“Why is there so much more research done on baldness than on malaria? Because rich people go bald, and they don’t die of malaria.” William H. Gates III There were times when homegrown private banking in Lebanon looked like a short-distance runner trailing behind the field in a long-distance race. A decade ago, whenever Executive would report on the wealth management and private banking options from Beirut, representatives of foreign institutions were the natural go-to people. Local and regional directors at Merrill Lynch, BNP Paribas, Credit Suisse, UBS, HSBC and other foreign institutions provided the most insightful interviews. They also, in courting local clientele, took the business of Lebanese high net-worth families and individuals to the financial centers overseas. London, Geneva and New York stood out as the places where Lebanese private wealth accounts were managed. Sure, some local banks had knowledgeable individuals with job titles such as “head of private
