There has never been an exact definition of private banking. In layman's terms, it is a cradle-to-grave financial service. It is a highly private service specifically for the wealthy. Investment and financial products must be tailored according to customer needs.

, to provide all-round investment and financing services to customer investment companies, and to provide education planning, immigration planning, reasonable tax avoidance, and trust planning services to the wealthy, their families, and their children.

According to the service classification of the Western banking industry: 1. Mass Banking, which does not limit the size of customer assets; 2. Affluent Banking, with customer assets exceeding US$100,000; 3. Private Banking

), requiring customer assets to be more than 1 million US dollars; 4. It is a Family Office (Family Office), requiring customer assets to be more than 80 million US dollars. Of course, the minimum financial assets required by major international banks in different regions and different time periods

The quotas are also slightly different. For example, Goldman Sachs sets a threshold of US$10 million for private banking customers in Hong Kong and Macao, HSBC’s minimum threshold is US$3 million, and UBS (ranked first in global private banking assets) has a threshold for offshore clients in mainland China.

The financial asset requirement for the account is only $500,000.

Extended information: Private banking services are a type of banking services that are specifically targeted at the wealthy and provide them with personal property investment and management services. Generally, you need to have at least US$1 million in liquid assets before you can bank in a larger international financial company.

Or apply to open such services in a bank.

The most important private banking services are asset management, investment planning, and providing special services according to customer needs. It can also save customers tax and financial transaction costs by setting up offshore companies, family trust funds, etc.

Therefore, private banking services often combine trust, investment, banking, tax consulting and other financial services.

The average annual profit rate of this type of service can reach 35%, which is much higher than other financial services.

In addition, through private banking services, customers can also access many stocks, bonds, etc. that ordinary people cannot purchase.

Clients of private banking services often have the opportunity to invest in some private limited companies and gain priority in purchasing IPOs.