The retreat from international private banking by many major global banks has slowed the growth in their assets under management in 2013, despite increased stock market valuations, the 2014 PAM Global 50 reveals.
"In nearly all countries, the growth of private wealth was driven by the strong rebound in equity markets that began in the second half of 2012," the firm said in its report.
While base salaries at US banks are only marginally higher, they are far more generous when it comes to bonuses, according to research
The priorities for a high-net-worth individual (HNWI) are: protecting their wealth in order to afford a comparable lifestyle throughout their retirement, actively growing their assets to support the needs of their families, and leaving an adequate estate
In the global deVere Group survey of 880 high-net-worth clients, when asked to reveal their number one investing mistake before seeking professional advice from deVere, 23 per cent cited failing to adequately diversify their portfolio.