The UAE’s magnetic appeal to affluent individuals continues to strengthen, with predictions suggesting up to 50,000 millionaires could relocate to the Emirates over the next five years. This projection significantly exceeds earlier estimates from global think tanks, positioning the UAE as the world’s leading destination for wealthy migration.
Record-Breaking Millionaire Influx Expected
According to Rajesh Khanna, CEO of Wealthbrix Capital Partners, the UAE is experiencing unprecedented wealthy migration patterns. “We are very happy to see the number of 9,800 millionaires coming to the UAE this year because the market was expecting a slightly smaller number,” Khanna told Khaleej Times.
His optimistic projections build upon data from Henley & Partners, comparing favourably against UBS’ earlier estimate of 30,000 wealthy individuals relocating over the next five years. Khanna confidently states this number could reach 45,000 to 50,000 by the end of that period.
Mid-Tier Millionaires: The New Target Market
Wealthbrix Capital Partners, a newly launched independent wealth management firm headquartered at Dubai International Financial Centre (DIFC), focuses specifically on “mid-tier millionaires” with investable assets ranging from $5 million to $30 million (Dh18.35 million to Dh110 million).
“These are the people who have got a pool of $55 trillion of total assets under management, globally,” Khanna explained. “This segment is growing the fastest in the Middle East and Asia, and it is underserved by a lot of the traditional wealth management players.”
Rising Demand for Personalised Financial Solutions
The demand for customised financial services is accelerating rapidly. Clients seeking personalised wealth management solutions are growing at 15 to 30 per cent annually in terms of their wealth accumulation. However, traditional wealth managers often approach this demographic with standardised solutions.
“What we’re offering is access to a full multi-cuisine kitchen, not just a fixed menu,” Khanna explained. “That approach opens up a broader range of options and gives clients a far greater sense of trust and confidence that they’re in the right hands.”
Strategic Positioning in Dubai’s Financial Hub
Founded by seasoned professionals from private banking and asset management backgrounds, Wealthbrix Capital brings together over 150 years of combined experience. The team has a proven track record managing over $30 billion (Dh110 billion) in assets across clients in the Middle East, Asia, and Europe.
Led by chairman Dr Hamad Buamim, vice-chairman Suvo Sarkar, and CEO Rajesh Khanna, the firm operates from the prestigious DIFC. “This is the Dubai moment — an inflection point where global capital, regional ambition, and client expectations are converging,” said Buamim.
Regulatory Support Drives Growth
The supportive regulatory environment in the DIFC serves as a crucial catalyst for asset management growth. “There is a big opportunity for asset management because regulation and the regulators are very supportive of these wealth managers coming in and domiciling these funds in the DIFC,” Khanna highlighted.
The firm has secured substantial eight-figure US dollar equity investment from a strategic mix of global investors, including family offices, venture capital firms, and angel investors from both regional and international markets.
Ambitious Growth Targets and Fund Launches
Wealthbrix aims to reach $7 billion in assets under management within five years. The company plans to launch its first fund by the end of this month or beginning of August, with a roadmap to launch 2-3 additional funds over the coming months.
“We think globally, but operate locally, drawing on the deep expertise we bring to the region,” Khanna noted, emphasising their commitment to combining international standards with local market knowledge.
Family Business Migration Trend
The CEO also observed a growing trend of family-owned businesses relocating to the UAE, either completely or through establishing regional operations. This pattern contributes to the broader wealthy migration phenomenon, creating additional opportunities for specialised wealth management services.
Key Takeaway: The UAE’s combination of favourable regulations, strategic location, and growing wealth management infrastructure positions it as the premier destination for affluent individuals seeking sophisticated financial solutions, with projections suggesting 50,000 millionaires could relocate by 2029.
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