UAE still magnet for ultra-wealthy undeterred by disruption

The UAE remains a magnet for the ultra-wealthy, despite concerns about disruption from war and uncertainties. Wealth managers say the benefits of relocating to the Arab world's second-largest economy far outweigh potential risks. Around 10,000 millionaires moved to the UAE in 2025, with thousands more expected to join this year.

While some may be deterred by the US-Iran war's impact, private bankers serving the UAE's ultra-rich insist the conflict hasn't completely reversed the relocation trend. Global banks continue to invest heavily in building wealth offerings and hiring private bankers to serve their clientele. The UAE's appeal lies in its stability, safety, clear tax and residency framework, and world-class connectivity, according to HSBC's head of global private banking for Middle East and North Africa.

British lender Barclays' wealth managers also find the UAE's economic, regulatory, and connectivity advantages hard to resist. Although sentiment can fluctuate in the short term, the UAE's structural advantages remain intact. Wealthy individuals, family offices, and institutional investors continue to arrive in good numbers from Europe, the UK, South Asia, East Asia, and the wider Gulf region.

The UAE's strategic location between developing Eastern economies and mature Western markets, coupled with its progressive regulatory regimes and government initiatives, further enhances its appeal. Despite the war's impact, the UAE continues to attract substantial new wealth flows, and the outflow of capital has not been as significant as some analysts had anticipated.