Other BriefingsGlobal Billionaire Wealth Surges, with UAE Emerging as a Top Destination for Wealth Transfer
The wealth of the world’s billionaires has surged by 17 percent over the past year, reaching an unprecedented US$14 trillion, according to the Swiss Bank UBS’ Billionaire Ambitions Report 2024. The number of billionaires worldwide has risen to 2,682 from 2,544 a year earlier, with a significant concentration of wealth among a small segment of the global population. While the United States led in wealth growth, the UAE has emerged as a critical hub for billionaire emigration and wealth transfer.
The global population exceeded 8 billion last year, with a gross domestic product (GDP) of approximately US$105.4 trillion, highlighting the significant concentration of wealth within a very small segment of humanity. – World Bank
Global trends: A mixed landscape
North America continues to dominate the billionaire landscape, with the U.S. recording a remarkable increase in billionaires—from 751 to 835—and their collective wealth rising to US$5.8 trillion, primarily driven by industrial and tech magnates. Conversely, China experienced a sharp decline, with the number of billionaires dropping from 520 to 427 and their wealth plummeting to US$1.4 trillion, reflecting economic uncertainties and losses in the real estate sector.
In India, the billionaire population grew by more than 20 percent, reaching 185, while their combined wealth surged over 40 percent to US$906 billion. Europe also saw gains, with Switzerland overtaking the UK to host the second-highest number of billionaires in Western Europe after Germany. France led in total billionaire wealth in the region, despite having fewer billionaires than Germany.
UAE: A growing magnet for wealth
The UAE has cemented its position as a preferred destination for billionaires seeking new opportunities. UBS reports that the country’s billionaire wealth surged by 39.5 percent to US$138.7 billion in 2024, accompanied by an increase in the number of billionaires to 18. The UAE’s attractive legal structures, healthcare, and education systems have played a crucial role in this trend, drawing billionaires from across the globe.
Billionaire migration has accelerated globally, with 176 billionaires relocating since 2020, transferring over US$400 billion in wealth. The UAE is among the top beneficiaries, with prominent figures like Egyptian tycoon Nassef Sawiris and Africa’s richest man, Nigerian billionaire Aliko Dangote, moving their family offices to Abu Dhabi and Dubai, respectively.
A growing number of high-net-worth individuals are relocating to Dubai as the city strengthens its position as a global wealth hub. However, many still prefer to retain their assets in established financial centers like Singapore and Switzerland, according to market observers.
Dubai, along with the wider UAE, has emerged as a powerful magnet for private wealth and talent in recent years. Migration consultancy Henley & Partners forecasts that the UAE will lead global net millionaire inflows in 2024, with over 6,700 expected to move to the country. In comparison, Singapore is projected to see a net inflow of 3,500 millionaires during the same period.
Private family offices and innovation attracting ultra-wealthy to UAE
The growth of private family offices in the UAE reflects the country’s increasing appeal to the ultra-wealthy. “We are seeing sophisticated family offices in Asia and Europe looking to set up in the UAE for greater growth opportunities,” noted Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management. The UAE’s focus on innovation and wealth-friendly policies has made it a natural choice for billionaires seeking to diversify their assets and legacy planning.
Geopolitical concerns and investment strategies
Despite the wealth surge, billionaires remain cautious about geopolitical conflicts and inflation, which rank as their top concerns. North America is overwhelmingly viewed as offering the best investment returns over the next year, as per the UBS survey.
The report highlights a notable shift in wealth creation dynamics, with most of the year’s new billionaires being self-made, contrasting with previous years when inheritance played a larger role.
Conclusion
As the billionaire population continues to expand, the redistribution of wealth across global regions highlights new economic opportunities and shifting power dynamics. While the U.S. retains its leadership in wealth creation, countries like the UAE are rapidly rising as global hubs for billionaire migration, private wealth management, and innovation. This trend is expected to reshape global wealth landscapes in the coming years.
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