HSBC focuses on the affluent population growth in the UAE by launching its first wealth management center in the region
HSBC Opens New Wealth Center in Dubai, Boosting UAE's Attractiveness for Global Millionaires
HSBC has made a significant move in the UAE's financial sector by launching its first wealth center in the Middle East. Located within HSBC's Jumeirah branch, the new facility aims to cater to the growing demand for premium banking services in the region.
The wealth center is designed to serve Premier and wealth clients with private meeting spaces, dedicated relationship managers, and bespoke solutions. This expansion aligns with national strategies such as Dubai's Economic Agenda D33 and Real Estate Strategy 2033, reflecting the UAE's commitment to fostering a thriving economy.
Mohamed Al Marzooqi, the CEO of HSBC Bank Middle East, announced the expansion of the International Wealth and Premier Banking business. The new wealth center is HSBC's biggest investment in its international wealth business in two decades, underscoring the bank's confidence in the UAE's potential for attracting and retaining affluent clients.
The UAE's appeal as a global hub for wealth and investment is further highlighted by the latest Henley & Partners wealth migration data. The country is projected to attract about 9,800 new millionaires in 2025, more than any other country globally. This influx is expected to bring in an estimated $63 billion (Dh231 billion) of investable wealth.
Dubai, in particular, accounts for the largest share of these millionaires, with the city's dynamic economy and attractive investment opportunities drawing in wealthy individuals from around the world. As of today, the UAE is home to roughly 130,500 millionaires, alongside 325 centi-millionaires and 28 billionaires.
HSBC's strategy is to capture a greater share of the UAE's affluent segment by combining its international network with a rapidly expanding local customer base. The bank is also investing in digital platforms to cater to the evolving needs of its clients, who are increasingly younger, more diverse, and digitally savvy. These investors show strong interest in new economy sectors, technology-driven businesses, and alternative asset classes such as tokenised gold.
The wealth center will serve as a venue for events such as seminars and networking gatherings, fostering a sense of community among HSBC's Premier and wealth clients. The launch of the wealth center comes as the UAE enhances its status as the world's leading magnet for millionaires, further solidifying its position as a global financial hub.
HSBC is not limiting its expansion to the UAE. The bank is rolling out similar wealth centers in various global markets, including China, Hong Kong, Taiwan, the UK, Malaysia, and Mexico. Dinesh Sharma, head of International Wealth and Premier Banking for the Middle East, North Africa, and Türkiye, made the statement about the investment.
In 2024, the UAE welcomed 6,700 millionaires, again topping global rankings. This trend points to a continued influx of wealth into the country, making it an attractive destination for international investors and businesses. The launch of the wealth center in Dubai is a testament to HSBC's commitment to supporting the UAE's growth and its ambition to be a leading player in the region's wealth management sector.
