This article was published on August 19th, 2024.

This comes as millionaire migration surges globally, with the UAE experiencing a notable influx of wealthy residents

The United Arab Emirates can expect a further influx in ultra-high net worth individuals relocations fuelled by tax benefits and new regulations, an expert told Arabian Business.

This trend, which experts say is likely to continue, is reshaping the region’s wealth management sector and driving significant infrastructure investments.

“The remarkable influx of UHNWIs from across the globe to the Middle East, and the United Arab Emirates in particular, has seen this community adapting to the UAE as their new home, reflecting strong confidence and a long-term commitment to be based out of the country,” said Tariq Nakhooda, Country Head, UAE at IQ-EQ, an investor services group.

Read more on <a href="https://www.arabianbusiness.com/money/wealth/uae-poised-for-long-term-uhnwi-influx-as-middle-east-hub-status-grows?utm_medium=email&utm_medium=email&utm_campaign=UAE%20poised%20for%20UNHWI%20influx%20MASSIVE%20Saudia%20flight%20ticket%20discount%20Tokenisation%20to%20fuel%20Dubai%20real%20estate%20growth%20072417%20AM&utm_content=UAE%20poised%20for%20UNHWI%20influx%20MASSIVE%20Saudia%20flight%20ticket%20discount%20Tokenisation%20to%20fuel%20Dubai%20real%20estate%20growth%20072417%20AM+CID_e098707829c10854b755ad01000b02cf&utm_source=Newsletters&utm_term=UAE%20poised%20for%20long-term%20UHNWI%20influx%20as%20Middle%20East%20hub%20status%20grows" target="_blank"> Arabian Business </a>

The financial advisory market volume of the UAE is projected to exceed Dh875 billion in 2023 on the back of a major upswing in the influx of ultra-high-net-worth individuals (UHNWI) to the country.

Home to over 200 nationalities, the UAE has typically seen migration inflows of 1,000 high-net-worth individuals (HNWIs) per year, says Bas Kooijman, CEO and asset manager of DHF Capital, a securitisation firm for financial services. In 2022, the UAE, one of the most preferred destinations in the world for the wealthy, welcomed over 5,200 people from this bracket, recording a jump of 18 per cent.

“*This strong growth is set to sustain in 2023 with industry analysts expecting that 4,500 millionaires will move to and permanently reside in the Emirates. For over 50 years, the UAE has laid the groundwork for such an evolution but Covid-19 appears to have accelerated this progress,*” said Kooijman.

He said the deft handling of the pandemic demonstrated the country’s ability to foster safety and security while also protecting residents’ best interests and the nation’s economy. “*These efforts garnered global attention to attract affluent investors from all over the world. In turn, a strong influx of wealth has entered the country over recent years*.”

According to the latest list compiled by residence and citizenship planning firm Henley and Partners using resident millionaires as its metric to rank the wealth of each hub, Dubai rounds out the top 20 with 64,800 millionaires calling the city home, while New York City retained its crown as the world’s wealthiest city.

Data shows that assets under management (AUM) in the UAE’s wealth management market are forecasted to reach upwards of Dh938 billion in 2023 while showing a CAGR of 10 per cent to result in a market volume of nearly Dh1.4 trillion between now and 2027, said Kooijman.

The UAE’s financial wealth will witness a strong expansion in coming years, growing from $700 billion in 2021 to $1 trillion in 2026, according to a Boston Consulting Group study.

Data provided by Statista shows that assets under management in the UAE wealth management market are projected to reach $239.40 billion this year with financial advisory dominating the market with a projected market volume of $223.50 billion in 2023. Assets under management are expected to show an annual growth rate (CAGR 2023-2027) of 10.59 per cent, resulting in a market volume of $358.10 billion by 2027.

According to the GlobalData Country Risk Index, the UAE is a low-risk nation that ranks 10th out of 153 countries worldwide. Meticulous management of the pandemic, alongside proven stability through times of turbulence such as the financial crisis in the early 2000s, has been among factors behind this status.

Investment experts and asset managers see the UAE as an ideal mid-point between the West and the East, with both European and Asian private banks and wealth managers establishing or expanding their operations. They believe more global wealth will pour into the UAE from all over the world as the Arab world’s second largest economy continues to develop and evolve its economy, regulations and broader wealth management offering.

The growth of the economies in the region, of private wealth locally, and the continuing rapid inflow of HNW and UHNW families and wealth from across the globe provide the tailwinds for the expansion of the market, with sufficient headroom even today for the rising number and diversity of competitors in the wealth management space, experts said.

