Dubai has become the favorite city of the rich families of Asia

A growing number of wealth managers in Asia are setting up offices in Dubai, taking advantage of improved diplomatic ties between China and the Middle East and growing client demand for geographic diversification. According to Emirates News Agency, wealth managers confirmed that Dubai, a major financial center in the Gulf region, is emerging as a preferred wealth center for businessmen and wealthy families in Asia, particularly among the large Chinese population. The number is included because they want to take advantage of the favorable policies and expand their business.

King Pan, CFO of Noah Holding Company, said that the company expects that our office in Dubai this year will serve a large number of Chinese businessmen who are setting up their businesses in this market to obtain business licenses in Dubai. Our strategy is to manage the growth of customer wealth, the company plans to send some employees from China first and hire local employees later.

He said many Chinese entrepreneurs are looking for new markets and diversifying their supply chains, and many of them are excited about the opportunities that the Middle East offers, post-coronavirus economic recovery. , ease of doing business, convenient time zones and tax exemptions have played a major role in attracting large numbers of wealthy people to the Middle East, especially Dubai, in recent years.

The UAE is said to have recently introduced incentives such as the golden visa system, while Dubai launched a family wealth center last year to help wealthy individuals and companies deal with cultural and governance issues. As a result, Western wealth managers are looking to expand their commercial presence in the region to take advantage of the influx of immigrants and the growing number of wealthy individuals.

Hong Kong and Singapore have long been the most favored offshore wealth centers for the wealthy in Asia, but wealth managers said some clients are now looking to diversify into other markets and invest in new markets. Trying to find opportunities. According to a wealth report, the number of wealthy people globally will decrease by 3.3% to 21.7 million in 2022, but the number of wealthy people in the Middle East will increase by 2.8% in the same year. recorded the highest inflow of millionaires in the world in 2022 and is estimated to have another 4,500 millionaires in 2023.

It is being told that in view of this trend, Faro Capital, a company based in Singapore, established its office in Dubai last month. Likewise, Patrick Tsang, Chairman of the Board of Directors of Tsang Family Group based in Hong Kong, said that 'the company in 2022. After establishing an office in Dubai, it plans to open new offices in Abu Dhabi and Riyadh this year, while Hong Kong-based Landmark Family Office

plans to open an office in Dubai in the coming months. Additionally, Landmark founder and CEO Cameron Harvey said the company's office in Dubai will be used to help clients in China, Southeast Asia and Australia find investment opportunities in the Middle East.