JPMorgan is winning over half of the world's 'deca-billionaires'

Mansa musaWikimedia CommonsMansa Musa might’ve been the richest man in history.

There is a new jewel in JPMorgan’s crown.

Mary Erdoes, chief executive for JPMorgan Asset Management, described the bank’s global wealth management business as one of the most promising businesses at the financial behemoth in a presentation Tuesday.

The reason: JPMorgan is winning business with the hyper-rich.

Erdoes said JPMorgan has relationships with 50% of the world’s deca-billionaires, or those who have in excess of $10 billion in wealth.

According to Erdoes’ presentation on Tuesday, the bank is a major lender to the world’s “major families”, with $110 billion in balances with that group. And as the slide below highlights, 50% of client assets in JPMorgan’s private bank are from clients with more than $100 million in wealth.

JPMorgan is lending an increasing amount to its wealthy clients, with another slide in Erdoes’ presentation showing the growth in the credit book. The global wealth management business now has $113 billion loaned out and $147 billion in deposits.

If that global wealth management business were a bank in its own right, it would be the 11th largest in the US, she said.

NOW WATCH: How Donald Trump used bankruptcy to stay rich

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.