Dubai: The UAE leads the region as the most appealing wealth management location for high net-worth individuals (HNWIs) in the GCC, according to the latest GCC Wealth Insight Report from Emirates Investment Bank (EIBank).
According to the study, the region’s HNWIs outline the UAE’s tax efficient system and sustainable economic model — one that strives to modernise itself regularly and introduce the latest technologies to build a knowledge economy — as the main reasons they choose the UAE as a wealth management destination.
“We see a growing number of global fund managers utilising the world-class financial infrastructure of the country to diversify their clients’ global portfolios. In comparative terms, the UAE is emerging as an efficient global wealth management hub,” said Khaled Sifri, CEO of Emirates Investment Bank.
According to the report, increased confidence in the regional economy is evident in HNWIs’ strong endorsement for the GCC, and the UAE in particular, as an attractive wealth management location for HNWIs from the region and from the rest of the world.
The majority of HNWIs based in the UAE manage their assets at home and nearly three quarters of GCC HNWIs rate the UAE as a top destination for wealth management in the region.
Over the past three years, a growing number of HNWIs have opted to keep their assets closer to home, which has also underwritten the evolution of the UAE’s regional wealth management hub status.