Sources: [Khaleej Times](https://www.khaleejtimes.com/business/uaes-financial-advisory-market-likely-to-hit-dh875-billion)

[MEA Finance](https://mea-finance.com/uaes-financial-advisory-market-volume-is-forecasted-to-exceed-aed-875-billion-in-2023/)

[Zawya](https://www.zawya.com/en/press-release/companies-news/uaes-financial-advisory-market-volume-is-forecasted-to-exceed-aed-875bln-in-2023-kxtdr2kq)

[Mena FN](https://menafn.com/1106551235/UAEs-financial-advisory-market-volume-is-forecasted-to-exceed-AED-875-billion-in-2023)

[UAE News 24/7](https://uaenews247.com/2023/07/04/uaes-financial-advisory-market-volume-is-forecasted-to-exceed-aed-875-billion-in-2023/)

[Middle East Economy](https://economymiddleeast.com/news/uaes-financial-advisory-market-volume-to-exceed-aed-875-bn-in-2023/)

[UAE Times](https://uaetimes.ae/uae-financial-advice-market-could-reach-aed875-billion-news/)

[Trends Mena](https://trendsmena.com/business/uaes-financial-advisory-market-to-touch-us239-billion-in-2023/)

[albayan.ae](https://www.albayan.ae/economy/uae/2023-07-04-1.4690199)

[pressbee.net](https://www.pressbee.net/show6482491.html)

[indexeconomic.com](https://indexeconomic.com/?p=73479)

[roayahnews.com](https://roayahnews.com/875-%d9%85%d9%84%d9%8a%d8%a7%d8%b1-%d8%af%d8%b1%d9%87%d9%85-%d8%a3%d8%b1%d8%a8%d8%a7%d8%ad-%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%b4%d8%a7%d8%b1%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d8%a7/)

[shoofee.news](https://shoofee.news/business/875-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%81%D9%8A/#)

[w6nnews.com](https://w6nnews.com/%D8%A7%D8%AE%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%A7%D9%85%D8%A7%D8%B1%D8%A7%D8%AA/875-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%81%D9%8A/)

[sahafahh.net](https://www.sahafahh.net/story/16847984/875-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%81%D9%8A)

[nshra.com](https://nshra.com/archive/?id=38b3d447df80bd4b09951d123d862751/index.html)

[mubasher.info](https://www.mubasher.info/news/4149397/239-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%AD%D8%AC%D9%85-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A8%D9%86%D9%87%D8%A7%D9%8A%D8%A9-2023/?currentUserCountryCode=PH)

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UAE’s financial advisory market likely to hit Dh875 billion

(MENAFN- Atteline) ● Gold prices rose 5.4% in H1 2023 and are expected to rise by over 10% through 2023
● Gold reserves for the Central Bank of the UAE (CBUAE) grew 9% (AED 1.46 billion) through the first four months of 2023 and 41% YoY (AED 64.2 billion) from April 2022 to April 2023
● UAE shoppers purchased 9.7 tonnes of gold in Q1 of 2023

Dubai, UAE - 05 September 2023: Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., cites that the price of gold rose 5.4% in the first half of 2023 and it could rise above 10-15% through the rest of the year; if this projection is realized, gold prices would rise by nearly AED 734 per ounce or approximately AED 50 per gram. Kooijman shares insights on the market’s upward trajectory and why UAE residents can invest with confidence.

As it pertains to gold consumption, the UAE has consistently ranked among global leaders; the country purchased 11.5 tonnes in the last quarter of 2019, the fourth-most in the world, as well as the most in the Middle East. At the height of the pandemic in 2020, the UAE’s average gold intake was recorded at 39.8 tonnes to solidify its regional leadership and its per capita gold consumption was the second highest across the globe at 5.24 grams.

The uncertainty of COVID-19 drove gold globally to new record levels with prices reaching a historic high of $2,067.15 (nearly AED 7,600) per ounce in August 2020. This bull run cooled down significantly to $1,519 per ounce at the start of 2021 and provided negative returns through the rest of the year. In 2022, the market saw a similar trend with gold prices reaching a peak of $2,072 per ounce in March and then another low of $1,613 per ounce in September.

In 2023, industry experts have seen renewed strength in the gold sector. This optimism was observed in the UAE with gold reserves for the Central Bank of the UAE (CBUAE) rising 9% through the first four months of this year, equating to $397 million (AED 1.46 billion). Additionally, the CBUAE’s gold reserves showed 41% Year-over-Year growth during this same period, a $17.5 billion (AED 64.2 billion) increase; this is a significant jump from the $3.5 billion (AED 12.855 trillion) evaluation that was logged in December 2022.

