"Israel is one of the three leading countries of six growth markets in terms of personal wealth growth," UBS bank officials claimed on Tuesday at the launch of their new wealth management services department.

'There is good wealth generation. It is a very entrepreneurial market ... entrepreneurs drive wealth management,' Patrick Muller, UBS head of Israel and Africa noted adding that this makes Israel a place where wealth management activities can be developed.

Growing Gaps? Surge in number of Israeli millionaires Hadar Kane, Calcalist Number of Israelis with with $1 million or more in financial assets reaches 10,153 in 2010, according to 15th annual World Wealth Report – up 20.6% compared to 2009 Surge in number of Israeli millionaires

The bank claimed that research into six countries with strong growth showed the Israeli public had more wealth than Mexico or the Gulf countries. 'In fact, the scope of the wealth is similar to that of Brazil or Russia,' UBS Wealth Management Israel CEO Kobi Faigenbaum said.

This is not the first time that UBS launches wealth management activities in Israel. Previously they launched trust funds focusing on foreign investments but the venture was not a great success.

UBS officials said this was the first time a foreign bank has offered shekel investment management for clients in Israel by a local team alongside management of overseas investment.

The new activities will double the size of UBS's staff in Israel to more than 60. A team of over 30 in wealth management will join UBS's staff already operating in equities trading, research and investment banking.

UBS, which is the oldest foreign member of the Tel Aviv Stock Exchange, will offer shekel investments including funds, equities and structured products.

Reuters contributed to the report