Dubai among world’s top 5 highest paying cities for bank directors

Dubai ranks among the highest paying cities for banking directors worldwide, a new survey by salary benchmarking site Emolument.com has found.

The study compared average salaries and bonuses earned by banking directors and analysts worldwide.

While Dubai ranked second in terms of the highest salaries paid to directors, it was positioned fifth overall when bonuses were also considered.

The emirate was not ranked among the top paying cities for banking analysts.

Read: Revealed: Top 10 salaries in the UAE

Globally, analysts make an average of $78,000 per year while directors pocket annual wages of roughly $360,000.

While New York pays the highest salaries to analysts at around $115,000 per year, Hong Kong tops the list for directors, with a yearly average of $539,000 (salaries and bonuses).

Across all cities, directors’ bonuses were found to account for a much larger part of total compensation (up to 54 per cent in New York).

The high bonuses are a key incentive for senior directors and retain revenue-generating staff, the report said.

Co-founder and chief operating officer at Emolument.com Alice Leguay said: “While Asia seems to be a sweetspot in terms of balancing amounts of banking regulation, remuneration and quality of life, bankers should focus on available opportunities in specific institutions as some non-Asian banks still struggle to win mandates in the region.

“This could result in moving into a frustrating professional dynamic with low yields in terms of raising one’s profile and visibility in the industry globally, impacting future earnings as a banker.”

Highest paying cities for bank directors

1. Hong Kong

Salary: $274,000

Bonus: $265,000

Total: $539,000

2. New York

Salary: $227,000

Bonus: $271,000

Total: $498,000

3. London

Salary: $226,000

Bonus: $192,000

Total: $418,000

4. Singapore

Salary: $228,000

Bonus: $154,000

Total: $382,000

5. Dubai

Salary: $230,000

Bonus: $142,000

Total: $372,000

6. Zurich

Salary: $202,000

Bonus: $45,000

Total: $247,000

7. Paris and Ile-de-France

Salary: $127,000

Bonus: $116,000

Total: $243,000

8. Milan

Salary: $127,000

Bonus: $55,000

Total: $182,000