More than half of the family offices in the UAE have chosen the location to preserve the growing wealth of its affluent residents.
This is according to the CEO of local asset manager DHF Capital, Bas Kooijman.
He states that family offices have become the preferred mode of wealth preservation for the highly affluent who, he says, are coming to the UAE in increasing numbers.
According to a recent study by KPMG, which interviewed 625 family offices in the region, the UAE’s financial wealth is set to exceed US$1 trillion by 2026. Similarly, by 2024, close to 10,000 millionaires will have migrated to the UAE within a 2 year period.
Unsurprisingly, the UAE’s family office sector will be the major beneficiary of this trend and is set to be worth $1 trillion by 2028.
“At the end of the day, family offices contribute over 60% of the GDP in many regions and their significance in driving economic growth cannot be overstated,” said Kooijman.
“With the potential to grow and preserve capital, family offices in Dubai are seeing an uptick and simultaneously contributing to the UAE’s economy – it’s a win-win situation both ways. Ultimately, if it wasn’t before, it has now become a no-brainer for affluent individuals to set up shop here.”
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