The top executives at the ten biggest banks and asset managers on Wall Street – including Lloyd Blankfein of Goldman Sachs, Larry Fink of BlackRock and Jamie Dimon of JP Morgan – have an average net worth of USD210 million, according to wealth intelligence firm Wealth-X.
The firm’s analysis of the fortunes of the Wall Street’s wealthiest executives found that their combined net worth is at least USD2.1 billion when accounting for shares and options in their publicly-trade banks, residential and commercial property, art collections, cash and other investible assets. These ultra high net worth individuals (UHNW) have an average liquid net worth of USD75 million.
And according to Wealth-X article they are likely to get much richer in 2011 as large bonuses will remain the norm and financial stocks rise as the economy improves.
"Despite the ongoing public relations battle between Wall Street and Main Street, private wealth managers need to continue to focus on financial executives in the coming months," says Wealth-X CEO Mykolas Rambus. "These executives have large, concentrated stock positions. As a result, wealth advisors will need deep insight into the challenges their portfolios represent."
"Wealth-X’s online tool provides specialised, curated intelligence on thousands of ultra-high net worth individuals, including those on Wall Street," says David Friedman, EVP of Strategy for Wealth-X. "Each online profile includes information on an individual’s net worth, liquidity, income, passions, hobbies, philanthropic tendencies, political affiliations, known associates and service providers. This insight empowers Wealth-X members to identify prospects, qualify potential clients, connect with and win new relationships with the world’s wealthiest."