Private bankers in tax-free Dubai earn 25 per cent more than their peers in Geneva and almost 40 per cent more than colleagues in London, according to a survey by Dubai-based headhunter Dunn Consultancy FZ-LLC. Excluding bonuses, private bankers in Dubai with at least 10 years experience receive an average salary of $276,500 with allowances, compared with pre-tax earnings of $221,900 in Geneva and $199,100 in London, it found. Dunn surveyed 474 bankers from 20 banks that have wealth management units in all three cities between June and August. "There's fierce competition for private bankers in the Gulf as banks hire locally and move teams from traditional hubs in Geneva and London,'' said Matthew Dunn, chief executive officer of Dunn Consultancy. "Pay is rising as more banks enter the region, but it's completely unsustainable and has to slow down in the next two to three years.'' Dunn Consultancy said sums paid to bankers for school fees, housing, club memberships and personal travel were included within the allowances tally. But bonuses were excluded because they vary "enormously'' depending on performance. The private banks of Citigroup, HSBC and UBS are among the wealth managers competing for Middle Eastern clients with at least $1 million of assets.