HSBC Cashes In On Record HNWI Influx To UAE With Launch Of First Middle East Wealth Centre

The new facility, housed in HSBC’s flagship Jumeirah branch in Dubai, is designed to serve the bank’s Premier and high-net-worth clients with private meeting rooms, specialist advisers and access to bespoke wealth-management services. It also includes an event space for educational sessions and networking.

“The UAE has become the world’s top destination for wealthy investors and entrepreneurs, attracting more net inflows of millionaires than any other country,” said Mohamed Al Marzooqi, chief executive of HSBC Bank Middle East.

“Initiatives such as long-term residency allow them to put down roots with their families, expanding a client base whose needs in wealth management and cross-border banking align directly with HSBC’s expertise and international network.”

HSBC’s investment in the Dubai centre forms part of a broader strategy to grow its International Wealth and Premier Banking (IWPB) business, which targets affluent clients who manage assets across multiple markets.

Dinesh Sharma, head of IWPB for the Middle East, North Africa and Türkiye, said the bank is making its largest regional investment in two decades.

“Our new wealth centre represents the first in a series of enhancements we are making to establish the UAE as a key wealth hub in our network,” he said. “We are investing in infrastructure, people and products to strengthen the business for the future.”

Surge in millionaire migration

The opening comes as the UAE is forecast to welcome about 9,800 new millionaires in 2025, the biggest inflow of any country, according to consultancy Henley & Partners. The migration is expected to bring around $63 billion in private wealth. This is due to a combination of factors: zero income and inheritance tax, the 10-year Golden Visa residency programme for investors, political stability, and a reputation for safety in cities such as Abu Dhabi and Dubai.

Those conditions have made the Gulf nation a magnet for internationally mobile capital, drawing affluent families from traditional wealth hubs such as the United Kingdom and China. The UAE’s government has also encouraged investment in emerging industries including autonomous vehicles, agrifood technology and life sciences, providing new opportunities for private investors.

HSBC executives say the profile of wealthy clients in the region is also shifting.

“We’re seeing a clear change: younger, more diverse, and more digitally minded,” Al Marzooqi said.

“They’re interested in new-economy sectors, technology, and asset classes such as tokenised gold. HSBC is moving fast to meet that demand with innovative solutions that help them grow and protect their wealth with confidence.”

The Dubai centre will complement digital offerings such as its World Trader platform, which has recorded about $800 million in trading volumes in its first year. The facility will also host seminars and events aimed at investors seeking cross-border opportunities.

Globally, HSBC has been expanding similar wealth hubs in China, Hong Kong, Taiwan, the UK, Malaysia and Mexico to serve clients who need multi-jurisdictional banking and investment services. The bank, which operates across nine Middle East and North Africa markets, reported assets of $73 billion in the region at the end of 2024.

“Our connected international network lets clients manage liquidity, currency transactions and asset allocation across regions with ease,” Sharma said.

“This centre, staffed by specialists with enhanced training, complements the digital investments we’ve made and underlines our commitment to the UAE as a growing wealth hub.”