Despite its relatively small population, Australia has one of the world's largest private wealth markets. And this market is growing at a rate that outpaces many of the world's most affluent nations.

The sustained rise in value of Australian equities and other asset classes has augmented the total pool of financial assets held by Australians.

The composition of private wealth has also changed with the cash component of wealth decreasing, while holdings of superannuation (pension funds) and equities have increased.

On an individual level, Australia has more high net worth individuals than Hong Kong and Singapore combined and demand for private banking services is on the rise.

The majority of the 10 leading global firms now have private banking facilities in Australia and the increasing sophistication of Australian investors is expected to encourage more firms to establish private banking operations in Australia.