The UAE’s net wealth reached $2.9T in 2023, according to BCG’s Global Wealth Report 2024. Financial wealth in the UAE grew by 10% between 2022 and 2023, outpacing the Middle East and Africa’s 8% growth. Globally, financial wealth increased by 7% after a 4% decline in 2022, with $92T in new wealth expected over the next five years.
Currently the seventh-largest booking centre, the UAE is set to overtake the Channel Islands and the Isle of Man by 2028, becoming the sixth-largest. Its growth surpasses European centres like Switzerland and the UK, positioning it alongside Singapore and the US. This trend highlights rising demand for geographic diversification and wealth generation in the Middle East and Asia.
The UAE’s financial wealth is forecasted to grow from $1T in 2023 to $1.5T by 2028 at 7.3% annually. Ultra High Net Worth (UHNW) individuals account for 29% of UAE financial wealth, exceeding the global average of 14%.
Mohammad Khan, BCG’s Managing Director, emphasised that 81% of the UAE’s financial wealth is investable, creating significant opportunities for wealth managers. He noted the need for customised solutions, including advisory services and digital platforms, to engage younger clients and address holistic financial needs.
