With an aggregate wealth of $951 billion, Brazil is home to the highest number of high net worth individuals in Latin America and the third highest among BRIC nations, new research shows.
The $951 billion figure represents the just-over 194,000 HNW individuals in Brazil, accounting for about 29 per cent of the countryís total wealth ($3.3 trillion), according to 2011 data from WealthInsight.
The report, Challenges and Opportunities for the wealth sector in Brazil, analyzes the Brazilian wealth management and private banking sector, and the opportunities and challenges it faces.
Overall, the global private banking industry is estimated to have assets under management of just over $16.5 trillion - $250 billion of which stems from the Brazilian wealth management sector, making Brazil the largest Latin America country in terms of AuM.
Banco Itaķ controls one quarter of the local private banking market, followed by Bank of America Merrill Lynch and UBS, with 8 per cent and 7 per cent respectively.