Thirty international private banks, with headquarters in Europe or North America, have offices in Dubai, while regional and local organisations have an office in at least one of the GCC countries, the study said.

It also said, that “there are clear reasons why some private banks will reconsider their commitment to the region”, as all the firm’s surveyed consider the number and aggregate wealth of the region’s high-net-worth individuals to be an opportunity. In this respect, more than three quarters of the private banks operating in the GCC region have minimum client account sizes of $1 million or more.

”Private banking is developing more rapidly in the GCC than in established markets such as Europe and North America. Moreover, it is clear that Dubai has emerged as the regional hub for the provision of private banking (and related) services to HNWIs. Therefore, it will be interesting to see how Dubai and the other centres in the GCC region, which have ambitions in private banking, evolve over time,” said Nigel Sillitoe, chief executive of Insight Discovery.

The report also revealed that the number of private bankers employed in the region, varies greatly from each organisation, with banks employing one or two to well over 50 in some cases.

“The number of personnel is perhaps the most useful indicator of activity and strategy,” the report said.

“There are clear reasons why the private banks will likely remain secretive about the size of the assets under management that they have raised from the region.”

Lastly, the survey showed that a number of major international private banks have pulled out of the GCC in recent years. However, there have also been new entrants into the marketplace with Nedbank Private Wealth and Arbuthnot Latham the latest arrivals.