Competition among Middle Eastern private banks is heating up as the region becomes one of the world’s fastest-growing centres for private wealth. Euromoney’s 2026 ranking of the largest Middle East-headquartered private banks by assets under management (AUM) shows a market increasingly dominated by UAE-based institutions, where international millionaire inflows, entrepreneurial wealth creation and family office expansion are driving a new phase of regional growth.
Average AUM growth across the leading private banks in Euromoney’s ranking reached $14.8 billion in the 12 months to mid-2025, up 41% from $10.5 billion a year earlier. This was driven partly by a surge in international wealth inflows as entrepreneurs, family offices and ultra-high-net-worth (UHNW) individuals increasingly relocated capital – and often themselves – to the Gulf.
The result is a regional private banking market that is becoming increasingly international, sophisticated and competitive, even as geopolitical tensions around Iran cloud the near-term outlook.
The UAE’s rise as a global wealth magnet
The UAE sits firmly at the centre of the Middle East’s private banking industry. Dubai and Abu Dhabi have become increasingly attractive destinations for globally mobile wealth, supported by tax efficiency, long-term residency programmes, internal political stability and rapidly expanding financial infrastructure.
That shift is clearly reflected in Euromoney’s rankings, where UAE banks dominate both scale and growth metrics.
First Abu Dhabi Bank (FAB) remains the region’s largest private bank by AUM, leveraging the balance-sheet strength, international reach and institutional credibility of the UAE’s largest lender. FAB Private Banking recorded 69% AUM growth during the review period, supported by accelerated client acquisition and rising demand for alternative investments, discretionary mandates and advisory-led wealth management. With operations spanning Switzerland, Saudi Arabia, Singapore, London and France, the bank is increasingly positioning itself as a cross-border wealth hub for regional clients.
Growing sophistication of the Gulf private banking model
One of the strongest themes emerging in the Middle East is the growing importance of family office servicing and intergenerational wealth planning.
Mashreq has built much of its recent momentum around this opportunity. Although smaller than some regional peers, the bank recorded 67% AUM growth – aided by strong net new assets (NNA) momentum.
The UAE’s largest privately owned bank has positioned itself aggressively around UHNW families and entrepreneurial wealth. Its family office platform, launched in 2020, now serves more than 50 family offices across the Gulf Cooperation Council (GCC), Europe and Asia, representing more than $75 billion in client net worth.
Meanwhile, Abu Dhabi Commercial Bank (ADCB) illustrates how domestically focused UAE banks are also scaling rapidly. ADCB’s private banking client base has quadrupled during the past five years, while AUM grew 16% in the 12 months to 1H25. The bank has focused heavily on domestic high-net-worth (HNW) and UHNW penetration, personalised advisory and differentiated investment products, including precious metals accounts and private markets access.
Beyond the UAE, National Bank of Kuwait (NBK) Wealth illustrates how Kuwait’s established private wealth market is becoming more internationally connected and sophisticated. The bank reported approximately $24 billion in AUM as of 1H25, representing a 15% year-on-year increase.
NBK Wealth has increasingly positioned itself around holistic wealth planning, multi-jurisdictional structuring and next-generation wealth education through its Geneva-based Generation W programme. The bank has also expanded strategic partnerships with global asset managers including JPMorgan Asset Management, while strengthening its Saudi Arabian and Swiss capabilities as demand grows for more internationally diversified wealth structures and investment solutions.
Elsewhere, Qatar National Bank (QNB) continues to leverage the scale and connectivity of the country’s dominant banking franchise to reinforce its private banking position, with 4% AUM growth during the review period. Rather than focusing primarily on international wealth migration, QNB’s model is increasingly centred on integrated banking relationships, combining private banking, treasury, lending and investment capabilities within a unified client ecosystem.
NNA points to unusually strong organic growth
NNA figures available to Euromoney suggest Gulf-based institutions experienced unusually strong organic asset growth by international private banking standards in the review period.
Based on the banks that disclosed complete datasets to Euromoney, NNA inflows in the 12 months to 1H25 averaged 29% of reported private banking AUM – a level rarely seen in more mature private banking markets.
The largest UAE wealth platforms were among the biggest beneficiaries. FAB generated approximately $42 billion in NNA during the review period, equivalent to around 45% of reported private banking AUM, while ADCB and Mashreq recorded inflows of approximately $4.9 billion and $4.5 billion respectively.
FAB’s inflows reflect two structural trends shaping the Gulf wealth market: rising international wealth migration and the increasing re-onshoring of regional assets historically managed offshore. The bank has seen growing numbers of family offices and UHNW clients from Europe and Asia establishing relationships in the UAE, while GCC clients increasingly view the country as a credible booking and investment centre.
At ADCB, approximately 40% of its NNA during the review period came from new-to-bank clients, with more than half of those clients consisting of international individuals relocating to the UAE. The bank has developed dedicated acquisition teams and referral partnerships with organisations such as Abu Dhabi Global Market and the Abu Dhabi Investment Office to capture a greater share of those inflows.
At Mashreq, management pointed to growing client influxes from Europe, Asia and other international markets, alongside rising demand for integrated family office, investment banking and cross-border wealth structuring solutions. The bank has established dedicated teams in London and Hong Kong to facilitate wealth flows into the UAE.
Smaller Gulf franchises, including Doha Bank and KFH Bahrain, also reported elevated NNA-to-AUM ratios, suggesting that strong wealth creation and client-acquisition momentum is extending beyond the UAE.
Looking ahead
The Middle East’s private banking market is entering a new phase of maturity. The region is no longer simply a source of wealth for offshore booking centres; increasingly, it is becoming a global wealth destination in its own right.
The banks gaining ground are those combining scale with sophisticated advisory ecosystems, digital capability, international connectivity and deep understanding of family-owned wealth. As globally mobile wealth flows into the Gulf – albeit with greater sensitivity to geopolitical risk – and intergenerational transfers redirect regional capital, competition for wallet share among the Middle East’s largest private banks is likely to intensify further.
Yet the Iran conflict has also served as a reminder that geopolitical stability remains central to the Gulf’s investment proposition. While Dubai and Abu Dhabi continue to offer a powerful combination of tax efficiency, lifestyle appeal and financial infrastructure, some internationally mobile families and investors are reassessing how much capital, residency exposure and operational presence they concentrate in the region.
That may create a more competitive global environment for attracting mobile wealth in the near- to medium term. Even so, the structural drivers underpinning Middle East private banking growth – including favourable tax regimes, deepening capital markets, ambitious economic diversification and the continued institutionalisation of regional wealth – remain firmly in place.
Learn more about the AUM rankings methodology. For more on our private banking benchmarking and insights, contact Euromoney’s head of private banking Daniel Shane.
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