World’s Best Private Banks 2025: Middle East

Private banking in the Middle East continues to thrive, outpacing most other global regions; and the prospects remain positive in dedicated banking and wealth management despite increased geopolitical risk in the area. Boosted by solid economic and business growth in key countries, including Saudi Arabia, the United Arab Emirates (UAE), and Qatar, the number of high net worth individuals (HNWIs) and ultrahigh net worth individuals (UHNWIs) continues to rise.

Regional financial institutions and international players are dedicating more resources to capitalize on private banking in the Middle East. Knight Frank research shows that global UHNWIs rose by 4.2% in 2023, with growth led by North America (up by 7.2%) followed by the Middle East (up by 6.2%). Younger HNWIs are also increasing their numbers in the Middle East. Private banking clients seek a dedicated, personalized, technology-driven service with access to broad investment opportunities. Indeed, the winners of the Best Private Banks awards for the Middle East provide first-class private banking products and services supported by advanced technology.

Supported by the financial strength of Qatar National Bank, the region’s biggest bank, QNB Private provides superior, innovative, and bespoke financial offerings to its large and growing client base. Over the past year, QNB Private’s strategic investment approach has significantly increased return on investment, reflecting its commitment to maximizing client value while maintaining prudent risk management practices. QNB Private manages a substantial portfolio, with assets under management reflecting a steady increase year on year and an expanding market share.

The private bank offers a comprehensive service suite of traditional banking and modern financial solutions. The client base predominantly consists of HNWIs and UHNWIs concentrated in Qatar and the broader Middle East and North Africa region, backed by QNB’s presence in London, Paris, and Geneva. QNB Group’s dedicated subsidiary in Switzerland, QNB (Suisse), is its private banking offshore services hub, which acts as a conduit for investment products and services, including advisory services.

The National Bank of Kuwait (NBK) has a long and successful history of private banking. Over recent years, it has developed a strong private banking sustainable investment program and service. Early in 2024, NBK’s private banking offering was strengthened by the launch of NBK Wealth, consolidating private banking and asset management businesses under one leadership. The division provides HNWIs, UHNWIs, and institutional accounts with a client-centric offering that includes all private banking products and investment solutions.

NBK Private Banking has integrated environmental, social, and governance (ESG) components into its offerings and selection process for clients with an ESG preference, reflecting the bank’s commitment to sustainable investment practices. NBK has a well-followed ESG strategy, outlining key targets and commitments. One of the most significant achievements was the drive behind sustainable lending. NBK Wealth’s operating model focuses on providing solution-based services, including advisory services, to increase its local, regional, and international clients’ share of wallet.

The second-largest bank in the UAE, Emirates NBD, is a leading banking brand in the Middle East. Its private banking business line’s total income grew strongly in 2023 due to growth in its geographic footprint, leading to greater client acquisition and product penetration. The bank’s accelerated investment in digital and mobile banking was also a major contributor to its 2023 private banking performance.

Emirates NBD has always been at the forefront of digital innovation in the region, with 97% of its transactions conducted outside traditional branches. Electronic banking, combined with advances in artificial intelligence, has played a significant role in Emirates NBD’s business. The bank launched its Digital Wealth platform in the autumn of 2023, wherein customers can quickly establish investment accounts and start trading in global and UAE equities from a single application for all banking needs.