Credit Suisse
Yet again, Credit Suisse has shown that its name is synonymous with high-end private banking.
In the year to September 2018, revenues grew 29%, assets under management rose 23% and profit increased 24%. Credit Suisse’s head of private banking in Australia, Michael Marr, says the bank’s diligent focus on costs and on leveraging the bank’s global reach were key to the growth. It clearly helps Marr, a former officer in the Scots Guard, that Australian households were ranked in 2018 as the world’s wealthiest, with an average household wealth of $191,000 in a study by, yes, Credit Suisse.
The bank deems about 6% to 7% of Australia’s population of 25 million to be millionaires. With Australia now approaching its 28th year of interrupted economic growth, Marr looks set to continue his nice set of numbers for some time to come yet.