Dubai Emerges as a Global Wealth Management Magnet
The United Arab Emirates (UAE) has rapidly become a top destination for wealth managers and high-net-worth individuals (HNWIs), thanks to its tax-friendly policies, business-friendly regulations, and booming private wealth sector.
By 2028, the UAE is projected to manage $1.5 trillion in assets, positioning it as the world’s sixth-largest wealth booking center, surpassing traditional jurisdictions like the Channel Islands and the Isle of Man.
A New Era of Wealth Management in the UAE
The migration of top-tier wealth management firms to Dubai is accelerating. St. James’s Place (SJP), the UK’s largest wealth manager, recently launched its first Middle East office in Dubai International Financial Centre (DIFC)—a global financial hub housing over 410 wealth and asset management firms as of end-2024.
SJP’s Daniel George described Dubai as offering the vibrancy of London’s City with the added benefit of year-round sunshine and a zero-income tax environment.
“Dubai sits in a strategic wealth corridor between Asia and Europe,” said George. “The region’s political stability and pro-investment visa regime make it an obvious choice for HNWIs and global firms alike.”
DIFC Growth and the Rising Tide of UK-Based Wealth Firms
Recent data from Boston Consulting Group (BCG) reveals that the UAE’s bankable wealth hit $1 trillion in 2024 and is on pace to grow to $1.5 trillion by 2028. Notably:
- 22% of firms in DIFC originate from the UK
- 12% come from Europe
- 7% are from the US
- 51% are from the Middle East and Asia
Firms such as UBS, Canaccord, Rothschild & Co, and Quilter Cheviot are aggressively expanding into the UAE to serve this growing wealth base.
Key Drivers Behind Dubai’s Wealth Boom
Tax Incentives and Zero Personal Income Tax
Dubai’s lack of personal income tax is a major draw for HNWIs and wealth managers seeking to optimize tax efficiency.
Strategic Location Between Europe and Asia
Dubai’s geography makes it ideal for wealth firms targeting international clients, particularly entrepreneurs and global families.
Pro-Investor Visa and Residency Policies
The UAE offers Golden Visas and investor residency pathways, easing long-term settlement for wealthy expats and professionals.
Economic and Regulatory Stability
With supportive regulatory bodies like the Dubai Financial Services Authority (DFSA) and a safe, low-crime environment, Dubai is increasingly seen as a secure base for global finance.
Leading Firms Scaling Up Wealth Services in Dubai
St. James’s Place
- Established its Dubai office in May 2023
- Grew from 20 to 43 advisers in one year
- Plans to hire 12 more wealth managers by end-2025
- Serves ~2,500 UK clients who relocated to the UAE
Rothschild & Co
- Opened a Dubai office in November 2024
- Relocated Swiss banker Sascha Benz to lead the hub
- Hired Mirabaud’s Rami Saad to expand its five-member team
- Launched a Riyadh-based investment banking team in February 2025
Quilter Cheviot
- Opened its Dubai office in 2016
- Recently added financial planning services on the ground
- CEO Andy McGlone confirmed growing interest from HNW entrepreneurs
The UAE’s Financial Services Transformation
According to Mark Sanderson, Managing Director at Morningstar Wealth in Dubai, the DIFC’s landscape has dramatically evolved over the past 16 years.
“We now see global fund administrators, asset managers, and private equity players well established in the region. The UAE’s financial services infrastructure is far more mature and professional.”
Morningstar itself has 30 staff in Dubai, underlining the city’s growing role in housing robust wealth tech and platform businesses.
Wealth Migration Isn’t Without Challenges
Despite the appeal, Dubai living isn’t always seamless for new arrivals:
- Limited job security and visa-linked employment
- Cultural differences and limited options for permanent settlement
- Less flexible working arrangements compared to Europe
Nonetheless, the overall quality of life, safety, elite schools, and vibrant expat communities continue to attract families and executives seeking both opportunity and lifestyle.
Future Outlook: Why Dubai Is the Wealth Capital of Tomorrow
Experts agree that Dubai is not only attracting capital—it’s creating it. The UAE’s emerging tech ecosystem, paired with a robust entrepreneurial spirit, is rapidly minting a new generation of wealthy tech founders.
“We focus on succession planning, family offices, and next-gen entrepreneurs across the UAE and broader Gulf region,” said Rothschild’s Laurent Gagnebin. “Dubai allows us to service HNW families with evolving, multi-jurisdictional needs.”
The combination of economic transformation, regulatory innovation, and cross-divisional collaboration (between wealth management and investment banking) makes Dubai the most attractive frontier for global wealth firms.
Final Thoughts: Why Wealth Managers Must Consider the UAE
With trillions in assets flowing to the region, wealth management firms ignoring the UAE opportunity in 2025 do so at their peril. Dubai and Abu Dhabi offer:
- A world-class business ecosystem
- Growing demand for wealth advisory services
- Direct access to HNW and UHNW clients
- Infrastructure for cross-border investment and succession planning
Dubai is no longer just an emerging hub—it’s a global wealth management powerhouse in the making.
