Qatar's banking sector should develop its wealth management services to profit from the large number of high net-worth individuals in the wealthy Gulf state, Boston Consulting Group said on Monday.
Qatar has the third-highest density of millionaires in the world after Singapore and Switzerland, with 8.9 percent of households having $1 million or more in assets to manage, according to a study done by the company.
'There is a large opportunity for local banks to seize. But so far in Qatar, there hasn't been a bank that has got the business model right,' said Douglas Beal, managing director at Boston Consulting Group based in Dubai.
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