Wealth Management Vice Presidents

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 four 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 3,194 in 2023, according to Altrata's World Ultra Wealth Report 2024, up from 2,325 in 2014. The report says that the global billionaire population will continue to grow over the next decade. This growth bodes well for wealth management professionals.