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Westpac banks most wealthy customers out of big 4

  • November 22 2019
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Earn

Westpac banks most wealthy customers out of big 4

By Cameron Micallef
November 22 2019

Westpac has the largest proportion of high-net-worth individuals out of the four major banks, according to new research.

Westpac

Westpac banks most wealthy customers out of big 4

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  • November 22 2019
  • Share

Westpac has the largest proportion of high-net-worth individuals out of the four major banks, according to new research.

Westpac

Data released by Roy Morgan, which looked at consumer financial behaviour in the last six months, found that 35.6 per cent of Westpac’s customers were in the wealthiest third of Australia.

While Westpac attracts high-net-worth customers, Australia’s largest bank, the Commonwealth Bank, has 37.7 per cent of its customers being in the bottom 30 per cent of net wealth. 

It also has the lowest percentage of wealthy Australians banking with it, with just 23.7 per cent. 

Michele Levine, chief executive of Roy Morgan, said the data shows net wealth has a clear relationship with banking satisfaction. 

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“The drop in customer satisfaction, which coincided with the banking royal commission, was driven by the wealthiest 70 per cent of Australians, with the poorest 30 per cent showing relatively little change over time,” Ms Levine said.

Roy Morgan reported the wealth-linked gap in banking satisfaction levels has grown over time. 

In 2013, the satisfaction level of the wealthiest Australians was 80.8 per cent, only 2 per cent less than 82.8 per cent of the poorest Australians. In six years, the difference has more than quadrupled to 9.3 per cent.

ANZ has 30.4 per cent, while NAB has 33.6 per cent of high-net-wealth individuals. 

Westpac banks most wealthy customers out of big 4
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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