The Middle East’s wealthiest private investors are seeking to take advantage of collapsing markets in the west by increasing their investments in depressed US and UK real estate markets, private bankers say.

The Middle East’s richest private investors control about $1,700bn (€1,360bn, £1,120bn) of assets, according to research by Capgemini and Merrill Lynch, a figure they forecast will rise to $3,400bn by 2012.