In 2024, the UAE continues to shine as a financial haven for expatriates, with 95% reporting an improved financial position compared to the previous year. Key factors contributing to this financial uplift include salary growth (55%), enhanced investment portfolio performance (35%), real estate investments (30%), and expanding pension pots (20%). These figures come from the annual Worldwide Wealth Survey conducted by Hoxton Capital Management.
This positive financial outlook reflects the UAE’s economic stability, particularly as salaries are forecasted to outpace inflation, driven by strong demand for skilled professionals and overall economic expansion. Mercer’s study supports this, noting the UAE's ability to attract and retain top talent in competitive industries.
Most expats (85%) initially moved to the UAE for better employment opportunities and an enhanced quality of life. As they settle, financial priorities shift toward savings accumulation (60%), investment strategies (45%), and property transactions (40%). Retirement planning also remains a key focus for 25% of expats, while a smaller portion (5%) prioritizes debt reduction.
Despite rising living costs, UAE expats display resilience, frequently reviewing their investment portfolios—45% do so on a weekly or monthly basis. Financial management is also tech-driven, with 60% using apps to track their wealth, significantly higher than the global average of 46%. Interestingly, while many embrace technology, over half still rely on traditional methods like spreadsheets or manual tracking, highlighting a gap in tech solutions tailored to their needs.
The UAE's proactive financial ecosystem fosters a unique environment where expats can thrive, managing diverse portfolios while benefiting from robust economic policies. This positions the UAE as an attractive destination for international professionals seeking financial growth and stability.
This survey not only underscores the UAE’s growing appeal but also presents an opportunity for wealth managers to offer tailored financial solutions to an evolving and tech-savvy expat community.
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