UAE Set To Attract 50,000 Millionaires Over Five Years, Says Wealthbrix Capital CEO

The UAE is poised to attract up to 50,000 new millionaires over the next five years - exceeding projections by global think tanks, according to Rajesh Khanna, CEO of Wealthbrix Capital Partners.

“We are very happy to see the number of 9,800 millionaires coming to the UAE this year because the market was expecting a slightly smaller number. But with this updated projection coming from Henley & Partners, and when compared to UBS' earlier estimate of 30,000 wealthy individuals relocating over the next five years , I am very convinced that this number could reach 45,000 to 50,000 by the end of that period,” Khanna told Khaleej Times in an interview.

Wealthbrix Capital Partners, a newly launched independent wealth management firm, is focusing on “mid-tier millionaires” with investable assets ranging from $5 million to $30 million (Dh18.35 million to Dh110 million).

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“These are the people who have got a pool of $55 trillion of total assets under management, globally. This segment is growing the fastest in the Middle East and Asia, and it is underserved by a lot of the traditional wealth management players,” Khanna explained.

Highlighting the rising demand for tailored financial solutions, he said:“In today's world, personalisation and customisation are crucial. Clients looking for these kinds of services are growing at 15 to 30 per cent per year in terms of their wealth .

"At the same time, they are expecting much more from their traditional wealth managers. But the fact of the matter is that a lot of the traditional wealth managers are approaching this subject with a one-size-fits-all approach."

"What we're offering is access to a full multi-cuisine kitchen, not just a fixed menu. That approach opens up a broader range of options and gives clients a far greater sense of trust and confidence that they're in the right hands," he further explained.

Founded by a team of seasoned professionals from private banking and asset management backgrounds, Wealthbrix Capital brings together over 150 years of combined experience and a track record of managing over $30 billion (Dh110 billion) in assets across clients in the Middle East, Asia, and Europe.

Headquartered at the Dubai International Financial Centre (DIFC), the firm is led by chairman Dr Hamad Buamim, vice-chairman Suvo Sarkar, and CEO Rajesh Khanna.

“This is the Dubai moment - an inflection point where global capital, regional ambition, and client expectations are converging,” said Buamim.

Wealthbrix has entered the market as a well-capitalised institution, having secured an eight-figure US dollar equity investment from a strategic mix of global investors, including family offices, a venture capital firm, and angel investors from both the region and abroad.

Khanna highlighted the supportive regulatory environment in the DIFC as a key factor enabling growth in asset management.

“There is a big opportunity for asset management because regulation and the regulators are very supportive of these wealth managers coming in and domiciling these funds in the DIFC,” he said.

"We're tied very well with the broader vision of the regulator and the authorities. We will be launching different funds. By the end of this month or beginning of August, we'll be launching our first fund, and then there is a roadmap that we chalked out to launch 2-3 funds over a couple of months,” he added, noting:“We think globally, but operate locally, drawing on the deep expertise we bring to the region."

Wealthbrix aims to reach $7 billion in assets under management within five years.

Khanna also noted that a growing number of family-owned businesses are relocating to the UAE, either in full or by establishing regional arms.

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