Top Private Banks by AUM 2025: Updated Global Rankings & Data

1. UBS Group AG — $7T+ Group Invested Assets

UBS crossed the $7 trillion mark in group invested assets by the end of 2025 — a milestone the bank’s CEO Sergio Ermotti described as validation of its post-Credit Suisse integration strategy. The number sounds staggering, but consider what it took to get there: absorbing Credit Suisse’s roughly $1.3 trillion in client assets in 2023, executing one of the most complex banking integrations in modern history while maintaining client confidence, and generating record trading revenues from its investment bank in parallel.

In Asia, UBS added a record $130 billion in invested assets to hit $795 billion, including $62.5 billion in net new assets. That’s a near-total reversal from 2024, when the region added only $20 billion. UBS’s long-term Swiss commitment remains intact — roughly 85% of Swiss-booked accounts were successfully migrated onto UBS systems during 2025, a significant operational achievement that removes a major integration risk from the table.

The integration is not fully complete, and costs continue to weigh on reported results. But the underlying business momentum — double-digit pre-tax growth across Global Wealth Management, Asset Management, and the Investment Bank — suggests the heavy lifting is largely done.

2. Bank of America GWIM — $4.8T AUM

BofA’s Global Wealth and Investment Management division, which encompasses Merrill Lynch Wealth Management and The Private Bank, closed 2025 with $4.8 trillion in AUM — a figure that would have seemed unreachable a decade ago. The combination of Merrill’s massive advisor network (roughly 19,000 financial advisors) and The Private Bank’s UHNW focus gives BofA a coverage model that few can replicate.

Merrill alone reported $3.9 trillion in client balances in Q3 2025 with 85% of clients digitally active. The “next-gen” client focus is real — the firm tracked a meaningful portion of its 2025 inflows as coming from wealth transfer events, which signals healthy pipeline depth rather than pure market appreciation. Net new households added across the two wealth units ran at roughly 6,000–7,000 per quarter throughout the year.

3. JPMorgan Chase Asset & Wealth Management — $4.6T AUM

JPMorgan’s Asset & Wealth Management division generated a 23% increase in net income to $1.7 billion in Q3 2025, with AUM reaching $4.6 trillion. The firm’s ROE in AWM held at an impressive 40% — a number that reflects strong pricing power in its private banking relationships.

The Asia story at JPMorgan is the one to watch. Its private bank in Asia grew AUM by 39.1% in 2025 — the fastest rate in the top tier — reaching $299 billion, putting it within striking distance of HSBC’s $302 billion. That gap will likely close in 2026. JPMorgan has consistently won Euromoney and Global Finance awards for private banking excellence, and its alternative investment platform remains a strong differentiator for UHNW clients seeking yield beyond public markets.

4. Goldman Sachs Asset & Wealth Management — ~$3.6T AUM

Goldman Sachs occupies a distinct position in this ranking. Its clients skew ultra-high-net-worth — the $10 million minimum is not just a threshold, it reflects a genuine specialisation in complex, bespoke wealth strategies where alternatives, private credit, and co-investment access are core to the value proposition. AWM revenues reached $16.7 billion for the full year, with private banking and lending revenues up 16%.

The 29-plus consecutive quarters of net inflows tells you everything you need to know about client stickiness. Goldman’s UHNW clients don’t churn easily. In 2025, management fees and incentive fees both rose meaningfully, suggesting performance is backing up the pitch.

5. Wells Fargo Wealth & Investment Management — ~$2.5T Client Assets

Wells Fargo’s wealth division had its strongest quarter of 2025 to close the year, with Q4 net income up 29% and fee-based growth offsetting the decline in net interest income that crimped the first half. Total client assets climbed through $2.5 trillion, driven primarily by equity market appreciation and a modest pick-up in net new assets as the Fed’s rate path became clearer.

Wells Fargo’s value proposition is fundamentally different from JPMorgan or Goldman — it targets a broader affluent and mass-affluent base, with minimum thresholds starting around $1 million. This serves clients who want institutional-quality management without the exclusive barriers. Within its category, the model works, and the fee-based transition (away from transaction revenues) is structurally complete.

