HSBC expands private banking in UAE

Global bank HSBC has opened a new private banking service in the UAE in order to serve the growing number of high-net-worth investors in the country.

The HSBC Bank Middle East Global Private Banking will be based in Dubai and will target clients with investable assets of more than $2 million.

“Opening a new branch of our private bank in the UAE adds an important location to HSBC’s global network of international wealth management hubs, giving the growing number of UAE-based millionaires more choices about where their assets are held,” said Abdulfattah Sharaf, chief executive of HSBC UAE and head of international, HSBC Bank Middle East.

As of June 2022, the total number of millionaires in Dubai was around 67,900, according to a report from New World Wealth and Henley & Partners. This was an 18% increase in the number of recorded in 2021. 

Meanwhile, a report from consultancy Knight Frank forecasts that the number of millionaires in the UAE by 39% to 228,000 people by 2026. 

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