as that for private banking customers with the exception that they do not include hedge funds or facilities to manage one's own business accounts. In short, it is wealth management at a much smaller scale. In 2016, Credit Suisse and UBS replaced the word "private banking" with wealth management; private banking has faced reputational risk as an area for tax avoidance or even tax aversion. Wealth minimums Private banking services are only accessible to customers with a minimum amount of investible assets. For instance, in 2016, J.P. Morgan began requiring a minimum of $10 million in assets to qualify for their private banking, with those with less being moved into their Private Client Direct program. Nevertheless, this seems to be an exception as majority of banks establish the minimum threshold between $0.5M and $1M. Indeed, private banking customers are frequently segmented according to their wealth. HNW are customers with a total worth between €500,000 and €5 million; very high net worth individuals (VHNWI), with assets ranging between €5 million and €30 million; and ultra high networth individuals (UHNWI), with a wealth in excess of €30 million. Private banking rankings By AUM In terms of AUM, the world's 10 largest private banks (or private banking divisions/subsidiaries of large bank holding companies), as of 2019, are: Overall Results from Euromoney's annual private banking and wealth management ranking in 2019, which consider, amongst other factors, assets under management (AUM), net income and net new assets. UBS Global Wealth Management took the top spot in Euromoney's 2019 survey for "Best private banking services overall 2019". This table displays results of one category of the private banking ranking, "Best global private banking services overall 2019". Value proposition Most private banks define their value proposition along one or two dimensions, and meet the basic needs across others. Some of the dimensions of value proposition of a private bank are parent brand, one-bank approach, unbiased advice, strong research and advisory team and unified platform. Many banks leverage the "parent brand" to gain a client’s trust and confidence. These banks have a strong presence across the globe and present private bank offerings as a part of the parent group. "One Bank approach" is where private banks offer an integrated proposition to meet clients personal and business needs. Since private banking concerns understanding a client’s need and risk appetite, and tailoring the solution accordingly, few banks define their value