6. HSBC Wealth — ~$2.1T Wealth Balances

HSBC is pivoting hard. The completion in October 2025 of the sale of its German private banking business to BNP Paribas was not a retreat — it was a deliberate concentration of resources on the markets HSBC actually dominates. Asia now accounts for more than 52% of its private banking AUM, and the bank’s strategic positioning in Hong Kong, Singapore, mainland China, and ASEAN gives it structural advantages that European rivals simply cannot replicate.

Asia private banking head Lok Yim has consistently pointed to onshore businesses in mainland China, Taiwan, and India as the source of sustained inflows. The $302 billion in Asia private banking AUM makes HSBC the second-largest player in the region, though JPMorgan is approaching fast at $299 billion. Singapore is particularly central to HSBC’s Asia strategy — and to understand just how competitive that market has become, our dedicated ranking of private banks in Singapore by AUM 2025 puts the city-state’s wealth management scene in full context. For clients who want a bank that genuinely understands both Asian and Western wealth structures, HSBC’s hybrid positioning is difficult to match. If you are exploring the safest financial jurisdictions for your assets, HSBC’s regulated presence across 60+ countries makes it a serious consideration.

7. Morgan Stanley Wealth Management — $1.895T Wealth AUM

Morgan Stanley’s wealth management division delivered its best year on record in 2025, generating $31.8 billion in revenue for the full year — a number that would have seemed impossible even five years ago. Wealth AUM reached $1.895 trillion, up from $1.666 trillion at the end of 2024. Total client assets, which include brokerage assets, reached $7.9 trillion.

The firm’s hybrid advisor model — combining human relationship managers with digital tools built from the E*Trade and Eaton Vance integrations — is now showing in the numbers. NNA of $251 billion for the year is strong. CEO Ted Pick described 2025 as “outstanding performance reflecting multi-year investments.” The key here is that Morgan Stanley’s wealth business is producing margins (pre-tax margin of 28.3% in Q4) that its peers rarely achieve at this scale.

Notably, Morgan Stanley’s Asia private banking arm grew 25.7% in 2025, the second-fastest rate among top-tier players.

8. Citi Global Wealth — ~$1.6T AUM

Citi Global Wealth has been undergoing a deliberate strategic contraction — exiting certain onshore markets to concentrate resources on regional hubs. Singapore and Hong Kong are its current priority. For UHNW clients drawn to Singapore’s regulatory clarity and tax neutrality, it is worth noting that opening a bank account in Singapore gives access to a competitive ecosystem where Citi, HSBC, JPMorgan, and local powerhouses like DBS all compete for the same clients — which tends to keep service standards high. The UHNW pivot is gaining traction, with profitability rebounding sharply over the past two years after the broader Citi restructuring. The bank’s cross-border expertise and connectivity into its corporate and institutional banking business remain genuine differentiators for UHNW clients with complex international structures.

9. BNP Paribas Wealth Management — ~$1.5T AUM

BNP Paribas made its boldest wealth management move in years in October 2025, completing the acquisition of HSBC’s private banking operations in Germany. The deal immediately doubled BNP’s presence in Germany and put it among the top-tier local players — a significant unlock in Europe’s largest economy.

BNP’s Asia growth rate of 22.3% in 2025 is the third-fastest in the top 10, and its emphasis on sustainability-linked investments and ESG mandates resonates with the next generation of European wealth holders. For anyone exploring the distinction between private banking vs retail banking, BNP Paribas represents the integrated European banking model — broad enough for everyday needs, sophisticated enough for family office-level complexity.

10. Deutsche Bank Private Bank — ~€700B / ~$0.77T

Deutsche Bank Private Bank rounds out the top 10 with a predominantly European footprint. Germany, Switzerland, and broader EMEA are its core. The bank has been quietly strengthening its Singapore presence — hiring an ex-Goldman Sachs banker in early 2026 to develop its Thailand and Southeast Asia relationships. NNA of €29 billion in FY2024 was solid, and the private bank’s strategic alignment with Deutsche Bank’s corporate and institutional banking gives it a compelling offering for Mittelstand entrepreneurs and family-owned businesses. Its removal from the ranking in favour of Asian-focused banks is a possibility in coming years if Asia hiring accelerates.

For those comparing private banking options across Europe’s two strongest wealth hubs, the top Swiss private banks by AUM is a natural companion read, and those weighing Zurich against Geneva for an account should review the full guide to opening a Swiss bank account to understand the practical requirements before approaching Deutsche Bank or any of its Swiss peers.