What makes the UAE, particularly Dubai, such an attractive destination for wealthy Indians, and how has this influenced Julius Baer’s strategy in the region?
The trend of wealthy Indians globalising their lives has been accelerating for years, driven by factors such as business expansion, education for their children, and access to international markets. The COVID-19 pandemic further reinforced this shift, prompting more individuals to explore residency and investment opportunities abroad.
According to the Global Wealth Migration Review Report (2020) by New World Wealth, nearly 2 per cent of India’s high-net-worth individuals (HNWIs) relocated in 2020 alone. Henley’s Private Wealth Migration Report 2024 further highlighted this movement, noting that the UAE recorded the highest net inflow of millionaires globally in 2024, with 6,700 HNWIs making it their home — many of them affluent Indians.
Dubai is an important financial hub offering proximity to India, a favourable tax regime, investor-friendly regulations, and an ease of doing business that continues to attract global wealth. Additionally, UAE’s Golden Visa programme has been a significant driver for migrating millionaires, providing long-term residency options for investors, professionals, and entrepreneurs.
Recognising Dubai’s strategic importance early on, Julius Baer has long maintained a strong global NRI presence in the region since 2011. This year, we have further strengthened our team by adding several experienced bankers to better serve our expanding client base. Through our Global India platform, we enable NRIs (non-resident Indians) to invest seamlessly in both high-growth international markets and opportunities back home in India, reinforcing our commitment to their global wealth ambitions.
What are some of the prominent investment trends among NRIs, especially in the UAE, and are there specific asset classes that are becoming more popular?
NRIs in the UAE are increasingly diversifying their portfolios beyond traditional real estate, with a growing preference for financial assets, alternative investments, global equities, private equity, venture capital, and structured solutions.
There is also a rising interest in cryptocurrencies, albeit as a small allocation within broader portfolios. Additionally, with global interest rates on the rise, fixed-income investments are becoming increasingly attractive.
At Julius Baer, we recognise these evolving investment patterns and provide tailored wealth management solutions to help NRIs build globally diversified portfolios.
How does Julius Baer support Indian clients with cross-border wealth structuring, particularly when managing wealth between India, the UAE, and other countries like the US?
Our Global India franchise, combined with Julius Baer’s extensive global presence, offers a uniquely integrated approach to onshore and offshore wealth management. We are among the few banks that enable NRIs to seamlessly manage their wealth across multiple jurisdictions.
According to Knight Frank’s flagship study, The Wealth Report 2024, the number of ultra-rich Indians will rise by 50.1 per cent to 19,908 in 2028 from 13,263 in 2023. A significant proportion of this growing wealth base has financial interests spanning multiple countries, including the UAE, India, and the United States.
Managing wealth across geographies requires deep local expertise in investment regulations and estate planning. Our in-house wealth planning specialists help clients navigate these complexities by structuring their wealth for long-term security and growth.
With Julius Baer planning to expand its teams in Dubai and Singapore, what does this mean for the growing base of affluent Indians in the UAE, and how does it align with your broader strategy for global NRIs?
Dubai and Singapore have firmly established themselves as the top destinations for ultra HNWIs (UNHWIs) looking to relocate, thanks to their proximity to India, cultural ties, and strong financial ecosystems. Singapore, known for its stability and focus on long-term asset preservation and succession planning, has become a preferred hub for Indian UHNWIs setting up family offices.
With its strategic position between Europe and Asia, the UAE has become a crucial investment gateway, offering legal stability and investor-friendly regulations similar to Singapore and Hong Kong. It has also emerged as a key hub for family offices, reinforcing its position as a global wealth centre.
Indians already account for over 30 per cent of Dubai’s startup ecosystem, a number set to grow with the UAE’s Golden Visa programme, which offers 100,000 long-term residency permits. Over the next three years, family offices and HNWIs are expected to contribute $500bn to the UAE economy, driving significant financial growth.
Recognising these trends, we have been actively expanding our teams in Dubai and Singapore by strategically hiring experienced relationship managers and senior investment advisory and wealth planning experts. Strengthening our presence in these twin financial hubs is a key part of our strategy in the coming years.
The next generation of affluent Indians has different expectations. What are they looking for from their private banker?
The previous generation of wealthy Indians, particularly patriarchs, traditionally focused on physical assets like real estate, resulting in portfolios heavily weighted toward tangible investments. In contrast, the next generation — millennials and Gen Z — is taking a more diversified and dynamic approach, actively seeking exposure to private equity, venture capital, and even cryptocurrencies. Many are establishing and leading their own family offices, taking direct responsibility for investment decisions.
This generation is digital-first, impact-driven, and globally oriented in its investment approach. Beyond returns, they prioritise comprehensive financial planning, asset structuring, and estate planning aligned with their personal and professional ambitions.
At Julius Baer, we recognise this fundamental shift and integrate these evolving preferences into our advisory model.
Can you explain the concept of offshore-onshore connectivity for UAE-based Indians and how Julius Baer helps facilitate this connection?
Non-resident Indians (NRIs) have been an integral part of the UAE’s success story since the late 1970s, with many rising to become highly successful High-net-worth Individuals.
At Julius Baer, our Global India franchise is uniquely positioned to support this community. Unlike many wealth managers, we don’t just have a strong network of Relationship Managers across NRI hubs like Dubai—we also have dedicated India Connectivity Desks both onshore in India and offshore.
Our integrated RM model fosters close collaboration between onshore India and offshore teams across our four hubs Hong Kong, Singapore, Dubai and Zurich, providing clients with a seamless banking experience — an advantage that sets us apart.
Additionally, we offer access to multiple booking centres, including India, and a compelling product platform. This includes proprietary research from Julius Baer’s global research desk and exclusive in-house India-focused funds, allowing clients to capitalise on India’s high-growth market while maintaining global diversification.
What are some of the biggest challenges affluent individuals face in wealth management, and how can private banks help?
Affluent individuals today navigate a highly globalised world — running businesses in one country while their children study or work in another. This lifestyle presents significant challenges in managing wealth across jurisdictions.
Another critical challenge is ensuring a smooth multigenerational wealth transfer. Families are increasingly seeking structured strategies to safeguard and transition their wealth while maintaining long-term financial security.
At the same time, identifying high-quality investment opportunities that strike the right balance between risk and reward remains a top priority in an ever-changing economic landscape.
As one of the largest wealth managers, we address these challenges by offering tailored investment solutions, multi-jurisdictional wealth structuring, and exclusive private market opportunities.
Research shows that up to 70 per cent of heirs change their wealth advisors after inheriting wealth; our personalised approach helps clients optimise their wealth potential, navigate regulatory complexities, and implement long-term succession planning strategies—ensuring financial security and prosperity across generations.
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