where do wealthy people bank at ?

Question

would A banking system be able to handle A trillion dollars ? would FDIC be able to cover A person with that much money?

Answer 1

The FDIC only covers up to $100,000.

First of all, no one person has a trillion dollars. The wealthiest few people in the world are worth in the neighborhood of $50 billion. Most of their wealth is tied up in the stock of the company that they founded or still own.

Really wealthy people have companies like the Merrill Lynch's manage their assets for them and they generally do not hold oodles of cash (which are the types of deposits guaranteed by the FDIC).

You question should have read: Where do wealthy people bank? The 'at' is unnecessary and makes you sound uneducated.

good luck!

Answer 2

The FDIC only covers up to $100,000, I am certainly not wealthy, but I would imagine if I was I would have many accounts at banks, brokerages and the like. Also wealthy people would likely not have a lot of money in cash, it would be tied up in assets such as rental properties, small businesses, stocks, bonds, funds and CDs. Furthermore most wealthy people know the power of incorporating so they can have the FDIC cover another $100,000 per bank, brokerage etc. under their corporation.

Answer 3

The Queen banks at Coutts.
In order to become a Coutts client, you must have either

a) Investable assets of £500,000

and/or

b) Net assets (including your house, jewellery, artwork, etc.) totalling £5,000,000.