Positive Growth Outlook for Wealthy Individuals in the UAE
There are strong indications that the wealthy individuals offices in the United Arab Emirates are poised for significant growth in the coming years.
As per a recent report by KPMG and Artius, there will be a 46% increase in wealth held by high-net-worth individuals and family offices in the UAE by 2026.
Overall wealth in the UAE is also estimated to continue growing at a compound annual growth rate of 6.7%.
6.7% Growth in Wealth Due to several factors, including:
- A combination of tax benefits, a strategic location, and a strong financial services sector.
- High quality of life and amenities.
This has led to an influx of thousands of millionaires to the UAE in recent years.
Mentioning that Dubai and Abu Dhabi are becoming hubs for family offices.
More than a third of these offices manage assets exceeding $1 billion.
Citigroup has sent its senior investment bankers to spend more time with family offices across the Middle East.
As these funds seek to invest their wealth in areas such as real estate and private sector.
50% of UAE Family Businesses Have Commitment to Long-term Sustainability
Family businesses in the UAE are highly competitive.
Due to the support of government initiatives that recognize their role in accelerating the national economic growth.
The study also indicates that nearly half of family offices in the UAE have a succession plan and a structured approach to hiring.
This demonstrates these companies’ commitment to long-term sustainability and growth.
#Mohammed_Bin_Rashid issues a law regarding the tax on foreign banks operating in the Emirate of #Dubai, the provisions of which apply to all foreign banks operating in the Emirate, including special development zones and free zones. pic.twitter.com/yxk81lOErw
— UAE Voice (@uae_voiceeng) March 8, 2024
The outlook for wealth growth among wealthy individuals and family offices in the UAE appears positive.
However, this growth will continue supporting the national economy and creating new job opportunities.
Read Also:
Why United Arab Emirates is Among The Most Trusted Countries ?
About Emirates Airlines Services in Ramadan
On Ramadan Occasion … UAE Congratulates Muslims Worldwide
