BCG: UAE’s Net Wealth Reached USD 2.9 Trillion in 2023
Projections indicate the UAE’s financial wealth will continue to grow, reaching USD 1.5 trillion by 2028.
According to the latest Global Wealth Report by Boston Consulting Group (BCG), the UAE’s net wealth reached an impressive USD 2.9 trillion in 2023, marking a 10% growth in the country’s financial wealth from 2022 to 2023, exceeding the global average of 7%.
The UAE’s rise is underscored by its evolving status as a cross-border wealth management hub. The country, currently the world’s seventh-largest booking centre, is on track to overtake the Channel Islands and the Isle of Man by 2028, securing its place as the sixth-largest booking centre globally. This progression highlights the UAE’s increasing appeal to high-net-worth individuals (HNWIs) and Ultra High Net Worth (UHNW) individuals, whose assets account for 29% of the UAE’s total financial wealth—more than double the global average.
Looking ahead, projections indicate the UAE’s financial wealth will continue to grow, reaching USD 1.5 trillion by 2028. Real assets are also expected to experience growth, reaching USD 3.1 trillion by 2028. Consequently, the UAE’s total net wealth is forecast to rise to USD 4.4 trillion by the same year.
A key factor driving this growth is the UAE’s large concentration of investable wealth. Approximately 81% of financial wealth in the UAE is investable, a number expected to increase to 83% by 2028, creating significant opportunities for wealth managers. Additionally, with 41% of onshore assets held in cash, there is growing demand for tailored wealth management solutions, particularly those focused on digital engagement and integrated services that meet the evolving needs of younger, tech-savvy clients.
The advent of generative AI (GenAI) is poised to further enhance the UAE’s wealth management sector. This transformative technology holds the potential to revolutionise client acquisition, onboarding, and servicing, driving increased efficiency across the value chain. However, despite the promising outlook, many wealth managers are still in the early stages of adopting GenAI, with a majority yet to establish long-term strategies for its implementation.
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