Latest news with #HNWIs
Khaleej Times
6 hours ago
- Business
- Khaleej Times
UAE is rapidly becoming the go-to destination for the world's wealthiest families
The UAE is rapidly becoming the go-to destination for the world's wealthiest families seeking to manage assets worth trillions of dollars, and the recent Family Office Summit 2025, held in Abu Dhabi, underscored this shift. With its tax advantages, strategic location, and progressive regulatory framework, the UAE is redefining wealth management, attracting global high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) seeking innovative and secure ways to preserve and grow their wealth. Bringing together 235 high-level participants — including 61 family offices, 82 family holdings, and representatives managing over $500 billion in assets — the summit highlighted why the UAE is a magnet for family offices. The summit, a cornerstone event for global investors, showcased Abu Dhabi's rise as a hub for wealth leadership, building on the success of previous Dubai editions. Discussions spanned 11 panels, covering topics from governance to the future of legacy, with a focus on how family offices are evolving. A standout panel, 'Family Office 2.0,' featured experts like Vaidotas Melynavicius of Santocedrus Capital and Amer Al Osh of Gewan Holding, who emphasized the role of next-generation leaders in driving tech-enabled, future-ready family offices. These young stewards are embedding sustainability, technology, and entrepreneurial thinking into their investment strategies, reflecting a generational shift. According to a recent report, 79 per cent of Middle Eastern next-gen investors see high potential in digital and tech sectors, aligning with the UAE's innovation-driven vision. The UAE's appeal lies in its unique blend of advantages. Dubai, home to over 75 per cent of the region's family offices, manages more than $1.2 trillion in assets through 120 families and 800 family-related entities, as noted by Arif Amiri, CEO of the Dubai International Financial Centre (DIFC) Authority. The DIFC, the Middle East, Africa, and South Asia's leading financial hub, oversees $450 billion in private wealth and is central to this ecosystem. With access to $3 trillion in private wealth within an hour's flight, Dubai's strategic location makes it a gateway for global investment, connecting Asia, Europe, and the Americas. Tax benefits are a major draw. The UAE's zero-income tax, zero capital gains tax, and absence of inheritance tax create a tax-efficient environment for wealth preservation across generations. The introduction of a corporate tax in 2023 has further strengthened the UAE's financial framework, offering clarity and stability. These advantages are particularly appealing to Indian HNWIs, who are increasingly relocating to the UAE to structure their finances. The DIFC's 2023 Family Arrangement Regulations provide tailored support for single and multi-family offices, ensuring seamless operations for wealth management, tax planning, estate planning, and legal counsel. The UAE's regulatory environment is another key factor. The Dubai World Trade Centre Authority and DIFC have established clear frameworks for family offices, supporting both single-family offices (SFOs) and multi-family offices (MFOs). The DIFC's Global Family Business and Private Wealth Centre, launched in 2022, is the first of its kind globally, offering advisory services, networking, and dispute resolution. Family businesses contribute significantly to the emirate's economy, aligning with the Dubai Economic Agenda D33, which aims to position Dubai among the world's top four financial centers by 2033. Investment opportunities in the UAE are diverse and dynamic. Family offices are increasingly drawn to private equity, particularly in green energy, which aligns with the UAE's sustainability goals. Real estate, hospitality, technology, and healthcare are also thriving sectors, offering high growth potential. The Abu Dhabi summit highlighted how family offices are leveraging these opportunities to diversify portfolios and drive long-term value. For instance, discussions revealed a growing interest in digital assets, with the UAE's Virtual Asset Regulatory Authority (VARA) providing clarity and custody solutions. Next-gen and female leaders are embracing cryptocurrencies as strategic asset classes, moving beyond speculation to structured investments. The summit's focus on governance and resilience resonated strongly. Panels explored how family offices can future-proof their operations through smart governance, proactive risk management, and alignment with long-term goals. Technologies like artificial intelligence are being adopted to enhance decision-making and legacy planning, particularly by younger leaders. Obediah Ayton, Chairman of the Family Office Summit, noted, 'Family offices are strategically balancing financial returns with long-term impact, particularly through investments in high-potential sectors like healthcare and real estate.' The event's curated design, with dynamic seating and private networking lounges, fostered meaningful connections, with 19 family offices attending in the UAE for the first time. As a speaker at the event noted, 'the UAE's progressive vision, exemplified by its embrace of next-gen and female leadership, sets it apart.'
