Wealth
- AUM Estimate: ~$1.4 trillion
- Profitability rebounded by 139% YoY in FY24
- Exit from certain onshore markets (e.g., China) to focus on regional hubs like Singapore and Hong Kong
- Rapid expansion in UHNW segments
9. BNP Paribas Wealth Management
- AUM Estimate: ~$1.3 trillion
- Best Private Bank in Western Europe (2024)
- Revenue growth: +5.3% YoY
- Focused on sustainability, impact investing, and digital acceleration
10. Deutsche Bank Private Bank
- AUM: €633 billion (~$0.68 trillion)
- NNA: €29 billion in FY24
- Growth driven by market performance and FX tailwinds
- Strong presence in Germany, Switzerland, and EMEA
Global Private Banking Rankings (FY 2024)
| Rank | Bank | AUM / Equivalent Metric | Notes |
|---|---|---|---|
| 1 | UBS | $6.1 Trillion | Integration of Credit Suisse; leading NNA and Asia strategy |
| 2 | Morgan Stanley | ~$4.3T (AUM); $7.9T Total Assets | Massive U.S. footprint; strong family office service model |
| 3 | Bank of America | $4.3 Trillion (GWIM Assets) | High diversification; notable next-gen client focus |
| 4 | JPMorgan Chase | $4.0T AUM; $5.9T Client Assets | Leading inflows; strong institutional-aligned brand |
| 5 | Goldman Sachs | $3.1 Trillion | Leader in alternatives and private markets |
| 6 | Wells Fargo | $2.3 Trillion (Client Assets) | Primarily U.S.-based; strong fee income growth |
| 7 | HSBC | $1.8 Trillion (Wealth Balances) | Asia-led growth; UHNW repositioning |
| 8 | Citi | ~$1.4 Trillion (Est.) | UHNW-focused; Asia hubs key to strategy |
| 9 | BNP Paribas | ~$1.3 Trillion (Est.) | Strong in Western Europe; sustainability emphasis |
| 10 | Deutsche Bank | ~$0.68 Trillion (AUM) | European growth; FX and market gains boost results |
Macro Trends Defining the Future of Private Banking
1. Market Momentum + Net New Assets = Growth
Strong equity markets in 2024 created a rising tide—but it’s Net New Assets (NNA) that truly separate the leaders from the laggards.
Standout NNA Performers:
- Morgan Stanley: $251B
- JPMorgan Chase: $234B
- UBS GWM: $97B
- HSBC: $64B
- Deutsche Bank: €29B
These figures reveal that clients are consolidating wealth with trusted global institutions, often moving away from smaller or offshore-only players.
2. Asia: The World’s Growth Engine
Asia Pacific is the crown jewel for future private banking growth. Institutions investing early and deeply—like HSBC, UBS, and Citi—are positioning themselves for long-term dominance.
However, challenges remain:
- Regional market volatility
- Complex regulatory landscapes
- Cultural diversity demanding local expertise
Despite this, Asia’s wealthy class is expanding rapidly, making it a non-negotiable priority for every major private bank.
3. Technology and Personalization: Not Optional, Essential
The next decade of private banking will be won by institutions that combine:
- AI-powered financial planning
- Digital onboarding and client portals
- ESG and impact investing solutions
- Family governance and legacy services
Clients expect seamless digital experiences without compromising personal attention. Balancing automation with tailored advice is now a core competitive advantage.
4. M&A and Consolidation: The New Normal
The UBS–Credit Suisse deal won’t be the last. As operational costs rise and technology demands intensify, many mid-sized players may seek:
- Strategic alliances
- Regional mergers
- Technology partnerships
Expect further consolidation across EMEA and APAC, especially in crowded wealth hubs like Singapore, Zurich, and Dubai.
Final Thoughts: The Future Belongs to the Bold
The private banking landscape of 2024 is more competitive, more complex, and more opportunity-rich than ever. Institutions that adapt to client expectations, regional growth dynamics, and digital disruption will remain relevant.
What Will Define the Next Leaders?
- Ability to scale without losing personalization
- Commitment to innovation and ESG
- Deep trust among UHNW and family office clients
- Seamless global service model, especially in Asia
UBS may lead today, but tomorrow’s winner could be the institution bold enough to reinvent private banking as we know it.
