The Swiss bank Lombard Odier & Co. Limited, a wealth management specialist, recently released the results of its study on expatriates in the UAE for 2024 during a roundtable with media professionals at its office in the Dubai International Financial Center (DIFC). The research focuses on high-net-worth expatriates living in the region and their needs, goals, and experiences.
The study revealed that the UAE is an attractive destination for expatriates from Western countries, with over 40% citing high quality of life and investment opportunities as key reasons for moving to the region. Young HNWIs primarily move to the UAE for business purposes such as taking advantage of strong regulatory framework or setting up startups. A quarter of expatriates expressed a desire to settle permanently in the region, which increased to 49% among individuals over 51 years old.
According to the report, Dubai is now the top desired destination for expatriates from 60 countries including Canada, UK and US. Lombard Odier Bank surveyed 150 wealthy expatriates living in the UAE focusing on Western expats with at least $1 million in bankable assets. The survey highlighted challenges faced by wealth managers such as finding suitable wealth managers and navigating differences in business culture and language barriers.
Expatriates expressed a need for private banking services tailored to their needs especially concerning navigating local regulations, traditions and tax consequences. The study also revealed growing interest among expatriates in responsible investments and sustainable real estate in UAE. Expatriates showed preference for private banks that offer advanced advisory services and tax planning solutions.
In conclusion, Lombard Odier Bank’s study highlights increasing demand for specialized wealth management services among high-net-worth individuals living in UAE. As a committed provider of tailored solutions, Lombard Odier Bank aims to ensure that these individuals can navigate unique financial landscape of UAE while enjoying its quality of life to fullest potential.
