UAE Emerges as a Wealth Hub for the World’s Super Rich: UBS

The UAE has emerged as a prime destination for the world’s wealthiest individuals, who are increasingly choosing the country as their base to grow and preserve their wealth, according to a report by UBS. A surge in billionaire emigration has significantly benefited the UAE, positioning it as a global hub in what UBS describes as "the great wealth transfer."

In the Middle East and Africa (MEA) region, the UAE has seen remarkable growth in billionaire wealth. UBS reported a 39.5% increase in the aggregate wealth of UAE billionaires, which has now reached $138.7 billion. The number of billionaires in the country has also risen, reaching 18 in 2024. This trend mirrors global patterns, as billionaire wealth worldwide increased by 17% to $14 trillion, while the number of billionaires rose from 2,544 to 2,682 in just one year.

In the broader Europe, Middle East, and Africa (EMEA) region, billionaire wealth grew by the same percentage—17%—bringing the total to $3.7 trillion. The number of billionaires in the region increased by 70, reaching a total of 728.

UBS highlighted the growing trend of billionaire emigration, with a staggering $400 billion worth of wealth relocating across borders over the past four years. The MEA region, particularly the UAE, has been a significant beneficiary of this movement. According to Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management, this migration is driven by several factors, including ease of legal structures, access to healthcare, and high-quality education systems.

“As billionaire families grow and their priorities expand, many are looking beyond their home countries for opportunities that support wealth preservation and succession planning,” Cavalli said. “Countries like the UAE, the US, and Switzerland, which offer favorable legal frameworks, have been key destinations for this influx of billionaire capital.”

Since 2020, 176 billionaires have changed their country of residence, UBS data shows. This trend is expected to continue as the world's ultra-wealthy seek environments that are conducive to their long-term goals and lifestyles.

This wealth migration has led to a notable rise in private family offices in the UAE, as billionaires set up dedicated entities to manage their assets and plan for future generations. One prominent example is Egyptian tycoon Nassef Sawiris, who moved his family office to Abu Dhabi in December 2023. Similarly, multiple reports have suggested that Africa’s richest man, Nigerian billionaire Aliko Dangote, is establishing a family office in Dubai.

The UAE's appeal to family offices stems from its robust infrastructure, strategic location, and investor-friendly policies. Cavalli noted, “We are seeing sophisticated family offices in Asia and Europe looking to set up in the UAE for greater growth opportunities. There is a natural and dynamic creation of wealth in the country across diverse sectors, which is key for investors seeking to expand beyond their traditional territories.”

A significant driver of the UAE's attractiveness to billionaires is its emphasis on innovation and diversification. The country has positioned itself as a leader in areas such as technology, sustainability, and finance, creating fertile ground for wealth generation and investment.

Cavalli emphasized the UAE’s role as a global innovation hub, stating, “Innovation is an absolute key, and the UAE is at the center of this. Investors are drawn to the country because of the dynamic opportunities it presents, not just in traditional industries but also in emerging fields that promise sustainable growth.”

As the billionaire population continues to age, succession planning and wealth transfer have become critical considerations. UBS’s study reveals that countries like the UAE, which offer seamless legal and financial structures, are well-positioned to attract even more ultra-high-net-worth individuals in the coming years.

Moreover, the growth in the number of billionaires relocating to the UAE reflects the country's evolving status as a global wealth hub. With its blend of world-class infrastructure, strategic location, and pro-investment policies, the UAE is poised to play a central role in the ongoing redistribution of global wealth.

The influx of billionaires and the establishment of family offices in the UAE have broader economic implications. These developments bring significant investment into the country, fostering job creation, innovation, and economic diversification. Moreover, the presence of ultra-high-net-worth individuals further enhances the UAE’s reputation as a stable and prosperous environment for business and lifestyle.

The UAE’s ability to attract the world’s wealthiest individuals underscores its growing prominence on the global stage. By offering a combination of strategic advantages, including favorable legal frameworks, innovation-driven growth, and a high standard of living, the UAE has positioned itself as a premier destination for billionaires seeking to expand and protect their wealth. As this trend continues, the UAE is set to solidify its status as a leading global wealth hub, driving economic transformation and innovation for years to come.