As the ultra-high-net-worth (UHNW) population continues to grow – driven by long-term planning, global mobility and the evolution of family offices – private banks are adapting to rising demand for cross-border structuring, diversified investment access and digital-first engagement.
At the same time, they are redefining the human relationship at the heart of private banking, blending technology with personalised, purpose-led advisory. From succession planning and discretionary mandates to hybrid delivery and global client migration, the region’s institutions are reimagining private banking for a new era of client sophistication.
Institutionalising the evolving family office
Family wealth in the Middle East is entering its second – and, in some cases, third – generation at a time of rapid regional transformation. Unlike the founding members, who built its fortunes during the first oil boom and early wave of economic liberalisation, today’s family offices are navigating a far more dynamic, diverse and globally interconnected landscape – one that presents lucrative opportunities for strategic capital deployment, cross-border expansion and long-term legacy building.
Intergenerational planning is firmly at the forefront of strategic thinking for many Middle Eastern family offices in 2025. Euromoney Private Banking Awards submissions from leading banks show how a generational mindset is reshaping approaches to capital preservation and long-term deployment. After all, 45% of regional family offices expect the next generation to take over within five years, and 81% anticipate a transition within the next decade, data from a 2024 HSBC survey shows.
We have long seen a trend of UHNW individuals moving to the UAE from Africa, Asia and other parts of the Middle East, but now we see increasing migration from Europe and the US
Niels Zilkens, UBS
HSBC noted during the research period that Middle Eastern clients are increasingly focused on ultra-long-term planning – including the wealth that will be available to fifth- and even 10th-generation heirs. In response to such demands, the bank developed an endowment-style strategic asset allocation model designed to support intergenerational capital stewardship.
As the younger generations of wealthy regional families step into leadership roles, they bring with them different priorities and risk appetites. Many are globally educated, digitally native and motivated by impact as much as returns. “The younger generation appreciates the past, but they also want to leave their own mark on the future,” says Niels Zilkens, head of wealth management, Middle East at UBS. “They recognise the value and are eager to engage in the investment side of the business.”
Banks are responding to shifting family dynamics by helping such clients formalise governance structures, segregate family offices, establish investment steering committees, expand internationally and educate heirs.
Emirates NBD Private Banking, for example, has developed a structured next-generation programme in collaboration with Insead Business School to equip future wealth holders with the knowledge and tools needed for long-term stewardship. Delivered through curated workshops and mentorship sessions, the programme covers key topics such as investment management, entrepreneurship, governance and leadership – with a strong emphasis on values, purpose and legacy.
Several leading regional banks, meanwhile, noted the growing prevalence of women-led family offices and ultra-affluent females in the Middle East, which is leading to the adaptation of their service offering. UBS, for example, held four women and investing roundtables in Doha, Riyadh and Dubai in 2024 to address gender-specific wealth challenges.
Investment diversification and global ambitions
Private clients in the Middle East are expanding their investment horizons beyond traditional asset classes, such as regional real estate, fixed income and equities. Across Euromoney submissions and interviews, banks report growing demand for private markets, structured products and global thematic exposure to emerging sectors. Increasingly, clients are seeking alternatives, including private equity, hedge funds, venture capital and real assets – and expect these to be delivered with institutional-grade advice.
This shift is being driven by multiple factors: lower real returns on traditional assets; heightened inflation concerns; and a growing appetite for portfolio diversification in uncertain global economic conditions. Many clients are also drawn to the long-term growth potential and perceived resilience of private markets and future-oriented sectors.
HSBC reports growing client appetite for discretionary mandates that open access to global alternatives – particularly evergreen private market strategies – supported by its cross-border advisory infrastructure and research capabilities. NBK Wealth’s product suite, meanwhile, now includes private debt strategies, mezzanine real-estate funds and bespoke discretionary portfolio management (DPM) solutions tailored to Saudi equities and alternative asset classes.
Deutsche Bank also notes that DPM penetration is accelerating across its Middle East client base, as UHNW families increasingly seek structured lending overlays and access to institutional-quality fund managers. A significant shift is under way in client conversations around the balance between liquid and illiquid exposures, with many families reassessing legacy allocations that had been skewed toward illiquid assets.
DPM is particularly appealing to younger clients seeking more customised, purpose-driven solutions – whether through bespoke asset allocations, environmental, social and governance (ESG) overlays or thematic lenses. According to Lombard Odier’s private banking team, thematic DPM is gaining traction in the Middle East, with clients increasingly open to curated portfolios aligned with transformative trends such as clean energy, longevity and technological disruption.
ESG considerations, while unevenly adopted, are growing in the region. HSBC, for example, now offers portfolio-level ESG analysis and alerts, supported by Clarity AI. Elsewhere, QNB Private, NBK Wealth, UBS and Deutsche Bank report rising interest in ESG and impact investing from next-generation clients.
