The UAE’s status as a wealth management hub for high net worth (HNW) investors has been boosted by a surge in the level of deposits held by its banks. According to central bank data, large deposits greater than AED20 million (US$5.45 million) increased by 11.4% in the 12 months between December 2021 and 2022. At $605 billion, these deposits now account for 59% of total deposits held by UAE banks. Meanwhile, the top 10 banks in the UAE saw their aggregate net income increase by 31.7% year-on-year during the same time period to $13.5 billion. A report from professional services firm Alvarez & Marsal attributed this increase to higher net interest income and suggested that the results point towards increased profitability, improving ratios around asset quality, returns on equity and assets alongside strengthening capital positioning. ©2023 funds global mena