Today’s new money millionaire is no stodgy railroad tycoon.
Bolstered by continued success in tech, the number of millionaires in North America jumped 11% to 3.73 million, making it the region with the fastest growth, according to Bloomberg Markets Magazine.
The question is, then, where is all that money kept?
Bloomberg Markets ranked the top firms that manage money for the hyper wealthy. Many of the top multi-family offices are associated with banks (and often try to appear smaller for the sake of mystique). Some firms are independently operated.
Right now there is plenty of new client potential all over the globe as assets held by the rich grew to $US46.2 trillion last year thanks to success among the $US30 million-plus crowd. Firms are looking for new money from Latin American clients in particular.
HSBC came in atop the list, with 340 families and $US137.3 billion in assets. Northern Trust (3,457 families, $US112 billion) and Bessemer Trust (2,200 families, $US77.9 billion) took home the silver and bronze, respectively.
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