Foreign firms are increasingly targeting the US market, even as tax evasion scams and disclosure requirements have made doing business in the US more challenging, reports Euro Money.
At present, US has over 7.1 million millionaire households and 4,700 ultra-high-net-worth households, and according to Boston Consulting Group, its household private wealth is projected to reach $54tn in 2018.
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Several lenders are eyeing the US market to capitalize in the region’s wealth growth, including Credit Suisse, which is targeting niche segments such as the wealthy African-American community.
Deutsche Bank’s wealth management unit too is focusing on North American growth with offices in 16 cities, and has opened a private banking office in Dallas in September.
Other lenders such as BNP Paribas is expanding in the region as well and has announced addition of 100 wealth advisers to the firm’s US bank, BancWest by 2016 end, while Santander too wants to focus in the region.
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