The Gulf as a magnet for global wealth
While capital from the Middle East is increasingly being deployed abroad, the region is simultaneously attracting significant numbers of UHNW individuals from around the world. The UAE, in particular, is cementing its position as a long-term wealth hub.
According to the World’s Wealthiest Cities Report 2025 by Henley & Partners, the number of millionaires located in Dubai increased by 102% between 2014 and 2024, while Abu Dhabi recorded an 80% increase during the same period. Dubai and Abu Dhabi are also projected to be the top two global growth centres, respectively, for centi-millionaires over the next decade.
“We have long seen a trend of UHNW individuals moving to the UAE from Africa, Asia and other parts of the Middle East, but now we see increasing migration from Europe and the US,” says UBS’s Zilkens. “Dubai International Financial Centre and Abu Dhabi Global Market offer a very professional and stable environment for international family offices to operate, and once they are on the ground, they often start investing in local real estate and alternative assets, or operating businesses.”
Technology plays an important role, but this remains a people business. Clients appreciate our digital efforts, but tailored advice, trust and governance planning still require personal relationships
Niels Zilkens
Deutsche confirms the trend, citing rising demand from UK, East African and Indian diaspora clients drawn by tax neutrality, political stability and the Gulf’s global connectivity. As well as the favourable operating environment in the UAE’s financial centres, UHNW migration to the UAE is supported by favourable visa policies and trust-friendly regulatory regimes.
Deutsche has responded by setting up a dedicated investment advisory desk in the UAE, focusing on ultra-wealthy and family-office clients. HSBC has also enhanced its ability to serve international clients relocating to the Gulf through the launch of an onshore private banking platform in the UAE, which complements its offshore infrastructure. Its ‘one banker’ global relationship model gives clients access to eight booking centres worldwide through a single point of contact – a convenience that is proving effective in attracting wealth flows from Asia, Europe and North America. Banks also report growing demand for jurisdictional guidance, concierge-style onboarding services and cross-border structuring solutions to support new arrivals.
Digital platforms power on-demand wealth management
Digital transformation is redefining how private banks engage clients. With rising expectations for seamless, personalised and on-demand experiences, private banks in the Middle East are investing heavily in digital platforms that combine convenience with control.
For example, Mashreq’s integrated wealth app allows clients to access a wide range of asset classes and interact directly with their relationship manager in real time. The bank is also enhancing its wealth app with AI-informed notifications designed to alert clients about portfolio performance and future investment needs – a move toward more intelligent and personalised engagement.
ADIB Private Banking has also embedded digital innovation across its private client offering, launching more than 50 new mobile app features in 2024, a streamlined customer relationship management (CRM) platform for faster onboarding, and a digital covered card solution with instant approval and management through the mobile app.
Elsewhere, ADCB Private and Wealth Management has introduced digital dashboards, real-time analytics tools and Microsoft Copilot integration, which have improved productivity, client reporting and portfolio transparency. At Lombard Odier, solutions such as LO Smart and Global Assets+ offer real-time portfolio visibility, automated performance monitoring and tailored reporting – bringing greater clarity and control to complex asset management for families and institutions.
Digital platforms are also being leveraged to deliver ESG reporting, portfolio stress-testing and multi-jurisdictional access. These innovations reflect a broader trend toward personalised digital engagement, where clients expect tailored insights, real-time responsiveness and unified access across portfolios and geographies.
Hybrid advisory balances technology and trust
While digital innovation is transforming access and efficiency, the human touch remains essential in private banking – particularly at the upper end of the wealth spectrum. The most successful institutions are blending technology with deep, relationship-led advisory to deliver personalised, cross-jurisdictional solutions. This hybrid approach is emerging as the new standard, especially in UHNW service.
“Technology plays an important role, but this remains a people business,” says Zilkens. “Clients appreciate our digital efforts, but tailored advice, trust and governance planning still require personal relationships.”
In complex UHNW and family-office cases, this hybrid approach increasingly involves multidisciplinary teams that bring together relationship managers, investment counsellors, product specialists and platform experts to deliver holistic, cross-border solutions. At HSBC, for example, such teams are supported by tools such as BlackRock’s Aladdin Wealth platform, which enables consolidated portfolio visibility, risk analytics and real-time stress testing.
ADCB has centred its strategy on client-centricity. Following its transformation into a standalone division, the bank has focused on delivering bespoke, relationship-led experiences underpinned by a strong advisory platform. ADCB’s emphasis on transparency and personalised solutions is enabling it to meet the complex needs of HNW and UHNW clients while ensuring consistency across digital and human touchpoints.
As client expectations continue to evolve, the future of private banking in the Middle East will depend on striking the right balance between digital precision and human insight. Advanced digital tools may be essential, but for complex decisions such as succession, estate planning and private market investing, expert advice remains irreplaceable.
Banks are responding by deepening their advisory talent and integrating AI capabilities – not to replace human judgement, but to power the next generation of strategic, values-driven client conversations.
