Banks with the Wealthiest Customers in Australia: Macquarie Leads the Pack

Recent financial data from Roy Morgan’s Wealth Report indicates that Macquarie Bank boasts the wealthiest customers among the larger banks, with a per capita net wealth of $943,000 as of March 2024. Macquarie’s clientele not only enjoy higher incomes than those of other major banks but are also more likely to own or be paying off homes, a primary source of wealth in Australia.

St George ranks second, with its customers having a net wealth per capita of $662,000. The bank’s customer base is concentrated in Sydney, where the nation’s highest housing prices contribute to elevated per capita wealth.

Westpac holds the third spot with a net wealth per capita of $646,000, the highest among the top four banks. Westpac’s customers are more likely to own property and tend to be older, predominantly Baby Boomers, who have had more time to accumulate wealth.

Bank of Queensland, in fourth place, has a net wealth per capita of $614,000. This bank’s strong presence in Brisbane, now the state capital with the second-highest dwelling prices, bolsters its customers’ wealth.

ING, the only exclusively digital bank among the larger banks, shows a net wealth per capita of $503,000. ING customers have high personal incomes, second only to Macquarie, but the bank’s younger customer base, primarily Gen X and Gen Y, means they have had less time to build wealth.

The Commonwealth Bank of Australia (CBA) has the lowest net wealth per capita at $474,000. CBA’s customers are more likely to be Gen Z, who, being younger, have had less opportunity to accumulate wealth compared to customers of other major banks.

Data for the 12 months to March 2024 reveals that the average net wealth per capita among all Australians aged 14 and above stands at $503,000. Customers of smaller regional banks and credit unions often have net wealth below this average.

Roy Morgan CEO Michele Levine pointed out that although the overall net wealth per capita in Australia is $503,000, there are significant variations among customers of the larger banks. These discrepancies are largely influenced by real estate prices in Sydney, the city with the highest property prices in the country. Macquarie and St George, the banks with the wealthiest customers, have a significant proportion of their customer base residing in Sydney.

Additionally, Levine noted that the generational profile of bank customers also impacts net wealth per capita. Banks with a higher proportion of Baby Boomer customers, such as Macquarie, St George, and Westpac, tend to have wealthier clients. Baby Boomers have the highest net wealth per capita at $582,000, which explains the higher net wealth of banks catering to this demographic.

Understanding these geographical and generational differences in net wealth provides valuable insights into the distribution of wealth across Australia.

Have you read?
Richest Billionaire Investors.
Billionaire Winners.
Billionaire Losers.
Best Business Schools.
Best Hotel Schools.