Wealth preservation drives surge in UAE family offices

Wealth preservation drives surge in UAE family offices

- Nearly 10,000 millionaires will have migrated to the UAE in a 2-year span by 2024

- The UAE’s family office market is expected to reach AED 3.67 trillion by 2028

Dubai, UAE: Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., cites that over half of the family offices established in UAE have been set up in an effort to preserve wealth; this data is predicated on a recent KPMG survey of 625 family office professionals[1]. Bas sheds light on why the popularity of this market is exploding and explains the driving factors behind the country’s financial wealth being on pace to balloon from $700 billion in 2021 to over $1 trillion by 2026[2].

Family offices are becoming a preferred mode of maintaining wealth for the highly affluent, many of whom have been migrating to the UAE in increased numbers; after attracting 4,000 high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in 2022[3], the country is reportedly set to welcome an additional 4,500 millionaires by the end of 2023[4]. These millionaires are looking to preserve their wealth by working with savvy investment funds and managers, a driving force behind why family offices are being established in the UAE at an accelerated rate,