Dubai International Financial Centre Cements Position as Global Family Wealth Hub
DIFC Family Wealth Center: Home to over 440 registered foundations and 600 entities connected to top family businesses.
Global Wealth Hub: DIFC houses 120 of the world’s wealthiest families, with their combined net worth exceeding USD 1 trillion.
Wealthiest City Ranking: Dubai is ranked first in the MEASA region and among the top 22 cities globally for its wealthy population.
New Regulations: Updated DIFC Family Arrangements Regulations enhance privacy with a Private Registry option.
Single Family Offices Growth: An 81% increase in single-family offices at DIFC in 2023.
Holding Companies: A 12% year-on-year increase in holding companies in 2023.
Comprehensive Wealth Guide: DIFC's new guide, "Prosperity Across Generations," offers wealth management and succession planning insights.
Major Financial Hub: DIFC is a critical financial link between London and Singapore, with a workforce of over 41,500.
First Family Wealth Center: DIFC launched the world’s first Family Wealth Center to support family businesses globally.
Economic Impact: Family businesses in UAE contribute to 60% of the GDP, showcasing the economic significance of this sector.
Dubai International Financial Centre (DIFC) has solidified its position as a global hub for family businesses, attracting significant wealth management activities and hosting over 440 registered foundations. Its pivotal role is underscored by its appeal to more than 120 of the world's wealthiest families and individuals, collectively worth over USD 1 trillion, cementing Dubai’s status as a leading wealth center globally.
In 2023, DIFC witnessed a remarkable 81% increase in single-family offices, complemented by a 12% rise in holding companies, reflecting its growing prominence as a safe and robust ecosystem for managing substantial family wealth. This growth is supported by the newly enhanced DIFC Family Arrangements Regulations, which now offer greater privacy through a Private Registry, addressing the discreet needs of affluent families.
The guide's introduction, "Prosperity Across Generations," marks a significant step in empowering families with essential knowledge and tools for effective wealth governance and succession planning. This initiative supports wealth preservation and ensures its beneficial transition across generations.
DIFC stands as the deepest financial corridor between London and Singapore. The financial hub’s workforce of over 41,500 and the operation of more than 5,500 registered companies underscore its capability to handle substantial economic activities, making it an attractive location for family wealth.
Last year, DIFC launched the first-ever Family Wealth Center in the world, aimed at advancing and expanding its thriving ecosystem for global family wealth. This center plays a crucial role in future-proofing growth ambitions and succession plans for family businesses in Dubai and globally.
As Dubai continues to excel in its offerings to high-net-worth individuals and their enterprises, DIFC remains at the forefront of innovation and security in wealth management. The center’s efforts are further complemented by strategic alliances, such as the recent MOU with STEP Arabia, which enhances the advisory services provided to family businesses aiming for multi-generational success.
The societal and economic impacts of these family businesses are profound. They contribute significantly to the UAE’s GDP and employment, proving that DIFC’s strategy not only fosters individual family growth but also supports the broader economic framework of the UAE.