World’s Best Private Banks 2026

In a year in which red-hot asset performance contrasted with high macroeconomic volatility, portfolio growth was just one—rather than the paramount—concern of the wealthy.

Instead, across all tiers of the business, demand for increasingly complex personalized services, asset protection planning, and access to new markets presented both an opportunity and a challenge for the industry.

“It’s no longer about investment management or asset management. It’s about all the other services that wealthy investors expect,” says George Walper, managing principal of strategic research at CEG Insights. “And there’s a significant gap between what clients want and what advisers think they are delivering.” 

Research giant McKinsey notes that, over the past decade, advisory revenues have been the primary driver of the US wealth management industry’s growth, posting a 6.4% compound annual growth rate in fee-based advisory relationships from 2015 through 2024. More importantly, the firm notes that the trend should deepen, estimating a roughly 28%-34% uptick in advised relationships in the US wealth industry by 2034. 

“Scale is important, but never at the expense of relationships,” notes David Frame, global CEO at J.P. Morgan Private Bank, our winner as Best Private Bank in the World.

Between constant technological evolution and the rising demand for more tailored advisory across all wealth tiers, growth now belongs to firms that can combine true scalability with expert, value-oriented services.

“The business model changed so that we became oriented not to ‘Here’s what we have, would you like some?’ but to ‘Here’s what we can do for you and your family, generationally,’” explains Tucker York, global head of Goldman Sachs Wealth Management.

The transformation is cultural as much as operational, with the measure of success shifting from traditional asset-under-management models to the breadth and depth of value delivered across family, wealth, and legacy. According to Will Trout, director of securities and investments at Datos Insights, this represents an inflection point: “Value has shifted from product-centric to outcome-centric. Performance is table stakes—not what sets firms apart.”

Against this backdrop, Wally Okby, a strategic adviser in Datos Insights’ wealth management practice, expects continued movement toward blended-fee models. “Hybrid pricing aligned with real value delivered—planning, access, tax alpha—will become the norm. The key is giving clients a clear justification for what they pay.”

“As families’ needs become more complex, the demand for integrated guidance naturally rises. So growth isn’t only market driven; it comes from deeper engagement with the evolving needs of wealthy families,” York adds.

Scaling on the services side of the business, however, is undoubtedly easier said than done.

What used to be reserved for clients with $25 million or more is now expected by clients with half that amount, and expectations have moved far faster than many firms can adapt. 

“Everything that very wealthy people historically wanted, $10 million-plus investors now want,” says Walper. “Private markets, asset protection, philanthropic structuring, family governance—the full suite. And they expect a seamless experience.”

J.P. Morgan’s Frame says, “Digital capabilities and AI help us simplify processes, reduce errors, and free up time so advisers can deepen conversations with clients. The goal is not scale for its own sake, but scale that enhances personalization.”

 But delivering the right mix of personalization and scale is growing harder, even at the margin level, as competition for talent becomes one of the industry’s key battles.

McKinsey warns of a looming shortage of approximately 100,000 advisers by 2034, a gap that will make scalable service models even more critical.

“The key is, with technology, firms that don’t have the wealthiest clients can create the services; but they need to make a real commitment and focus on what very wealthy people want,” Walper says. “Most people start small—they’ll do it for one client. That’s not a smart business move. You need a strategy: Create the service capabilities, build relationships across the US or the world, and position the firm that way.” He adds, “You can’t do it for one person. You have to decide who you’re going to be as a firm.”

This rising sophistication has also exposed a deeper tension within client demands. “There’s a dichotomy: These investors want more exposure to alternatives. … They want more risk. At the same time, they want to be cautious and protect their assets,” Walper explains. “And many aren’t receiving either in a way they fully understand.”

Despite rapid advances in AI, data modeling, and automation on both the financial and the customer-facing sides, the industry core adviser model should remain the key driver of value in the business. “The emerging model is AI-augmented adviser, not AI replacement,” says Okby. “Clients want their adviser to be smarter, faster, and more responsive because of technology—not sidelined by it.”

Walper emphasizes the importance of transparency. “Younger investors will ask how AI is being used. Some clients are uneasy if they think decisions are purely technology driven. Advisers have to stay current and explain the process.”

Still, technology is reshaping adviser effectiveness: Machine learning identifies planning gaps, predictive analytics anticipates client needs, and automation reduces friction in onboarding and reporting. “Innovation matters only if it supports better conversations and smarter decisions,” says J.P. Morgan’s Frame. “The measure for us is engagement: Technology should make advisers more responsive and help them anticipate client needs, not replace judgment or dilute relationships.”

That perception is further exacerbated by a fundamental change in the industry’s demographics, with the new generation of wealth expecting a whole new set of offerings and relationships.

This, too, is redefining how the industry views the personalization-versus-scale equation. “They [the new generation of wealthy clients] are more knowledgeable digitally, more involved; and they expect transparency—particularly around how advisers use AI,” Walper notes.

To meet these rising expectations, firms are embracing the virtual family office model: adviser-led, technology-enabled hubs that coordinate tax, legal, business-sale, estate, and philanthropic specialists across geographies. “Clients no longer want a list of names—they want a coordinated team. That’s what creates loyalty across generations,” Walper explains. Goldman Sachs’ York sees the same evolution from the institutional perspective. “Clients want someone who can take care of the family over decades, not just manage investments.”

But firms stuck between scale and specialization face mounting pressure. As Trout notes, “Those without either platform efficiency or ultra-high-touch capabilities risk losing clients who now disaggregate relationships instead of consolidating them.”

“Technology now allows advisers without the wealthiest client books to create those services—but only if the firm commits strategically,” adds Walper. “Firms need a strategy—not just one-off accommodations for individual clients.”

As portfolios expand to include alternatives, private credit, global macro strategies, and thematic exposures, access has become one of wealth management’s defining differentiators. “Access is now premium value—especially to ultra-affluent clients,” says Trout. “Top-tier private equity, exclusive managers, private credit, pre-IPO allocations—the types of opportunities independents cannot easily match.”

Demand for geopolitical and macro-driven strategies is also rising sharply. Salar Ghahramani, president and founder of Global Policy Advisors, says, “Investor appetite for global macro asset allocation has surged. Firms like J.P. Morgan are building entire ‘big picture’ platforms focused on world affairs. The most nimble institutions are adapting quickly and could spark a renaissance in wealth management.”

York agrees that access is increasingly institutional rather than adviser level. “The competition is no longer adviser versus adviser. It’s platform versus platform, including investment access, credit solutions, trust capabilities, technology, and global coordination.”

Global Finance staff select the winners for these awards based on entries submitted by banks, as well as company documents and public filings. We consider local market knowledge, global footprint and investment breadth and sophistication. Because metrics are rarely public in this sensitive corner of finance, we incorporate perspective from analysts and consultants. Performance data are also drawn from industry sources, including Scorpio Partnership’s annual Global Private Banking Benchmark and Asian Private Banker magazine’s regional league tables. Size and growth are a factor, but Global Finance also considers creativity, uniqueness of offering and dedication to private banking as a core business either globally or regionally.