Over the past decade, many HNWIs and UHNWIs have decided to relocate to the UAE. The country has established itself as a leading destination for long-term residency thanks to its favourable tax environment, the growth of financial free zones like DIFC and ADG, and its strategic geographical location linking Europe, Asia, and Africa.

While most of the major wealth management firms have been expanding their local regional offices in the UAE, many of their clients still prefer to keep assets in established wealth hubs such as Switzerland and Singapore, which are widely known for their stability, trust, and expertise.

In spite of the country’s extraordinary progress in recent years, there still remain challenges to be overcome before the UAE can fully rival the traditional wealth centres. These include the ongoing need for additional professional talent and the absence of certain recently developed sophisticated financial products in this rapidly growing sector.

It was my pleasure to contribute to this article in The Business Times looking into the realities of the wealth landscape in Dubai, Singapore, and Switzerland.