6,17,28,39,50,61,72
In the end, a bigger danger is that the industry becomes a victim of its own success. As banks scent fat, stable profits, more will move into the business. By definition, however, private banking is not a mass market and margins could shrink. Already, emerging centres such as Singapore and Dubai are chipping away at fees.
On the other hand, the growth of the industry—and the impression that it is becoming more a game of financial sophistication than secrecy—is making it more respectable. As long as the rich get richer, the best private banks will, too.