Khaleej Times
a day ago
- Business
- Khaleej Times
The global tax game: How UAE is winning while London forgets its own playbook
In any game, it's not just how you play — but how others play — that can work to your advantage. This perfectly captures the ongoing shift in global tax dynamics, particularly in the United Kingdom. According to the 2024 Global Migration Report, over 9,500 high-net-worth individuals (HNWIs) have exited the UK — a number that is only expected to grow. One of the most significant catalysts for this exodus is the upcoming overhaul of the UK's non-domiciled (non-dom) tax regime, effective 6 April 2025. Let's break down what's changing—and why the UAE stands to gain the most. What Was the Non-Dom Regime? Until 5 April 2025, UK residents who were classified as non-domiciled could benefit from the remittance basis of taxation. This meant: They were only taxed on foreign income and gains (FIG) if these were brought into (remitted to) the UK. This allowed wealthy individuals to accumulate global income offshore without facing UK tax obligations - so long as they kept the money abroad. This system made the UK attractive to wealthy foreigners. But the landscape is about to shift. What's Changing from 6 April 2025? The UK government is abolishing the concept of domicile as a key factor in taxation and replacing it with a residence-based system. The key changes include: End of the Remittance Basis: All UK tax residents will be taxed on their worldwide income and gains, regardless of domicile status, after a transitional period. Transitional Relief: o For 2025–2026, only 50% of foreign income will be taxed if switching from the old to the new system. o A special 12% tax rate applies to foreign income earned before 6 April 2025 if remitted in the 2025–26 or 2026–27 tax years. Ultimately, after four years of UK tax residence, individuals will be taxed like any other UK resident—with no FIG exemptions. Who will this impact the most? These changes primarily affect HNWIs and global families who historically relied on the non-dom regime to protect their offshore wealth from UK taxation. The shift not only undermines long-standing tax planning structures but also reduces the UK's appeal as a global hub for mobile capital and top-tier talent. How the UAE stands to gain As capital chases efficiency, tax policy plays a decisive role in location selection. The UAE, with its 0% personal income tax regime, robust financial infrastructure, and world-class quality of life, emerges as a natural haven. Here's why the UAE is poised to gain the most: Strategic location: Needless to mention not just close to Europe - but at the crossroads of East and West, connecting global markets with ease. Stability and predictability: In a rapidly changing tax world, the UAE offers clarity, consistency, and long-term visibility for individuals and families. With a bold vision and cautious implementation of compliances, it emerges as a strong contender. Transparent and rules-based Golden Visa regime: Unlike jurisdictions such as Singapore - where the PR process is often seen as opaque and discretionary- the UAE has published its Golden Visa rules in black and white, creating a rules-based and inclusive system that welcomes both wealth and talent. Limited competition: With Hong Kong effectively out of the race due to political and regulatory concerns, and while traditionally leading in the race, Singapore, it's PR regime becoming increasingly restrictive, the UAE is among the very few jurisdictions offering competitive, clear, and welcoming advantages. The bigger picture: The global tax game The UK's tax reform is part of a larger pattern: nations are rewriting tax codes to balance fairness, revenue, and global competitiveness. But when one jurisdiction tightens its rules, others gain ground. For the UAE, this is not just a short-term win - it's a long-term opportunity to attract global talent and wealth. Follow us for more insights in our series: The Global Tax Game —where we explore how countries are competing to attract capital through smarter tax policies.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai's centi-millionaires to double by 2035; here's why
