Thriving In A Haven For Millionaires: Private banks in the Middle East and North Africa are enhancing digital capabilities and adding international offices to cater to their expanding client base.
Despite geopolitical tensions, the Middle East is emerging as one of the world’s fastest growing markets for private banking and wealth management. Gulf countries led by the United Arab Emirates (UAE), Saudi Arabia, Qatar, and Kuwait are undergoing deep economic and demographic shifts that redefine how wealth is created and managed.
Affluent clients are moving beyond typical real estate and equities investments to more sophisticated, structured products that balance risk, ESG compliance and Islamic finance principles. This new generation of investors is digital-first, globally connected and increasingly diversified. By 2030, an estimated $1 trillion will pass from one generation to the next, opening vast opportunities for private banks.
The region is also a magnet for wealth from abroad. In 2025, the UAE attracted over 9,800 new millionaires—the world’s largest inflow—while Saudi Arabia ranked fifth with 2,400, according to the Henley Private Wealth Migration Report. To cater to these new clients, global banks are reinforcing their teams in Dubai, Abu Dhabi, Riyadh, Jeddah and Doha, but local institutions retain an edge through cultural insight and long-standing relationships with the Gulf’s wealthiest families.
Best Private Bank: QNB Private
Backed by the largest bank in the Middle East and North Africa (MENA) region, with over $380 billion in assets, QNB Private is not only a leader at home with over 30% market share but also a global player with a presence in 31 countries.
The bank provides a portfolio of wealth management offerings combined with tailored advisory and strong emphasis on confidentiality. Beyond financial expertise, the bank focuses on the finer details of client experience, including partnerships with luxury brands, collaborations with international real-estate agencies, and WhatsApp Banking—a very popular communication channel in the region.
On the digital front, QNB Private continues to strengthen its platform through innovations such as card tokenization, a full-service mobile banking app, and QR code payment capabilities.
QNB is now positioned to capture the next wave of wealth creation as the country prepares to double its gas production by 2030.
Best Private Bank For Sustainable Investing: First Abu Dhabi Bank
One of the largest banks in the Middle East, First Abu Dhabi Bank (FAB), is making waves by focusing on underfunded areas of sustainable finance.
In August, it became the first financial institution in the GCC to issue $50 million worth of blue bonds, which support water-related environmental objectives like marine life protection or water resources management. A second $20 million issuance took place in October.
Sustainability has been central to the bank’s strategy for a long time with ESG advisory, supporting clients transitioning to a low-carbon economy and aligning with global sustainability standards.
FAB has committed $75 billion to sustainable finance by 2030, with private banking emerging as a key growth segment.
Financially, FAB is thriving. Its AUM grew by 75% this year, with revenue up 15%. The appointment of the former CEO of Edmond de Rothschild Switzerland to head global private banking in 2023 has bolstered this momentum.
FAB is also expanding its footprint beyond the UAE, eyeing growth in Saudi Arabia, Europe—with a new London office—and Asia.
Best Private Bank Digital Solutions For Clients: Mashreq
Mashreq Bank, Dubai’s biggest privately owned lender, is strengthening its position in the region’s private banking landscape by combining advanced digital tools with personalized human advisory.
Most of its offerings are available in a single digital platform that centralizes all client services. The application allows users to manage day-to-day banking, monitor portfolio performance, access real-time market information, and explore customized investment opportunities—all through a secure interface. Mashreq adopts a hybrid advisory model, enabling clients to manage their portfolios independently or work closely with a dedicated relationship manager, depending on their investment preferences, risk appetite and knowledge of markets.
In 2024, the bank reported a 20% increase in private banking clients and overall wealth management volumes, underscoring strong demand for its digital-first approach. While not the biggest bank in the UAE, Mashreq has established a strong regional and international footprint with a presence in key growth markets such as Egypt, Pakistan, China, India. Looking ahead, Mashreq continues to enhance both its client experience and operational efficiency, investing heavily in artificial intelligence to power new investment tools, detect fraud, boost staff productivity and reduce cost.
