Private wealth growth in Oman saw serious growth in 2016 (8%), with private wealth expected to reach approximately US$300bn in the next five years, with multiple private banks, both domestic and international, competing for the wealth.
With a range of banks competing in Omen, the market has become saturated, with many clients working with at least two private banks in Oman, and many working with banks in Dubai and other regions in the Middle East. Private banks now have to find unique ways to acquire and maintain their clients in the face of heated competition in Omen, according to The Dragon Banker’s survey on the market. In Oman, the growth of private wealth was driven primarily by equities. In 2016, the amount of wealth held in equities increased by 11.7%, in comparison to cash and deposits at 6.1% and bonds at 2.1%. Real estate and exotic investments have also seen an increase, mostly in Europe and North America, according to the survey.
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