Raymond Ang is the global head, private bank and affluent clients for Standard Chartered Bank, as well as its head for Greater China, wealth and retail banking.
He says: "We see cities and regions such as Hong Kong, Singapore and the UAE becoming increasingly important wealth hubs, serving the needs of the global wealthy.
"Recent data shows growing cross-border wealth in these markets. Hong Kong is projected to overtake Switzerland as the largest cross-border wealth centre by 2028, Singapore is the fastest-growing cross-border wealth centre in the world while the UAE is also fast-growing and attracting global interest as a wealth hub."
Ali Janoudi, head of new markets at Lombard Odier, says that, in terms of new wealth management hubs, the Gulf region, particularly Dubai, has demonstrated remarkable growth and resilience in recent years.
He explains: "The significant influx of wealthy individuals to the region has been a key driver of this positive performance.
“Dubai, with its strategic location, favourable tax environment, and robust infrastructure, continues to attract UHNWIs seeking lucrative investment opportunities and a stable economic environment."
This influx has led to an increased demand for sophisticated wealth management services tailored to the unique needs of this demographic.
A recent study by Lombard Odier found there was a growing demand for wealth management advisory services in the region among expats. Janoudi says: “Furthermore, the UAE’s proactive approach to strengthening its regulatory framework and combating financial crimes has significantly boosted investor confidence."
The removal of the UAE from the Financial Action Task Force grey list earlier this year underscores the country’s commitment to upholding global standards of transparency and due diligence.
This development will pave the way for growth in the UAE's banking and financial sector, attracting global investors and foreign businesses. As a result, Janoudi believes UAE-based family offices stand to gain significantly, consolidating the UAE's position as a leading hub for private wealth management.
Falling behind
According to the 60-page GFCI report, there are four key areas in which some traditional centres are falling behind.
These are:
- Regulatory Challenges: Some traditional centres are struggling with outdated regulatory frameworks that hinder innovation and adaptability.
- Competition from Emerging Centres: Newer centres are aggressively adopting green finance, digital technology, and professional development, making them more attractive.
- Economic Stability: Traditional centres in regions experiencing economic or political instability are losing ground to more stable and innovative environments.
- Talent Pool Development: Centres that do not focus on continuous professional development and flexible immigration policies are losing their competitive edge in attracting skilled professionals.
But that is not to say that all the traditional centres are losing out - just that they need to be aware of their six, because if they do not continue to innovate and use technology to improve services and products, they may be left behind.
Janoudi adds: "It is important to note that the UK and Switzerland remain top global wealth hubs, and we don’t see this fundamentally changing.
"The UK, and London in particular, continues to attract high-net-worth individuals who are drawn to its offering in terms of lifestyle, while Switzerland remains the largest centre for cross border wealth management, primarily owing to the country’s political and economic stability."