Dubai's ascent as a global haven for the ultra-wealthy is gaining increased interaction, with its centi-millionaire population — those with liquid investable wealth of $100 million or more — projected to more than double by 2035. According to the 2025 World's Wealthiest Cities Report by Henley & Partners and New World Wealth, Dubai has soared to 18th place globally, hosting 81,200 millionaires, 237 centi-millionaires, and 20 billionaires. Its 102 per cent millionaire growth over the past decade outpaces most global cities, including the Bay Area's 98 per cent, cementing its status as a premier wealth hub. Driven by zero income and capital gains taxes, world-class infrastructure, and a cosmopolitan lifestyle, Dubai's magnetic appeal is drawing high-net-worth individuals (HNWIs) from across the globe, positioning the emirate as a cornerstone of the Middle East's financial ascent. The UAE, with Dubai at its forefront, has seen its millionaire population surge by 98 per cent over the past decade, reaching 130,500 by December 2024, according to Knight Frank's Private Capital Report. This places the UAE as the 14th-largest wealth market worldwide. In 2024 alone, 7,200 new dollar millionaires migrated to the UAE, up from 4,700 in 2023 and 5,200 in 2022, drawn by strategic economic reforms, visionary governance, and a tax-free environment. Dubai's luxury real estate market has flourished, with high-value property transactions soaring as HNWIs invest in prime properties, transforming the city into a global luxury hub. The emirate's proximity to Abu Dhabi, which saw 80 per cent millionaire growth and expects its 75 centi-millionaires to double by 2035, amplifies the UAE's regional dominance as a financial powerhouse. Juerg Steffen, CEO of Henley & Partners, highlights that cities like Dubai, blending investment freedom with lifestyle dividends, are leading the race for mobile capital. Robust legal frameworks, sophisticated financial systems, and residence-by-investment programs make Dubai a gateway for global talent and wealth. Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that centi-millionaires strategically diversify their geographical presence to mitigate risk and maximise opportunity, with Dubai's policies offering seamless entry routes. This strategic allure is evident in the emirate's ability to attract a diverse pool of investors, from tech entrepreneurs to traditional wealth holders, seeking both financial growth and an unmatched quality of life. Globally, the US dominates with 11 cities in the Top 50, led by New York (384,500 millionaires, 66 billionaires) and the Bay Area (342,400 millionaires, 82 billionaires). Tokyo (292,300 millionaires) and Singapore (242,400) follow, while Los Angeles (220,600) has surpassed London (215,700), pushing the UK capital to sixth. London and Moscow (30,000 millionaires) are the only top 50 cities with negative growth, declining by 12 per cent and 25 per cent, respectively. Paris (160,100), Hong Kong (154,900), Sydney (152,900), and Chicago (127,100) complete the top 10. Other fast-growing cities include Shenzhen (50,800 millionaires, 142 per cent growth), Hangzhou (32,200, 108 per cent), and Bengaluru (120 per cent), driven by tech ecosystems. European cities like Warsaw (83 per cent) and Athens, alongside smaller hubs like Malta's St. Julian's and Switzerland's Lugano, are projected to see centi-millionaire populations double by 2035, leveraging investment migration programs. Dubai's real estate, while not topping the World's Most Expensive Cities list— led by Monaco ($38,800 per m²), New York ($27,500), Hong Kong ($26,300), and London ($24,000) — remains a key draw due to its luxury offerings and tax advantages. Andrew Amoils, head of Research at New World Wealth, emphasises that Dubai's blend of financial innovation, tech growth, and investor-friendly policies ensures its enduring appeal. Beyond the top 50, emerging wealth hubs like the Cayman Islands, Costa Rica, and Cape Town are projected to see over 100 per cent centi-millionaire growth by 2035, but Dubai's unique combination of economic dynamism and lifestyle allure sets it apart. As the emirate continues to innovate and attract global wealth, its trajectory as a leading destination for HNWIs is poised to accelerate, redefining the global geography of super-wealth.
