Bank of America is betting big on its wealth and investment management business, essentially leaning further into the top echelons of the upper class.

The banking giant ( No. 17 on the Fortune 500) hosted its first investment day since 2011 on Nov. 5 in Boston. Executives set ambitious goals for the wealth unit: 4% to 5% net new asset growth in Merrill Wealth Management over the next three to five years, and revenue growth nearly twice the rate of expenses, with a target return on allocated capital rising to 30% for the entire segment.

“There is a huge opportunity in the U.S. wealth business,” CEO Brian Moynihan told reporters during a roundtable session on Wednesday. The U.S. boasts over 20 million millionaires, with about 6 million in China, he added.

The U.S. is on the cusp of “

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