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Wealth Management Vice Presidents

History

In the 1860s and 1870s, the growing number of affluent people (fueled by industrialization and profits made via rebuilding towns and infrastructure after the Civil War), and increasing trust in the U.S. banking system spurred the wealthy to search for skilled financial professionals to manage their fortunes and grow their capital. Since then, the wealth management industry has grown steadily, only declining during financial crises—such as the Great Depression (1929–39) and the Great Recession (December 2007 to June 2009)—and banking and financial scandals.

The number of millionaires and billionaires worldwide has grown rapidly in the last three decades. From 1987 to 2012, the number of billionaires in the United States increased tenfold, from 41 billionaires in 1987 to 425 billionaires in 2012. Worldwide, the number of billionaires reached 2,325 in 2014, according to the Wealth X-UBS Billionaire Census, an increase of 7 percent from 2013. The Census predicts that the global billionaire population will surpass 3,800 by 2020. This growth bodes well for wealth management professionals.

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