We explore the role of gravitational settling on inertial particle concentrations in a wall-bounded turbulent flow. While it may be thought that settling can be ignored when the settling parameter $Svequiv v_s/u_tau$ is small ($v_s$ - Stokes settling velocity, $u_tau$ - fluid friction velocity), we show that even in this regime the settling may make a leading order contribution to the concentration profiles. This is because the importance of settling is determined, not by the size of $v_s$ compared with $u_tau$ or any other fluid velocity scale, but by the size of $v_s$ relative to the other mechanisms that control the vertical particle velocity and concentration profile. We explain this in the context of the particle mean-momentum equation, and show that in general, there always exists a region in the boundary layer where settling cannot be neglected, no matter how small $Sv$ is (provided it is finite). Direct numerical simulations confirm the arguments, and show that the near-wall concentration is highly dependent on $Sv$ even when $Svll 1$, and can reduce by an order of magnitude when $Sv$ is increased from $O(10^{-4})$ and $O(10^{-2})$. The results also show that the preferential sampling of ejection events in the boundary layer by inertial particles when $Sv=0$ is profoundly altered as $Sv$ is increased, and is replaced by a preferential sampling of sweep events due to the onset of the preferential sweeping mechanism.