Image: Getty Images
The UAE net wealth climbed to a record $3.12tn in 2024, driven by strong gains in financial wealth and real assets, according to Boston Consulting Group’s latest Global Wealth Report 2025.
Financial wealth in the UAE rose 9.5 per cent between 2023 and 2024 to $1.15tn, up from $1.05tn a year earlier, the report showed.
Real assets grew at a faster pace of 10.2 per cent, reaching $2.18tn in 2024 from $1.98tn in 2023.
Liabilities increased 9.8 per cent to $207bn over the same period, reflecting what BCG described as steady and balanced growth.
BCG projects real assets to expand further to $3.21 tn by 2029, while financial wealth is expected to reach $1.63tn over the same period, growing at a compound annual growth rate of 7.3 per cent.
Investable wealth is forecast to rise from $942bn in 2024 to $1.34tn by 2029, at a CAGR of 7.2 per cent.
Wealth in the UAE growing steadily driven by several factors
The report said wealth in the UAE continues to grow steadily, but the drivers of that growth are shifting. Many firms still rely on market performance, mergers and acquisitions, and advisor recruitment to generate revenues.
However, BCG warned these levers alone are no longer sufficient, with internal capabilities increasingly determining which firms outperform.
“Companies that strategically prioritise advisor development, strengthen their brand identity, and embrace next-generation client strategies are outpacing their competitors, not only in revenue generation but also in achieving higher valuation multiples,” said Lukasz Rey, managing director and partner at BCG.
BCG’s analysis showed cross-border wealth in the UAE surged 11.1 per cent between 2023 and 2024, reflecting rising demand for geographic diversification and safe-haven markets.
Equities and currency and deposits were the largest asset classes in 2024, valued at $374bn and $306bn respectively, and are projected to grow to $554bn and $435bn by 2029. Bonds, though smaller at $15bn in 2024, are the fastest-growing asset class, expected to reach $25bn by 2029, with a CAGR of 11 per cent.
Life insurance and pensions stood at $24bn in 2024 and are projected to rise to $32bn by 2029, while other assets, including alternative investments, totalled $428bn and are forecast to increase to $586bn over the same period.
According to BCG, organic growth is emerging as a central priority for wealth managers, underpinned by clearer brand differentiation, GenAI-driven client acquisition, data-led recommendation systems and more tailored engagement with younger, digital-native investors.
“In the UAE’s fast-evolving wealth landscape, success will hinge on more than market momentum,” said Mohammad Khan, managing director and partner at BCG. “It will depend on how effectively firms integrate AI and human insight to deliver hyper-personalised client experiences.”