Forbes
6 days ago
- Business
- Forbes
Henley Wealth Report 2025: US Tops Global Wealth Growth
As globalization has expanded, residence and citizenship have become hot topics among the growing number of people traveling, working and living internationally. A country's (and its cities') global status and wealth can have a significant impact on its success as a travel destination—be it as an aspirational place to visit, an investment hub or a lifestyle magnet. Times Square, 'the Crossroads of the world', in New York—more popular and rich than ever. getty In its annual Wealth Report for 2025, wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth places the US firmly atop the world's rankings as the foremost private wealth hub. Home to more than six million high-net-worth individuals (HNWIs) with an investable wealth of at least $1 million, that translates to an incredible 37% of the world's millionaire population. This dominance carries on even as you add zeros, with 36% of the world's $100+ million centi-millionaires and 33% of its billionaires also living in America, figures that don't quite tally exactly with Forbes' own list of cities with the most billionaires thanks to Henley's differing methodology. From 2014 to 2024, the US saw a 78% increase in its millionaire population to lead the W10 list of the 10 wealthiest countries in the world by millionaire population. Just behind is China that enjoyed 74% growth but is still far behind the US in terms of resident millionaires. By contrast, all other W10 countries have seen much slower growth over the same period, with the UK even suffering a 9% drop in its millionaire population—potentially a sign of economic stagnation post Brexit. Of the remaining W10, Australia's millionaire population increased by +30%, Switzerland's by +28%, Canada's by +26%, Italy's by +20%, Germany's by +10%, France's by +7% and Japan's by +5%. Of the world's wealthiest cities in 2025, four in the US appear in the top ten according to Henley's report, highlighting the continued dominance of America's traditionally wealthy hubs, almost all of which are major tourist hubs as well. Silicon Valley and the rest of the Bay Area saw huge wealth growth, down in no small part to the tech industry. Apple HQ, Cupertino. AFP via Getty Images New York remains the wealthiest city not only in the US but also the world. It's followed by the Bay Area, which includes San Francisco and Silicon Valley, also home to the highest concentration of billionaires with 82 residents. The Bay Area also saw the highest wealth growth of any top 10 US city, its millionaire population surging by 98%. Not far behind are Los Angeles, Chicago, Houston and Dallas, the latter two in particular seeing serious growth with 75% and 85% increases in their millionaire residents respectively. Rounding out the top ten are Seattle, Boston, Miami and Austin, the last two again demonstrating real growth with 94% and 90% millionaire growth respectively. The report also highlights the rapid rise in emerging wealth hubs, pointing to their growing appeal and popularity among the world's wealthy and mobile. Scottsdale has emerged as the fastest growing city by millionaire population with a huge 125% increase over the past decade. Close behind is West Palm Beach with a 112% rise. Blessed by nature, tourist-friendly Scottsdale is attracting millionaires faster than anywhere else in the US. getty Each is a showcase of broader demographic and economic shifts driven by a fast-expanding tech sector, skilled professionals and favorable regulatory conditions. As the city's fortunes right (both real and metaphorical), we can expect an increased interest in tourism as their facilities and brands improve in the global eye. David K. Young, President at the Committee for Economic Development of The Conference Board (CED), points out in the report that 'despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the US dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest.' To find out more, read the full USA Wealth Report 2025.
