Where Do Millionaires Keep Their Money?

In this article, we’re answering “where do millionaires keep their money?”

Not surprisingly, there are a lot of ways to tackle this question… ranging from specific investments, asset classes, account types, banks, or countries.

With this in mind, we decided to take a look at the top offshore and private banking jurisdictions that the super-wealthy use to store their funds.

Of course, if you want to start opening offshore accounts for yourself, you can use any of our free articles to start navigating your options. These articles range from detailed country reviews to unlocking specific payment methods like international debit cards.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Where Do Millionaires Keep Their Money?
  2. How to Open Offshore Private Bank Accounts
  3. Frequently Asked Questions
  4. Ready to Explore Your Options?

Where Do Millionaires Keep Their Money?

Millionaires tend to keep their money in assets that appreciate. These assets can range from equities, bonds, and high-interest money market accounts. The specific asset of choice will likely depend on each individual’s risk appetite and broader market conditions.

In short, there are a lot of different options that millionaires can choose from when it comes to investing and managing their money. However, when it comes to choosing which countries to open accounts in, there are fewer options to choose from.

Let’s take a look at some of the most popular countries for millionaires when opening international accounts.

Where Millionaires Keep Their Money

Cayman Islands

While the Cayman Islands have a bad reputation, it is actually one of the most sophisticated banking jurisdictions available. That said, account opening here is not as easy as you might think. In almost all cases, you will need to demonstrate clear ties to the islands. Though it is still possible to open offshore accounts here with a qualifying deposit.


Singapore has fast become the jurisdiction of choice for wealthy individuals from around the world. And, while Singapore banks are among the best in the world, foreign banks are also participating in the market. In fact, many Swiss banks call Singapore home, offering private wealth management services to clients from Asia and further afield.


When considering where millionaires keep their money, Switzerland is still the standout favorite jurisdiction. That said, since the US crack down on Swiss banking privacy, it has become more difficult for US citizens to bank here. However, it is still 100% possible for US citizens to open accounts with Swiss banks, as long as they know which banks to approach and which requirements they’ll need to navigate.


Liechtenstein may not be as well known as some of the other countries, but it offers very high-quality private banking and attracts wealthy clients from around the world. This is particularly true of individuals looking for discretionary wealth management or private banking.


Luxembourg is a small European country packing a massive financial punch. It is the second richest country in the world and has one of the biggest financial centers globally. That said, banking here tends to be for large holding structures, investment companies, and very wealthy individuals.


Monaco is often seen as a playground for the super-rich, which it is. But when it comes to bank account opening, the banks here tend to cater to local residents. In other words, banks open accounts for wealthy individuals that move to (and obtain residence in) Monaco. So, if you are not planning on moving to Monaco, other jurisdictions may be better suited.

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How to Open Offshore Private Bank Accounts

To open offshore private bank accounts, you first need to decide on the specific goals you have for an account. For example, are you looking to hold specific currencies, access certain investments, or domicile your accounts in certain (safe) countries?

Next, prospective clients should match their client profile to those of suitable banks. Matching criteria can include client profile, desired deposit, investment appetite, potential fee structure, and much more.

Of course, there is a wide range of other important considerations that can influence where to open accounts. We help our members navigate these options during the onboarding process with GlobalBanks Insider, which is a 100% personalized account opening service.

Frequently Asked Questions

Below are two of the most common questions that we receive from people wondering where millionaires keep their money. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Where Do You Keep Your Money If You Have Millions?

If you have millions, you likely keep your money invested in assets that will continue to appreciate over time. That said, the specific allocation of an individual’s portfolio is highly personalized and depends on a number of factors.

How Do I Invest In Private Hedge Funds Offshore?

To invest in private hedge funds offshore, you need to review the fund prospectus and confirm that you are an eligible investor. In most cases, hedge funds (especially those offshore) have very specific investor profiles that they are willing and able to accept.

Ready to Explore Your Options?

If you would like assistance navigating your banking options at home or abroad, we can help.

You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.

But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.

Of course, if you have any questions, please contact us directly.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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