UAE Attracts Record Number of Millionaires Despite US-Iran War Tensions
The UAE remains an attractive destination for ultra-wealthy individuals despite geopolitical tensions associated with the US-Iran war. According to Henley & Partners and New World Wealth, a record 9,800 millionaires moved to the UAE in 2025.
Bankers working with wealthy clients in the UAE believe that the conflict has not completely reversed the relocation trend or halted the inflow of new capital. Aladdin Hangari, head of global private banking for HSBC in the Middle East and North Africa, described the UAE's appeal as 'structural rather than dependent on short-term sentiment.'
The stability, personal safety, absence of personal income tax, clear taxation and residency rules, international transport connectivity, and development of mechanisms for family offices at the Dubai International Financial Centre and Abu Dhabi Global Market are among the factors cited by Hangari.
Farzad Billimoria, head of Barclays Private Bank in the UAE, noted that wealthy families and entrepreneurs view a presence in the Emirates as part of a broader strategy. Clients consider not only investments important but also business interests, family circumstances, planning for future generations, inheritance rules, long-term visas, and access to global markets.
International banks continue to expand their wealthy client services in the UAE. In September last year, HSBC opened a specialized center for such clients in Dubai and plans further investment in this segment. JPMorgan Chase is also building a team of private bankers in the Emirates. DBS Bank, which entered the UAE wealth management market after acquiring Societe Generale's private banking division in 2014, intends to increase its team of private bankers from 10 last year to more than 30 over the next two years.