The article looks at the challenges that Dubai’s leaders have faced as well as listing the achievements to date. 
 

His Excellency Mohammad Ali Rashed Lootah

Dubai’s ascent as a technology, financial and business centre over the past fifty years has been astonishing. It is now a rival to some extent to hubs such as Hong Kong and Singapore; for decades, it has been an important draw for non-resident Indians, expats from the UK, the rest of Europe, and elsewhere. The UAE in 2020 entered into Abraham Accords with Israel, a step that broke fresh ground. 

There is even a growing link, so this publication has heard, with cities such as Miami. Such rapid growth can bring about issues: rising real estate prices (just look at the cost of booking a hotel recently), more traffic congestion and demands on infrastructure. These are, arguably, the signs of a boom and those with memories stretching back to the financial crisis know that no place ever rises in a straight line without obstacles. All that said, the prosperity is undeniable, and wealth managers have flocked to the jurisdiction, as this news service reports regularly. We have, for example, also spoken to local regulators about strategy, here for example with the DIFC Authority.

As with all guest articles, for which we are grateful, the usual editorial disclaimers apply to views of outside contributors. To respond with ideas and comments, email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com

Family offices and private capital holders across the United States and other mature economies are increasingly turning their attention to the Middle East, with Dubai standing out as a prime destination. This reflects a wider shift as private and family investors pursue more sophisticated wealth management strategies and seek stronger returns through diversified portfolios.

Recent changes in the legislative landscape – including the Dubai International Financial Centre’s (DIFC) Family Arrangements Regulations and enhanced property ownership rights for foreign investors – have further strengthened the city’s appeal.

Dubai has rapidly positioned itself as a leading hub for private wealth management, standing alongside established financial centers such as Zurich, London and New York. The city combines the hallmark features of these traditional centers, including highly personalized client services, with a tech-driven, innovative approach. The result is a hybrid model that blends proven practices with next-generation solutions.

Dubai has built robust platforms catering specifically to high-net-worth individuals and family offices, offering services from estate planning and legal affairs to advanced investment advice. These tailored solutions are crucial for family offices seeking effective ways to manage and grow their wealth effectively.

DIFC has played a pivotal role since 2004. By the end of 2024, more than 800 family-owned businesses were based in the center, with the leading 120 families and HNW individuals managing over $1.2 trillion in wealth. Last year, 200 family offices set up in DIFC, marking 33 per cent year-on-year growth.

This expansion in family-managed wealth has been mirrored by the growth of family-owned businesses, which remain key drivers of Dubai’s economy. In 2024, 59 per cent of the UAE’s family-owned businesses were based in Dubai, reinforcing the emirate’s position as home to the highest concentration of private wealth in the Middle East.

Dubai’s appeal among global family offices is underpinned by two defining strengths: stability and opportunity. Its favorable tax environment sets it apart from Western markets. The UAE imposes no capital gains or personal income tax and offers a highly competitive corporate tax rate, significantly enhancing returns for family offices.

Resident families and local investors are also becoming increasingly affluent. By late 2024, Dubai was home to more than 81,000 resident millionaires. In 2025, this number is projected to grow by a further 7,100 HNW individuals, bringing in more than $7.1 billion in additional funds. By comparison, Switzerland and Singapore are expected to gain 3,000 and 1,600 millionaires respectively, while the United Kingdom is set to lose 16,500. These figures highlight Dubai’s growing appeal over traditional wealth hubs.

Dubai’s rise as a wealth management hub is also driven by its strong and resilient economy, supported by proactive regulations that protect investments and ensure a transparent, business-friendly environment. This is particularly attractive to U.S. family offices seeking secure and rewarding international opportunities.

Geographically, Dubai’s location offers easy access to high-growth markets across the Middle East, Asia and Europe, projected to expand by 3.5 per cent, 4.7 per cent and 0.9 per cent, respectively. The city’s world-class airport has ranked as the busiest global hub for international passengers for 11 consecutive years, connecting investors to over 2 billion consumers within a four-hour flight.

This proximity to high-growth markets, combined with Dubai’s commitment to innovation, strengthens its role as a global center for family offices. Forward-thinking smart city initiatives and advancements in artificial intelligence, fintech and blockchain have positioned the emirate as a leading technology hub.

As regional wealth grows, so does demand for luxury goods, real estate and private banking, creating new avenues for investment. The rise in HNW individuals is generating opportunities for U.S. family offices to expand their global footprint through partnerships and joint ventures. Dubai’s 20+ free zones further provide tailored infrastructure to support diverse sectors.

Increasing numbers of high-profile investors are making the move. Michael Platt, co-founder of BlueCrest Capital Management, relocated his family office to the UAE, while Norwegian shipping billionaire John Fredriksen also moved to Dubai, citing high taxes in the UK.

Dubai continues to actively position itself as a global capital hub. Initiatives such as the Dubai Business Forum have showcased the city’s significant investment potential to audiences worldwide, with editions held in the UK, Germany and China. The next edition will take place in New York City on November 12, offering U.S. investors a first-hand view of Dubai’s opportunities.

The growing shift of US and global family offices to Dubai reflects a strategic alignment with today’s economic realities and tomorrow’s opportunities. With its tax advantages, advanced wealth management services, economic stability and strategic location, the emirate has emerged as one of the fastest-growing centers for private wealth. 

Combined with its dynamic, diversified economy and exceptional quality of life, Dubai offers family offices an exceptional platform to diversify their portfolios and capture growth across emerging markets. These unique advantages ensure the city is more than just a prominent destination for investors – they position Dubai as the future of global wealth and influence.