Lombard Odier & Co. Limited, a Swiss bank specializing in wealth management, presented the findings of its 2024 study on expatriates in the UAE during a roundtable with media professionals in its office in the Dubai International Financial Center. The study focused on the needs, goals, and experiences of high-net-worth expatriates living in the region.
The study revealed that more than 40% of expatriates from Western countries are attracted to the UAE for its high quality of life and investment opportunities. Young high-net-worth individuals move to the region primarily for business purposes, such as taking advantage of the regulatory or legal framework or starting a business. The survey conducted with 150 wealthy expatriates living in the UAE identified challenges in moving wealth across borders, including finding suitable wealth managers, language barriers, and concerns about market fluctuations.
Expatriates expressed a desire for private banking services tailored to their needs and helping them adapt to the region’s regulatory landscape. They also showed a growing interest in responsible investments and sustainable real estate. There is also a demand for advanced wealth management services and expertise to navigate local regulations and wealth planning procedures. Private banks are seen as trusted partners to provide guidance on wealth management and taxation.
Amer Malik from Lombard Odier Bank emphasized the need for experienced advisors to help high-net-worth individuals enhance their knowledge and experience in wealth management and taxation in the UAE. The bank is committed to providing specialized solutions to meet the needs and goals of their clients and help them make the most of the financial opportunities in the region.
In conclusion, Lombard Odier & Co. Limited’s 2024 study on expatriates in the UAE provides valuable insights into the needs and preferences of high-net-worth expatriates living in the region. The findings highlight that private banking services tailored to their specific needs are highly sought after by expatriates looking to manage their wealth effectively while navigating local regulations and market fluctuations.
