As global markets undergo seismic shifts in capital distribution, Bank of America (BofA) is doubling down on one of the most lucrative trends of the decade: the explosion of wealth among the ultra-rich in the United States.
In a recent address to investors, CEO Brian Moynihan outlined what he described as a “huge opportunity” in the domestic wealth management business, with particular focus on ultra-high-net-worth (UHNW) individuals — those with investable assets exceeding $30 million.
“We’re looking at an unprecedented transfer and expansion of wealth in the United States,” Moynihan said. “This isn’t just about managing assets — it’s about being at the center of how the next generation of American wealth operates.”
With trillions of dollars set to change hands in the coming decade and competition intensifying among financial giants, Bank of America is positioning itself to dominate the U.S. wealth management landscape — from private banking to family offices and alternative investments.
A New Wealth Paradigm
The numbers behind Moynihan’s optimism are staggering. According to Capgemini’s 2025 World Wealth Report, the U.S. now holds more than 40% of the world’s millionaires, with ultra-wealthy households growing at double-digit rates since 2020.
At the same time, a historic intergenerational wealth transfer is underway — an estimated $84 trillion is expected to move from baby boomers to younger heirs by 2045, reshaping how capital is invested, donated, and managed.
“This transfer is creating new clients, new expectations, and new technologies,” Moynihan explained. “It’s not just about preserving wealth anymore — it’s about redefining how it’s used.”
Bank of America’s private banking and Merrill wealth divisions together already manage over $1.5 trillion in client assets, making them one of the largest wealth franchises in the world. But Moynihan says that’s only the beginning.
The Strategy: Scale Meets Exclusivity
BofA’s wealth play hinges on three strategic pillars: scaling access, deepening personalization, and expanding alternative investment channels.
- Scaling Access Through Integration:
Moynihan has been steering BofA toward tighter integration between its retail, commercial, and investment banking arms. This allows clients to move seamlessly between consumer banking and private wealth services, capturing them earlier and retaining them longer.“We want to serve clients across the entire lifecycle — from the first checking account to their family office,” Moynihan said. - Personalization Through Technology:
Leveraging AI-driven insights, BofA’s Merrill platform now uses behavioral data and predictive analytics to tailor portfolios for high-net-worth clients, offering everything from ESG investing to AI venture funds.The bank’s “Merrill Advisor Match” platform — which pairs clients with wealth advisors based on preferences and goals — has become a key driver of new accounts among younger investors. - Alternative Investments and Private Markets:
Wealth clients are demanding more than traditional portfolios. BofA is expanding access to private equity, venture capital, hedge funds, and real assets, areas once reserved for institutions.“The future of wealth management is hybrid,” Moynihan noted. “It’s about combining the safety of blue-chip investments with the agility of private markets.”
Rising Competition in the High-Net-Worth Arena
Bank of America’s push comes amid a fierce battle for wealthy clients. Rivals Morgan Stanley, JPMorgan Chase, and Goldman Sachs have all expanded their private banking and advisory businesses, seeking the same lucrative demographic.
Morgan Stanley’s 2020 acquisitions of E*TRADE and Eaton Vance gave it a digital edge in onboarding clients, while JPMorgan has poured billions into expanding its Private Bank and Chase Sapphire Reserve ecosystem to capture affluent millennials.
But BofA’s advantage, analysts say, lies in its scale and consumer footprint. With over 68 million U.S. customers, the bank already has deep relationships that competitors often lack.
“They don’t have to buy clients — they already bank them,” said Chris Kotowski, an equity analyst at Oppenheimer. “The challenge is conversion — turning mass affluent clients into private wealth clients.”
A Focus on the Ultra-Rich — and the Up-and-Coming
Within the ultra-high-net-worth segment, Bank of America sees particular opportunity among entrepreneurs, tech founders, and family offices — a clientele that increasingly prefers a blend of institutional sophistication and personal attention.
The bank has been expanding its Private Bank offices across key U.S. hubs — including Miami, Austin, and San Francisco — to tap into booming regions for tech, crypto wealth, and cross-border capital.
Yet, Moynihan emphasizes that the goal isn’t just to serve the established elite, but also the “emerging wealthy” — founders, executives, and professionals whose wealth may be illiquid but rapidly growing.
“We’re not only focused on who has wealth today, but who’s building it tomorrow,” he said. “That’s where the biggest growth lies.”
Tech-Enabled, Human-Driven
At the heart of BofA’s wealth push is the belief that technology and human advice must coexist, not compete.
The bank’s AI-powered “Erica” assistant and its digital platforms process millions of client interactions daily, but Moynihan insists that advisory relationships remain irreplaceable for the wealthy.
“We’re not building a robo-advisor for billionaires,” he said. “We’re building a network that understands when to automate and when to pick up the phone.”
This hybrid model — combining automation for efficiency and human expertise for complexity — is helping BofA capture a generational shift in how wealth clients want to engage.
The Demographic Edge: Women and Next-Gen Investors
Bank of America has also identified two fast-growing wealth demographics: women and younger investors.
Women now control roughly one-third of U.S. household wealth, a share that is rapidly increasing as more assume leadership roles or inherit assets. Meanwhile, millennials and Gen Z are poised to become the wealthiest generations in history by mid-century.
BofA’s internal research shows these groups prefer purpose-driven investment, greater financial education, and digital convenience — areas where the bank has been investing heavily through its “Better Money Habits” initiative and ESG-aligned funds.
Macro Tailwinds: America’s Wealth Resilience
Even as economic uncertainty lingers, Moynihan remains bullish on U.S. wealth creation. Despite inflation and rising rates, asset values have rebounded, equity markets are near record highs, and private markets continue to attract capital.
“The American wealth engine keeps proving its strength,” Moynihan said. “We’re positioned to serve that engine at every level — from small business owners to billionaires.”
BofA’s approach, he added, is designed to be countercyclical: focusing on advisory and long-term wealth services that perform well even when trading or lending activity slows.
Risks and the Road Ahead
Still, the wealth management boom is not without risks. Market volatility, regulatory scrutiny, and potential tax reforms targeting high earners could weigh on growth.
Moreover, competition from independent advisory firms — many offering low fees and bespoke services — threatens to erode market share from traditional banks.
To stay ahead, BofA is investing in advisor training, digital integration, and sustainable finance, aiming to capture not only wealth but trust.
“The next decade of wealth management will be won on transparency and relationships,” Moynihan said. “People don’t want a salesman — they want a partner.”
Conclusion: The Business of Trust and Legacy
For Bank of America, the “huge opportunity” Moynihan sees in U.S. wealth isn’t just about managing assets — it’s about managing legacy.
As trillions of dollars shift generationally and technologically, the winners in this new wealth race will be those who can combine scale, trust, and innovation in equal measure.
And if Moynihan’s vision holds true, Bank of America may not just ride the wave of American wealth — it may redefine what private banking looks like in the 21st century.
