The Swiss banks’ report noted that the total wealth of UAE billionaires increased by 39.5% to USD 138.7 billion in the Middle East and Africa, and there will be 18 billionaires in total by 2024.

In addition to a 17% increase in the wealth of billionaires worldwide, the wealth of billionaires in EMEA has also increased by 17%, reaching USD 3.07 trillion, and the number of billionaires has increased from 70 to 728.

Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management, claims that over USD 400 billion worth of billionaires have left the country in the last four years, with the MEA region drawing the largest amount of billionaire capital.

“Over the past year, the total number of billionaires had risen to 2,682 from 2,544 a year earlier, and their worth to USD 14 trillion from USD 12 trillion. 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, which have seen an influx of billionaires over the past decade,” Cavalli said, as reported by Zawya.

According to UBS data, 176 billionaires have relocated since 2020, indicating that they are doing so more frequently. The expansion of private family offices in the United Arab Emirates is another indication of this wealth transfer. Last December, Egyptian tycoon Nassef Sawiris relocated his family office to Abu Dhabi.

Subsequently, numerous reports claimed that Nigerian billionaire Aliko Dangote, the richest man in Africa, was establishing 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. There is quite a natural and dynamic creation of wealth in the country in numerous different areas and this key for investors who are looking beyond their turf where they initially created wealth. Innovation is an absolute key, and the UAE is at the centre of this,” Cavalli concluded.

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According to Wealth X’s billionaire census 2019, the UAE was tenth among the top 15 destinations by number of billionaires in 2018. The UAE was actually ninth in 2017.

In the region, Saudi Arabia saw its number of billionaires plummet by 8.2 percent while their total wealth fell by 13.2 percent. Among the top 15 markets for billionaires, the US, UK, Russia, and France recorded an increase in the number of billionaires.

“Despite moderately positive equity markets and a growing economy, billionaires’ fortunes worsened in these two countries (UAE and Saudi Arabia) in 2018. The richest continue to be affected by Saudi Arabia’s anti-corruption purge, which began in 2017.” Wealth X researcher Maeen Shaban said in the report titled Wealth X Billionaire Census 2019.

The number of billionaires declined in 11 of the top 15 markets including the UAE in 2018. Region-wise, North America was the only region to see an increase in the number of billionaires in 2018. Although the number of billionaires increased in the Asia Pacific region in 2017, in 2018, their number declined by 13.4 percent.

San Francisco topped the cities in the world in terms of billionaire residents according to Wealth X. The city had one billionaire for every 11,600 residents. New York, Dubai, and Hong Kong followed San Francisco in that order.

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