The UAE, particularly Dubai, has seen an influx of high net-worth (HNW) and ultra-high net-worth (UHNW) individuals in recent years. The first six months of 2022 saw an 18% increase in HNW individuals in the emirate, up to 67,900 from 54,000 in June 2021, according to data from New World Wealth and wealth migration consultancy Henley & Partners.
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Around 4,500 HNW individuals are forecast to move to Dubai in 2023, according to research by Henley & Partners.
Private banks and family offices in the UAE have benefited from this growth, as have retail lenders.
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