HSBC’s Dubai wealth centre aims to serve the growing number of millionaires in the UAE, with over 130,000 currently residing/ Image: HSBC via The National
HSBC, Europe’s largest bank by total assets, is expanding its footprint in the UAE with the opening of a dedicated wealth centre in Dubai. This new facility at the bank’s flagship Jumeirah branch marks a strategic move to capture a larger share of the region’s booming wealth and asset management business, amid an influx of millionaires moving to the UAE. The move comes at a time when the UAE is solidifying its position as a global hub for high-net-worth individuals, attracting more millionaires than any other country worldwide. HSBC’s new wealth centre is designed to cater to the growing number of affluent clients in the region, offering a premium environment for wealth management consultations, bespoke financial solutions, and exclusive networking events.
A new hub for high-net-worth clients
HSBC’s newly inaugurated wealth centre in Dubai is tailored for the bank’s premier and high-net-worth clients. The centre offers a private, exclusive space where clients can meet with specialist relationship managers, consult on asset management, and receive personalized services to grow, manage, and protect their wealth. The facility also includes an event space, which will host various exclusive functions such as seminars, educational sessions, and networking events, further fostering an atmosphere of financial empowerment for wealthy clients. The opening of this centre aligns with HSBC’s broader strategy to expand its wealth management offerings globally. The bank has already launched similar wealth centres across markets in China, Hong Kong, Taiwan, the U.K., Malaysia, and Mexico. With these international hubs, HSBC is seeking to provide clients with seamless global connectivity, offering solutions that allow them to efficiently manage liquidity, currency transactions, and asset allocation across multiple regions. “We are making our biggest investment in our international wealth and premier banking business in the last two decades,” said Dinesh Sharma, Head of International Wealth and Premier Banking for the Middle East, North Africa & Turkey. “This wealth centre is the first in a series of investments to establish the UAE as a key wealth hub in our global network.”
The UAE: A global magnet for millionaires
The opening of HSBC’s wealth centre is happening amid the UAE’s surge as the world’s top destination for millionaires. According to Henley & Partners’ wealth migration data, the UAE is set to attract a record 9,800 new millionaires in 2025. This influx is expected to bring in a staggering $63 billion (Dh231 billion) of investable wealth. This follows a trend from 2024, where the UAE welcomed 6,700 millionaires, maintaining its top spot globally. “The UAE has become the world’s top destination for wealthy investors and entrepreneurs,” said Mohamed Al Marzooqi, Chief Executive of HSBC Bank Middle East. “Measures like long-term residency and tax benefits have created a conducive environment for wealthy individuals, expanding a client base that aligns directly with HSBC’s expertise in wealth management and cross-border banking.” Currently, the UAE is home to approximately 130,500 millionaires, 325 centi-millionaires (those with $100 million or more in liquid assets), and 28 billionaires. Dubai, in particular, remains the epicentre of wealth and investment, solidifying its reputation as a global wealth hub.
Growth despite regulatory challenges
While HSBC is making significant investments in the UAE, the bank recently faced scrutiny over regulatory issues in the region. Reports from Bloomberg and the Financial Times revealed that HSBC had to let go of over 1,000 wealthy clients across the broader Middle East, amid investigations into high-risk clients. These included individuals from Lebanon, Egypt, and Qatar, many of whom held assets exceeding $100 million. Despite these challenges, HSBC has reaffirmed its commitment to the UAE and the broader Middle East region. Dinesh Sharma emphasized that the region remains a cornerstone of HSBC’s global growth strategy. “The Middle East, North Africa, and Turkey (MENA) region generated 37% of our total revenue in the Middle East business in 2024,” Sharma noted. “It also accounted for 13% of HSBC’s overall international wealth and premier banking revenue last year.” The UAE, in particular, ranks among HSBC’s top five markets globally, underscoring the importance of the region to the bank’s future growth. The creation of the new wealth centre is a direct response to the expanding market demand in the region. “We are investing heavily in infrastructure, products, and people to cater to the growing needs of the affluent population here,” Sharma said. “In fact, the wealth of the UAE has been growing by over 20% in the past three years, reaching over $700 billion in personal financial assets.”
A strategic step forward for HSBC
The launch of this new wealth centre also highlights HSBC’s long-term vision for the region. As part of its growth strategy, the bank is considering further wealth centre locations, with Abu Dhabi being a potential candidate for a future site. The UAE’s favorable regulatory environment, tax advantages, and its strategic position as a gateway to the broader Middle East, Africa, and South Asia have made it an attractive market for both family offices and institutional investors alike.“We’ve seen a historic influx of millionaires into the UAE,” Sharma noted. “For the past decade, we’ve primarily seen millionaires from India, but now we are also seeing significant interest from China. Last year, China was the fourth-largest real estate investor in the UAE, accounting for 9% of all real estate transactions.”In addition to the notable presence of Indian and Chinese investors, the UAE is also drawing significant numbers of millionaires from other regions. According to The National, over 20% of the new wealth in the UAE comes from other Middle Eastern markets, while 14% originates from Russia and the Commonwealth of Independent States (CIS). The UK and Europe account for 12% of the influx, reinforcing the UAE’s status as a global magnet for wealthy investors across diverse nationalities. Go to Source
