Table of Contents
Where do the billionaires keep their money?
Many millionaires keep a lot of their money in cash or highly liquid cash equivalents. They establish an emergency account before ever starting to invest. Millionaires bank differently than the rest of us. Any bank accounts they have are handled by a private banker who probably also manages their wealth.
Do billionaires have money in bank?
No. No one keeps much in actual cash in something like a checking or savings account because the FDIC only insures accounts to $250,000 per account per bank and if you have billions you can only spread it around to so many banks until you run out of options.
What is the maximum amount of money that a bank account can hold?
$250,000
The bank you work with manages the accounts on your behalf, making sure no one account holds more than the $250,000 limit.
Which bank is the wealthiest?
Insurance Disclosure
| Rank | Bank name | Total assets |
|---|---|---|
| 1 | JPMorgan Chase & Co. | $3.19 trillion |
| 2 | Bank of America Corp. | $2.35 trillion |
| 3 | Wells Fargo & Co. | $1.78 trillion |
| 4 | Citigroup Inc. | $1.70 trillion |
What banks do billionaires use?
Most billionaires have family offices who split their money across several banks and then make the banks compete with each other to see who gives them the best deals and best service. This banks are often the same banks that you or I use. For example, a billionaire can have an account with HSBC or Citibank or JPMorganChase.
Are bank deposits a drag on wealth?
Bank deposits are a drag on wealth; they actually lose money when inflation is considered. More importantly, bank deposits are not being efficiently put to work in productive enterprises — that is to say, they do not generate wealth. Millionaires (and billionaires) have a problem with this.
What is the difference between a billionaire and a regular banker?
The difference is that the billionaire has their own private hotline to their banker, and so if they need to do a withdrawal or talk with a banker, they don’t do it downstairs but in a *REALLY* nice room. Usually these conversations happen when the billionaire is just “passi