The trend of diversifying booking centers among the ultra-wealthy is gaining momentum, with an increasing number of family offices eyeing the Middle East as a prime destination. According to Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, the region is shaping up to be an alluring option alongside traditional financial hubs.
In a world marked by escalating geopolitical risks, evolving regulations, and abundant global investment opportunities, ultra-high net worth (UHNW) individuals are strategically planning their wealth management bases. “Our clients have become very, very global. There is certainly local demand for managing wealth and a strong interest coming out of Asia, but also certainly from Europe,” Cavalli shared during a media briefing unveiling the bank’s latest findings in the “Global Family Office Report 2025.”
Highlighting the hotspots in the Middle East, Cavalli pointed to Dubai and Abu Dhabi, where UBS has also announced plans to launch a new office. Not to be outshone, Saudi Arabia is evolving rapidly, boasting increasingly sophisticated financial setups designed to attract this elite clientele.
<p“There is certainly a bit of healthy competition as well in the Middle East,” Cavalli noted, emphasizing how these emerging centers are vying for the attention of fortune managers.
Delving into the motivations behind these choices, Cavalli referenced UBS’s “Billionaire Ambitions Report 2024,” which reveals that UHNW families prioritize four critical pillars when selecting a financial center: a robust rule of law, high-quality healthcare, excellent educational opportunities, and a favorable tax environment. It’s intriguing to think that these elite families might be as concerned about school zoning as any down-the-street parent.
What is driving the interest in the Middle East as a financial center for family offices?
The rise in geopolitical risks, regulatory changes, and diverse global investment opportunities has prompted UHNW individuals to consider the Middle East alongside traditional hubs.
Which Middle Eastern cities are becoming popular choices for ultra-high net worth individuals?
Dubai and Abu Dhabi are topping the list, with new UBS offices planned, while Saudi Arabia is developing sophisticated financial setups.
What factors do UHNW families consider when choosing a financial center?
According to UBS, key considerations include a strong rule of law, proper healthcare, quality education, and a friendly tax environment.
