Realty developers have to provide an annual self declaration of their project’s quality based on multiple parameters
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The UAE, which is set to be the world’s leading wealth magnet for the third year in a row in 2024, is on track to become the sixth largest cross-border financial booking centre by 2028, according to leading wealth management experts.
The wealth market in the UAE recorded the highest percentage of growth at 8.0 per cent in 2022-23 on the back of a remarkable growth in its affluent population over the years, with the number of high-net-worth individuals (HNWIs) steadily increasing, according to recent reports.
“The UAE’s wealth market has seen exponential growth in recent years thanks to some remarkable growth dynamics that continues to tap into the surge in wealth generation in the Middle Eastern and Asian markets and a strong demand for geographic diversification. At the heart of the growth lies a vibrant ecosystem in the UAE that offers a stable strategic location, a strong rule of law with a business-friendly environment, a world-class physical and digital infrastructure with ongoing strategic investments and a cosmopolitan culture, all driven by a forward thinking and visionary leadership,” says Rajesh Kannan, managing director, head of Wealth and Retail Banking UAE and head of International Banking EMEA, Jersey and Global Indian at Standard Chartered.
Kannan said the UAE authorities have implemented progressive reforms including foreign ownership liberalisation, golden visa programs, consumer protection regulations and a series of other measures aimed at enhancing transparency, investor protection and market stability, making the nation a preferred destination for global investors, entrepreneurs and affluent individuals.
As per latest reports, the number of HNWIs in the UAE has surged by 55 per cent over the past decade, reaching approximately 68,000 HNWIs in 2023, with an expected net inflow of 6,700 millionaires by the end of 2024, said Kannan.
According to the Henley Private Wealth Migration 2024 report, with a record net inflow of 6,700 millionaires this year, the UAE will solidify its position as the top destination for migrant billionaires due to its strategic location, zero-income tax, luxurious lifestyle, and golden visas. “Considerably more billionaires are forecasted to be drawn to the Emirates than to its closest rival, the U.S., which is predicted to get a net inflow of 3,800 millionaires in 2024. These inflows come from Russia, Africa, India, and the broader Middle East, in addition to an anticipated surge from the U.K. and Europe.”
Wealth management professionals said the UAE’s favourable tax laws are, in fact, one of the main draws for HNWIs. The country’s full repatriation of profits, low corporate tax rates, and the absence of personal income tax translate into substantial financial advantages. These tax benefits are a significant attraction for individuals and companies looking to improve their financial positions. Through a robust regulatory framework that facilitates business operations, the UAE has created a business-friendly environment and has become an attractive destination for investors and entrepreneurs due to its open legal system, strong intellectual property regulations, and streamlined business establishment procedures. The Arab world’s second-largest economy continuously ranks highly in global indexes of business easiness, demonstrating its dedication to creating a favourable business environment, they said.
Kannan said Priority Private from Standard Chartered plays a crucial role in enhancing the bank’s ability to serve the affluent client in the UAE by offering a comprehensive suite of innovative investment solutions and seamless banking experience on an international scale.
“The affluent client in the UAE has a global outlook with personal, investment and business requirements. The number of HNWIs in the UAE has surged in recent times and many of them have relocated from various parts of the world, as such both local and international needs emerge,” he said.
In the UAE, Standard Chartered is adopting a multi-hub wealth management approach that helps our clients manage, protect and grow their wealth beyond borders with access to investment opportunities across the international wealth hubs in the UAE, Singapore, Hong Kong, and Jersey, he said.
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