Deutsche Bank navigates wealth growth in Turkey, Israel and Greece

For Sool, who manages coverage from hubs in London, Luxembourg, and Switzerland, the core challenge is balancing local geopolitical complexities with the rapid emergence of first-generation wealth. In Turkey, where the number of dollar millionaires hit nearly 68,000 in 2024, clients demonstrate high sophistication regarding capital markets. They seek a 'Hausbank' relationship—a universal model capable of handling both corporate treasury needs and personal wealth management amidst the country's persistent inflation.

Israel presents a different dynamic, defined by a booming venture capital and IT sector. Sool notes that technology entrepreneurs there prioritize early-stage engagement and long-term commitment from their banking partners. Meanwhile, the Greek market is seeing a strategic shift; Deutsche Bank recently expanded its dedicated coverage team, hiring Konstadinos Hatzinikolis to lead the segment. Greek clients, who often maintain significant liquidity within corporate holding structures, require specialized risk management services to navigate their transition toward more structured family office arrangements. Across all three nations, the growth in ultra-high-net-worth populations underscores the necessity for advisors to maintain deep local knowledge to retain a competitive edge.