Private Banking

Private Banking is a word which covers both all of the services which Banks give to individuals usually with liquid wealth of above 1 million dollars, and also the division of that entity which does checking, savings, and loans for that clientle.

The word "private", in private banking is mostly a refrence to minimizing taxes via careful allocation of assests. Offshore bank accounts can be used for this purpose.

Private Banking usually combines trust services, investment services, banking services, and tax services.

The largest private bank is Union Bank of Switzerland.

As of 2000, the amount on deposit with private banks in the world was about 1.3 x 10¹³ (13 trillion) dollars. To put that in perpective, the amount of assets that the largest United States bank has was about 1.3 trillion, and the total amount of printed cash in the United States at the time was 6 trillion.

Switzerland is the major location of private banking. As of this writing (2003), it has about 2 trillion in assests under management, which is about one third of all offshore money.

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