Arabian Business
6 days ago
- Business
- Arabian Business
EXCLUSIVE: Dubai real estate giant Sobha Realty eyes 3 Texas cities for major U.S. expansion
Dubai-headquartered luxury property developer Sobha Realty has revealed more of its plans to expand into the United States market, with Texas cities forming the 'cornerstone' of its international growth strategy. The company, which has operated in the UAE since 2013, will focus on Dallas, Houston, and Austin for its U.S. debut. In an exclusive interview with Arabian Business, Ravi Menon — Chairman of Sobha Group — cited the cities' rapid population growth, strong economic fundamentals, and demand for luxury residential developments as key factors in the decision. UAE property giant Sobha Realty to enter $2 trillion U.S. real estate market 'Expanding into the U.S. market has always been part of Sobha Realty's long-term vision and strategic roadmap,' Menon said, citing that the U.S. real estate market sales is expected to reach a staggering $1.9-2.0 trillion by 2025 according to Goldman Sachs forecast. 'It represents one of the most robust and diverse investment landscapes globally and offers substantial potential for growth and brand positioning, exciting opportunities that we are eager to explore,' he added. The expansion comes after Sobha Realty recorded record-breaking sales in 2024. The company has not disclosed the investment amount for its U.S. operations, though Menon emphasised the market's alignment with company values. 'With a thriving demand for luxury residential properties, especially among HNWIs seeking quality and reliability, the U.S. aligns perfectly with the company's commitment to 'Art of The Detail,' craftsmanship, and exceptional living standards,' he explained. Sobha Realty plans to leverage its 'Backward Integration' model in the U.S. market, which involves in-house management of the entire development cycle from concept to completion. The approach includes internal manufacturing of components, allowing the company to maintain quality control throughout the construction process. 'This level of control allows us to ensure consistency, precision, and superior quality across every element of our projects. Very few developers in the U.S. market currently adopt this model, which means we are ready to bring something truly different and exciting to the market,' the chairman said. He further highlighted the manufacturing element as particularly significant, with what truly sets Sobha Realty apart is their in-house manufacturing. 'By manufacturing critical components internally, Sobha Realty guarantees lasting quality, resulting in developments that stand the test of time,' Menon said, adding that the model also enables faster delivery times. 'This comprehensive control not only ensures quality but also accelerates the construction timeline. This means quicker delivery and a timely handover, giving you the assurance that your Sobha home will be ready when you need it,' Menon added. In addition, Sobha Realty's competitive positioning in the U.S. market will draw on its international experience, he said. 'Sobha Realty will enter the U.S. market as a seasoned international brand with a proven track record in some of the world's most competitive real estate environments. 'The experience in the UAE, which is one of the most diverse and dynamic markets globally, has equipped Sobha Realty with deep insights into the preferences of international buyers and the ability to deliver unmatched quality on a scale,' Menon explained. U.S. 'perfect platform' for Sobha Realty's positioning as global luxury brand The company believes its integrated approach will differentiate it from competitors. 'Very few developers in the U.S. market currently adopt this model, which means we are ready to bring something truly different and exciting to the market,' Menon said. 'We firmly believe that the U.S. market is ready for a brand that combines international excellence, attention to detail, and end-to-end control in real estate development.' To boost its U.S. operations, the company will further combine global expertise with local talent. 'We will continue to harness the expertise of our globally trained teams, including our in-house pool of more than 350 architects who are dedicated to design precision and high-quality craftsmanship,' Menon said, adding that local integration remains a priority. 'At the same time, we deeply grasp the significance of local insight and community integration. As we venture into the U.S., we will actively seek local talent across various functions. This approach ensures that we don't just enter the market but become an integral part of it,' he explained. So far in the UAE, Sobha Realty has built a reputation through developments including Sobha Hartland, Menon said, attributing the company's success to multiple factors. 'Since our inception in the UAE market in 2013, Sobha Realty has consistently set benchmarks in luxury real estate. Our developments, such as Sobha Hartland, have not only transformed skylines but also redefined community living,' he said. 'This legacy of excellence has not only fostered trust and recognition among our clientele but also significantly influenced the UAE's real estate landscape, positioning us as one of the preferred developers in the region,' Menon explained, adding that the company plans to sustain momentum by aligning with government initiatives. 'Our priorities align closely with key government initiatives and policies, especially those aimed at sustainable growth, innovation, and high-quality urban development,' Menon concluded, adding that the company will 'continue to synchronise' its strategy in line with Dubai's 2040 Urban Master Plan and UAE sustainability objectives.
