JPMorgan Chase & Co is setting up a private banking team in Dubai, joining a wave of financial institutions expanding their presence in the Middle East. The firm has relocated two bankers from Geneva and London, Sebastian Botana de Beauvau and Carol Mushriqui, to establish the new team, which is expected to grow in the coming years. Their mission will be to engage with affluent individuals, family offices, and foundations across the region, where a growing number of millionaires are flocking to take advantage of tax-free income and luxury lifestyles.

The UAE is predicted to attract around 6,700 ultra-wealthy individuals this year, nearly double the number expected in the U.S. This surge has caught the attention of global wealth managers like UBS Group AG and Deutsche Bank AG, with firms expanding their services in the Middle East to capture this opportunity. HSBC Holdings Plc added 100 bankers in the region last year, while Swiss wealth manager Julius Baer Group Ltd. has also bolstered its team to cater to Dubai’s rich, particularly wealthy Indian clients.