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The region’s private banking business continues to grow despite a decline in oil prices and geopolitical issues, thanks to the continuing growth in the private wealth of regional high net worth individuals and their continued to desire to preserve and grow their wealth through judicious global investment strategies, senior managers of HSBC Private Bank told Gulf News.
According to the 2015 BCG World Wealth Report, the Mena region continues to see robust private wealth creation with the UAE leading over the next five years with a projected compounded annual growth rate of 10.7 per cent to $1 trillion (Dh3.67 trillion).