Banks with the wealthiest customers ranked

As outlined by Roy Morgan, Australia’s banks with the wealthiest customers were revealed, with Macquarie Bank leading the charge by a significant margin.

The net wealth per capita rankings of all banks listed were:

1. Macquarie ($943,000)
2. St.George ($662,000)
3. Westpac ($646,000)
4. BOQ ($614,000)
5. NAB ($596,000)
6. ANZ ($575,000)
7. Bankwest ($555,000)
8. Bendigo Bank ($532,000)
9. ING ($503,000)
10. Suncorp Bank ($502,000)
11. CBA ($474,000)

With a net wealth per capita of $943,000, Macquarie Bank customers had incomes higher than the other large banks. It’s also reported that they’re most likely to own or be paying off homes.

Trailing the pack was CBA, with the least wealthy customers of all banks listed. Roy Morgan said this is mainly due to a large portion of Gen Z customers, who being younger have not had the opportunity to accumulate wealth.

Roy Morgan CEO Michele Levine said on the data: “Although overall net wealth per capita in Australia is $503,000, the level of wealth varies greatly between the customers of the larger banks, ranging from overall net wealth per capita of $943,000 among Macquarie customers to $474,000 among customers of CBA.

“These wide variations in overall net wealth per capita across the larger banks has a lot to do with real estate prices in Sydney, which are higher than anywhere else in Australia. The two banks with the greatest proportion of customers living in Sydney are the two banks with the wealthiest customers – Macquarie and St George. While 20.6 per cent of Australians live in Sydney, 29.4 per cent of Macquarie customers live in Sydney and 52.6 per cent of St George customers do.

“Another factor that helps explain the difference in overall net wealth per capita between the banks is the banks’ generation profile – the proportion that fall into the Interwar, Baby Boomers, Gen X, Gen Y and Gen Z generations. As net wealth per capita is highest among Baby Boomers ($582,000), it follows that banks that have customer bases skewed to Baby Boomers, such as Macquarie, St George, and Westpac, tend to have higher net wealth.”

As said by Levine, banks can leverage this data: “Understanding these differences between locations and generations in net wealth levels across the larger banks presents valuable insights into how and why wealth is distributed in Australia as it is.”

[Related: Wealthier Australians are dominating home purchases: CoreLogic]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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