UAE’s super-wealthy are not giving enough thought to insuring all their assets?

UAE’s super-wealthy are not giving enough thought to insuring all their assets?

The UAE has always been an attractive destination for entrepreneurs, investors, and global citizens looking to build wealth. In the wake of the Ukrainian conflict, the country welcomed thousands of new high-net-worth individuals (HNWIs) looking for a safe haven to protect and build their wealth. Dubai alone welcomed an additional 3,500 HNWIs in 2022, taking its total to 68,400 millionaires and 15 billionaires. It is now the wealthiest city in the MENA region and 20th in the world for the highest number of millionaires. This vast influx of wealth is great news for the economy of Dubai and the UAE, more broadly, sending sales of luxury goods skyrocketing and injecting capital into the financial markets and retail sectors. Indeed, the world’s largest Rolex boutique in Dubai Mall has a 4,000-strong waiting list. Records show waiting lists for Rolls Royce and Bentley, with one dealership reporting a 10 per cent increase in high-end sales in 2022, while another saw a 6 per cent increase in demand for customized bespoke vehicles. Analysis by Statista points towards a long-term trend that predated the European conflict, with the UAE accounting for more than 1 per cent of all global spending within the luxury space