ABU DHABI: The UAE’s status as a global wealth hub has been further solidified in 2024, with billionaire wealth in the country surging by 39.5 per cent to $138.7 billion, according to a UBS report.
The number of billionaires in the UAE has grown to 18, marking the country as a preferred destination amid the global billionaire emigration trend.
This growth is mirrored in the broader EMEA region, where aggregate billionaire wealth rose by 17 per cent to $3.7 trillion, with the number of billionaires increasing by 70 to 728. Globally, billionaire wealth climbed to $14 trillion from $12 trillion, driven by favorable legal frameworks, healthcare, and educational opportunities in countries such as the UAE, the US, and Switzerland.
Billionaire capital
The UAE has been particularly successful in attracting billionaire capital, with the Middle East and Africa region accounting for more than $400 billion of billionaire wealth emigration over the past four years, according to Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management.
“Innovation, ease of legal structures, and dynamic economic opportunities have made the UAE a magnet for sophisticated family offices and wealth transfer strategies,” Cavalli added.
Kerala’s billionaires
The UAE has also become a key base for many prominent Kerala-origin billionaires, including Joyalukkas, the Kalyan Group, Aster DM Healthcare, Yusuffali of Lulu Group, Malalabar Gold, and the Muthoot Group.
These entrepreneurs have established significant operations and family offices in the Emirates, further highlighting the UAE’s appeal as a business and wealth management hub.
M A Yusaffali of Lulu Grouo has his first operation started as as well as his head office in Abu Dhabi. Joyalukkas Group, a leading jewelry retailer, has been a long-standing presence in the UAE, alongside the Kalyan Group, which expanded its operations in the Gulf.
Healthcare giant Aster DM, founded by Dr Azad Moopen, has its roots in Kerala but flourished in the UAE, catering to the region’s growing demand for healthcare services. Similarly, the Muthoot Group, known for its financial services, has strengthened its presence in the UAE to tap into the region’s financial ecosystem.
A growing hub
The influx of billionaire wealth has led to the proliferation of private family offices in the UAE. Egyptian tycoon Nassef Sawiris moved his family office to Abu Dhabi in late 2023, followed by reports of Nigerian billionaire Aliko Dangote setting up a family office in Dubai. This trend reflects the UAE’s increasing attractiveness for high-net-worth individuals seeking stability, growth, and innovation.
As the UAE continues to emerge as a global nexus for wealth creation and management, its growing appeal among both global billionaires and Indian-origin tycoons underscores its pivotal role in the evolving landscape of global wealth transfer.
