The World’s Super Rich Are Moving To UAE To Grow Their Wealth
A surge in global billionaire emigration has benefited the UAE, which has rapidly become one of the chosen countries in the great wealth transfer, according to UBS.
Within the Middle East and Africa region, UAE billionaires’ aggregate wealth rose by 39.5% to $138.7 billion, with the number of billionaires growing to 18 in 2024, the Swiss banks said in a report.
Alongside a 17% jump in wealth held by the world’s billionaires, EMEA’s billionaire wealth has also grown by 17% to $3.7 trillion, with the number of billionaires increasing by 70 to 728.
According to Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management, in total, billionaires accounting for more than $400 billion have emigrated in four years, with the MEA region attracting the most billionaire capital.
“Over the past year, the total number of billionaires had risen to 2,682 from 2,544 a year earlier, and their worth to $14 trillion from $12 trillion. With the billionaire population now ageing, they are looking beyond their borders as their families grow. Our study has shown that ease of legal structures, which supports a transfer of wealth, coupled with healthcare and education, have benefited countries such as the UAE, US and Switzerland, which have seen an influx of billionaires over the past decade,” Cavalli said.
According to UBS data, billionaires are relocating more frequently, with 176 having moved country since 2020.
This wealth transfer has also been reflected in a growth in private family offices in the UAE.
Egyptian tycoon Nassef Sawiris moved his family office to Abu Dhabi last December.
This was followed by multiple reports stating that Africa’s richest man, Nigerian billionaire Aliko Dangote, is reportedly setting up a family office in Dubai.
“We are seeing sophisticated family offices in Asia and Europe looking to set up in the UAE for greater growth opportunities,” said Cavalli. “There is quite a natural and dynamic creation of wealth in the country in numerous different areas and this key for investors who are looking beyond their turf where they initially created wealth. Innovation is an absolute key, and the UAE is at the centre of this.”
