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UAE’s wealth surges to $2.9 trillion, set to reach $4.4 trillion by 2028: Report
This 10% year-over-year growth outpaced the regional average of 8% and the global rate of 7%.
The UAE has established itself as a global wealth powerhouse, with net wealth reaching $2.9 trillion in 2023, according to Boston Consulting Group’s (BCG) Global Wealth Report 2024.
This 10% year-over-year growth surpassed the regional average of 8% and the global rate of 7%. Projections indicate continued growth, with the UAE’s net wealth expected to hit $4.4 trillion by 2028, driven by increases in financial wealth and real assets.
Between 2018 and 2023, financial wealth in the UAE grew at an annual rate of 7.6%, reaching $1 trillion in 2023, and is forecasted to expand by 7.3% annually to $1.5 trillion by 2028. Meanwhile, real assets grew by 9.1% annually over the same period and are expected to rise by 8.5% annually, reaching $3.1 trillion by 2028.
The UAE is solidifying its status as a global wealth management hub, ranking as the world’s seventh-largest booking center. By 2028, it is expected to surpass the Channel Islands and Isle of Man, securing the sixth position.
Outpacing traditional European centers like Switzerland, the UK, and Luxembourg, the UAE is emerging as a strong competitor to global leaders such as Singapore and the United States.
What sets the UAE apart is its significant concentration of Ultra-High-Net-Worth (UHNW) individuals. Those with assets exceeding $100 million account for 29% of the country’s total financial wealth—double the global average of 14% and notably higher than the Middle East and Africa’s regional average of 23%.
“In the UAE market, where 81% of financial wealth is investable—a figure expected to reach 83% by 2028—wealth managers are presented with a substantial opportunity,” noted Mohammad Khan, Managing Director and Partner at BCG.
The report highlights the transformative potential of Generative AI (GenAI) in revolutionizing the wealth management industry, offering applications in client acquisition, onboarding, servicing, and internal operations.
Despite its promise, the technology remains in its infancy within the sector. While 85% of surveyed financial institutions acknowledge GenAI’s potential, 82% have yet to develop a long-term strategy or actionable implementation roadmap, highlighting the early stage of its adoption.
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