The richest bank in Australia, by far, is the Commonwealth Bank (CBA), leading in key metrics like total assets (over $1.19 trillion), market capitalization (around A$240-250 billion), and customer deposits, making it the largest and most valuable bank in the country, followed by Westpac, NAB, and ANZ.
In terms of absolute size based on tier one capital, ANZ remains the largest Australian lender, followed by Commonwealth Bank and National Australia Bank. Based on improvement across a number of indicators, however, Westpac comes out on top of The Banker's performance table.
While CBA banks many Australians, Macquarie Bank consistently has the wealthiest customers in Australia, with high net wealth per capita, high incomes, and high home ownership, making them a top choice for the affluent, alongside other major players like Westpac, St. George, and specialized private banking arms of banks like NAB.
Top 5 Best Banks in Australia
9 of The Best Banks For High Net Worth Individuals
You can deposit up to $100 million for each account type. With this option, you may receive expanded insurance protection and still have the flexibility to access your funds when you need them. Customers who want FDIC insurance coverage on large deposits and do not require immediate access to funds.
CommBank, ANZ, NAB and Westpac all now rank among the 25 safest banks in the world. As you can see, the big four have identical scores, all very strong indicating a very low credit risk.
Australia's "Big Four" banks are Commonwealth Bank (CBA), Westpac (WBC), National Australia Bank (NAB), and Australia and New Zealand Banking Group (ANZ), dominating the Australian financial market with large shares of household deposits and home loans, known for extensive networks but varying in digital innovation and specific product offerings like package deals, according to Savings.com.au and Canstar.
2nd Tier Lenders are smaller financial institutions, often specialising in home loans and personal banking. These lenders include credit unions, building societies, and specialised mortgage companies like ING Direct, Bankwest, and Bendigo Bank. They often provide competitive rates and more personalised service.
Equities and Stock Markets
The stock market is a primary vehicle for wealth accumulation. The wealthy invest in publicly traded companies, private equity, and hedge funds. Many also hold shares in the companies they own or manage, further increasing their net worth.
“I believe our commitment to putting our client at the heart of everything we do every day is the difference that's seen NAB Private Wealth now recognised as Australia's most awarded private bank.” In announcing the award, Global Finance detailed the qualities that distinguished NAB Private Wealth from its peers.
You'll earn roughly $330 to $420+ per month on $100,000, depending on the interest rate (e.g., a 4% to 5% Annual Percentage Yield (APY)), with higher rates earning more, and the amount increasing slightly each month due to compound interest. For example, at a 4.2% APY, you'd get about $4,200 yearly ($350/month), while at 5%, it's $5,000 annually ($416.67/month), with actual earnings varying by bank, account type (savings, CD, bond), and compounding frequency.
New financial data from Roy Morgan's Wealth Report shows that among the larger banks, Macquarie has the wealthiest customers. Macquarie customer net wealth per capita is a market leading $943,000 in March 2024.
Best National Banks
Expats and international students may prefer Commonwealth Bank, Westpac, or HSBC for global access, while locals and small businesses often turn to BOQ or Bendigo & Adelaide Bank for personal service.
1. Commonwealth Bank of Australia. Commonwealth Bank dominates the Australian banking landscape as the nation's largest financial institution by every major measure including assets, market capitalisation, deposits and customer numbers.
St. George Bank is one of Australia's leading Retail and Business Banking brands. In 2008, St. George became part of Westpac Group.
Industrial and Commercial Bank of China Ltd.
As of 2025, Industrial and Commercial Bank of China (ICBC) is the largest bank in the world in terms of total assets under management.
Australia's Best Major Bank: Commonwealth Bank
“If you prefer the national branch network of a major bank, CommBank is once again the standout of the big four” explains Marshall.
If you are an Australian tax resident and you have an account in a financial institution overseas, we will receive your information from the tax authority of that jurisdiction. All information reported under these laws is handled in the strictest confidence by the ATO and foreign tax authorities.
The 7-3-2 rule is a wealth-building strategy highlighting compounding's power, suggesting it takes roughly 7 years to save your first significant amount (like a crore), then 3 years for the second, and only 2 years for the third, by increasing contributions and leveraging exponential growth as your money compounds faster. It emphasizes discipline in the initial phase, then accelerating savings as returns kick in, making later wealth accumulation quicker and more dramatic.
Stocks are a natural choice for millionaire and billionaire investors. They may invest in index funds and dividend-paying stocks, or focus on growth stocks which have the potential to generate higher returns. Some may prefer to play the long-term game, while others choose a more active investment strategy.
Got more than $250,000 sitting in one bank account? Only the first $250,000 is protected by FDIC insurance. The rest is uninsured, which means you could lose it if your bank fails.