JP Morgan Expands Private Banking Team in UAE to Tap Into Middle East Wealth Boom

JP Morgan Chase, the largest bank in the United States, is building a team of private bankers in the United Arab Emirates as part of a strategy to enhance its wealth management services in the broader Middle East. This move comes in response to a notable increase in the number of millionaires establishing themselves in the region.

The bank announced that a team of dedicated advisers would be joining its existing business operations in the region, operating out of its offices in Dubai. Two internal hires, Sebastian Botana de Beauvau from Geneva and Carol Mushriqui from JP Morgan’s Private Bank in London, have been appointed to provide wealth management services to affluent individuals, family offices, charities, and family foundations across the Middle East.

Karim Rekik, head of Emerging Markets and the Middle East at JP Morgan International Private Bank, highlighted several factors that make the region an increasingly attractive destination for clients. He emphasized that the Middle East remains a vital component of the bank’s growth agenda, both at the Private Bank and within the broader firm. The bank also indicated plans to gradually expand its team in the coming years to better serve its growing clientele in the Middle East, a region that has evolved into a dynamic global hub for innovation, attracting substantial global interest and investment.

Both global and regional banks, along with local financial institutions, are intensifying their efforts to increase their market share in the expanding wealth management sector of the Middle East. The number of wealthy clients in the broader region, particularly in the Gulf Cooperation Council (GCC) countries, has risen significantly in recent years. Many high-net-worth individuals are drawn to the oil-rich Gulf economies by flexible visa options, a zero personal income tax policy, investment incentives, and a luxurious lifestyle.

Dubai, which serves as the region’s commercial, leisure, and tourism hub, has been ranked as the 21st wealthiest city in the world. It has the highest concentration of millionaires in the Middle East, with 72,500 resident millionaires, according to a May report by Henley & Partners, a firm that tracks private wealth and investment migration trends globally. The report, which was jointly compiled with New World Wealth, noted that Dubai’s millionaire population has grown by 78% over the past decade and now includes 212 centi-millionaires, individuals with a net worth of $100 million or more, as well as 15 billionaires.

Henley & Partners further predicted that a record 6,700 millionaires would move to the UAE by the end of this year, securing its status as the world’s top destination for wealthy individuals for the third consecutive year. The UAE is expected to attract nearly double the number of millionaires compared to its closest competitor, the United States, which is projected to welcome 3,800 millionaires by the end of 2024.

In light of these promising trends and to address the increasingly complex needs of its clients, JP Morgan has introduced a team of specialized advisers. The bank’s international private banking division, which is the largest among its U.S. peers, has been expanding its wealth management capabilities in recent years. JP Morgan has added 11 new city locations over the past decade as part of its growth strategy.

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