“With the billionaire population now ageing, they are looking beyond their borders as their families grow. Our study has shown that ease of legal structures, which supports a transfer of wealth, coupled with healthcare and education, have benefited countries such as the UAE, US and Switzerland,” Cavalli said.

Since 2020, 176 billionaires have relocated internationally, with UBS data highlighting the UAE as a prominent hotspot. This influx has fueled a surge in private family offices as global tycoons increasingly manage their wealth in the region.

Egyptian billionaire Nassef Sawiris moved his family office to Abu Dhabi in December 2023, while reports indicate that Nigerian business magnate Aliko Dangote, Africa’s richest man, is setting up a family office in Dubai.

“We are seeing sophisticated family offices in Asia and Europe looking to set up in the UAE for greater growth opportunities,” said Cavalli. “There is quite a natural and dynamic creation of wealth in the country in numerous different areas, and this is key for investors who are looking beyond their turf where they initially created wealth.”