Kooijman commented: “*The CBUAE’s growth over past years reinforces the strength of gold as an investment; reserves were valued at over AED 1 billion in 2018, and the most recent data on record indicates that it is now inching towards reaching AED 20 billion in the near future. With its proven value through history, and industry analysis displaying a positive outlook, residents with disposable income should look to invest in this precious metal as it is known to be a safe bet for hedging against inflation and maintaining its value throughout market fluctuations.*”

World Gold Council data shows that the UAE purchased 9.7 tonnes of gold in the first quarter of this year. With some countries beginning to ban emerging assets such as digital currencies, gold remains resilient and a safe investment option. Bas’ securitization firm, DHF Capital, provides gold trading as a service, among other tools to help regional and global investors reap profits. With Bas at the helm, DHF has provided an annual average ROI of 20% since its inception and investors who have worked with him since the company’s inception have witnessed a 114% ROI to more than double their initial investment.

Sources: [Mena FN](https://menafn.com/1107006856/The-UAEs-Gold-Sector-is-Elevating-to-New-Heights)

[UAE News 24/7](https://uaenews247.com/2023/09/05/the-uaes-gold-sector-is-elevating-to-new-heights/)

[albayan.ae](https://www.albayan.ae/economy/uae/2023-09-05-1.4721583)

[mubasher.info](https://www.mubasher.info/news/4179724/-%D8%AF%D9%8A-%D8%A5%D8%AA%D8%B4-%D8%A5%D9%81-%D9%83%D8%A7%D8%A8%D9%8A%D8%AA%D8%A7%D9%84-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%B1%D8%AA%D9%81%D8%B9-5-4-%D9%81%D9%8A-%D8%A7%D9%84%D9%86%D8%B5%D9%81-%D8%A7%D9%84%D8%A3%D9%88%D9%84/)

[klyoum.com](https://www.klyoum.com/uae-news/ar/28-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%8A%D8%B3%D8%AC%D9%84-%D9%85%D8%B3%D8%AA%D9%88%D9%8A%D8%A7%D8%AA-%D9%82%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9)

[Presbee](https://www.pressbee.net/show6787113.html?title=%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%8A%D8%B3%D8%AC%D9%84-%D9%85%D8%B3%D8%AA%D9%88%D9%8A%D8%A7%D8%AA-%D9%82%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9)

[UAE News](http://uaenewsapp.com/1/Article/2065/235401268)

[Forbes Middle East](https://www.forbesmiddleeast.com/ar/industry/economy/report-gold-prices-could-increase-10-this-year)

[nabd.com](https://nabd.com/s/124631598-dd16c8/%D8%AA%D9%88%D9%82%D8%B9%D8%A7%D8%AA-%D8%A8%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A8%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-10-%D9%81%D9%8A-%D8%A7%D9%84%D9%86%D8%B5%D9%81-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A%D8%8C-%D8%A8%D8%B9%D8%AF-%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-5.4-%D9%81%D9%8A-%D8%A7%D9%84%D9%86%D8%B5%D9%81-%D8%A7%D9%84%D8%A3%D9%88%D9%84-%D8%A8%D8%B3%D8%A8%D8%A8-%D8%A7%D9%84%D8%A3%D8%B2%D9%85%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D8%B3%D8%A8%D9%8A-%D9%84%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1)

[nshra.com](https://nshra.com/archive/?id=4a216f1635b78d5c4b245e0622630e94/index.html)

[lebanese-forces.com](https://www.lebanese-forces.com/2023/09/05/gold-uae/)

[arabwindow.net](https://www.arabwindow.net/archive/economy/news5188505.html?fbclid=IwAR3DmHKiIpIb1hPLQvcUJYQPwm1WrWPygO06IIX--ntezfRSfYfomy8X8Kg)

[sahafahh.net](https://www.sahafahh.net/story/17462519/%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%8A%D8%B3%D8%AC%D9%84-%D9%85%D8%B3%D8%AA%D9%88%D9%8A%D8%A7%D8%AA-%D9%82%D9%8A%D8%A7%D8%B3)

[alflous.com](https://alflous.com/42616/%D8%AF%D9%8A-%D8%A5%D8%AA%D8%B4-%D8%A5%D9%81-%D9%83%D8%A7%D8%A8%D9%8A%D8%AA%D8%A7%D9%84-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1/)

[goldbullioneg.com](https://goldbullioneg.com/%d8%a3%d8%b3%d8%b9%d8%a7%d8%b1-%d8%a7%d9%84%d8%b0%d9%87%d8%a8-%d8%a8%d8%a7%d9%84%d8%a5%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%aa%d8%b1%d8%aa%d9%81%d8%b9-5-4-%d9%81%d9%8a-%d8%a7%d9%84%d9%86%d8%b5%d9%81/)