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Article: A wealth of opportunity: with the number of millionaires in the Gulf increasing rapidly, private banks have an opportunity to expand their client base.(PRIVATE BANKING)(Statistical data)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- June 22, 2007
- Author:
CopyrightCOPYRIGHT 2007 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The number and wealth of millionaires worldwide is growing. In the GCC, the growth rate is faster than the global average, and in the UAE it is faster still. More banks are competing to offer products and services to UAE-based high net worth individuals (HNWIs) with assets of $1 million or more.
In early June, Standard Chartered Bank opened its Middle East private banking headquarters in the Dubai International Financial Centre (DIFC) to capture its share of the expanding market.
By 2009, there will be 250,000 HNWIs in the UAE, estimates Bank Sarasin Alpen, a DIFC-based subsidiary of Switzerland's Sarasin Group. The figure is slightly less than the ...