Australia Markets open in 9 hrs 45 mins

Revealed: The top bank for wealthy Aussies

Ever wondered who Australia’s wealthiest bank with?

Unsurprisingly the big four dominate when it comes to the most preferred bank used among Australia’s richest, but its Commonwealth Bank which takes the crown, according to Roy Morgan.

Also read: ANZ profit to take a hit from $421m compo

Source: Roy Morgan Single Source (Australia). Australians 14+, 12 months ended December 2017, n = 50,139 Base: Australians 14+ in top wealth decile. 12 months to December 2017, n=5,897. 1. Based on customer numbers.But in terms of having the greatest proportion of customers which fall into the top 10 per cent of wealthiest Aussies, Macquarie Bank leads the pack.

Also read: Should accounting firms face the royal commission?

Citibank, St George and ING follow close behind.

Roy Morgan industry communications director Norman Morris noted that the pool of wealthy Australians was growing.

“With an average net wealth of over two million dollars for individuals in the top wealth decile, accounting for nearly half of total household wealth in Australia, it is a key segment for banks to understand and establish a relationship with.

“This segment not only has clearly the highest average net worth, but over the last decade it has had the highest growth rate with over 70 per cent, representing an increase of around $800,000 in average net wealth.”