This recent news report pointed out an interesting contrast: while HSBC dominates capital markets in the region, many ultra-wealthy investors tend to trust their wealth with traditional Swiss private banks preferring the expertise and prestige that they bring to the table.

Even though HSBC, and numerous other international banks, have global networks and rich banking histories, they are often seen more as retail and commercial banks. Even as they step up their efforts in wealth management, they will struggle to compete with Swiss institutions that have built deep, multi-generational relationships in the Gulf.

In wealth management, relationships are everything. Trust is the foundation, and in the Middle East, constant face-to-face interaction remains key, even in a digital age. The value lies in long-standing connections, fully customised financial solutions, and a commitment to discretion and confidentiality.

Beyond the Swiss banks, many major financial institutions also face increasing competition from local Middle Eastern banks. These homegrown players are increasingly carving out a niche by offering services that international banks might overlook, such as tailored family office services, a deep understanding of Sharia-compliant products, and a strong alignment with local philanthropic needs.