Asian wealth managers are increasingly establishing themselves in Dubai, drawn by improved diplomatic ties with China and the Middle East. This trend is fueled by growing client demand for diversification, making Dubai the preferred hub for entrepreneurs and affluent families from Asia, especially China, due to favorable policies and business expansion opportunities.

One prominent player in this shift is Noah Holdings, a leading Chinese wealth manager overseeing approximately $23 billion in client assets. The company, led by its Chief Financial Officer, Qing Pan, plans to secure a business license in Dubai by the end of the year. The strategic move aims to cater to Chinese entrepreneurs establishing businesses in the Middle Eastern market. Pan emphasizes Noah’s commitment to aligning with the growth of clients’ wealth, necessitating a Dubai presence to manage locally generated wealth. The Middle East’s increasing significance for Beijing, coupled with the post-COVID economic rebound, neutral political stance, ease of doing business, and tax-free status, has drawn a considerable number of wealthy individuals to the region. While Hong Kong and Singapore were previously favored as offshore wealth hubs, clients are now diversifying into other markets to explore new investment opportunities. Despite a global decline in high-net-worth individuals (HNWI) in 2022, the Middle East experienced a 2.8% increase in the HNWI population, prompting wealth management firms like Farro Capital and Tsang Group to establish offices in Dubai. This strategic move is designed to tap into the region’s growing wealth and investment potential, further fueled by geopolitical dynamics and Dubai’s enticing incentives, including the ‘golden visa’ system.