On that note, how does someone with say $50 million in financial assets get insured? How does that work?
If you have 50 million dollars you are on your own. Get good advisors and invest wisely. You could split your money in 200 different banks but that isn’t very practical.
Wealthy folks usually don’t keep that much cash. They’re invested in real estate, stocks, bonds, etc. which certainly aren’t insured, although they might be hedged.