After many years in the doldrums, private banking in the Middle East is showing signs of a comeback. The region’s private wealth sector has taken a hit in recent years thanks to lower oil prices, which put a damper on wealth creation as economic growth slowed down.
But the prospect of economic recovery on the back of higher oil prices has brought many of the bankers back, tempted by one of the world’s highest concentrations of wealth per capita, with the number of high net worth individuals in the region forecast by Knight Frank (global real-estate consultants) to grow by 39% over the coming decade.
Bankers remain confident that the country’s economic reforms, while causing pain in the short-term, will bolster the country’s economic growth in the medium term, leading to a surge in wealth and opportunities.
Source Credit: The National
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