HSBC to Open Wealth Centre for Affluent Clients in Dubai
HSBC, Europe’s largest bank by assets, is setting up a new wealth centre in Dubai as it seeks to capture a bigger share of the United Arab Emirates’ fast-expanding wealth and asset management sector amid a record influx of millionaires.
Dinesh Sharma, HSBC’s head of international wealth and premier banking for the Middle East, North Africa and Türkiye, told The National that the bank remains fully committed to the region, particularly the UAE, which ranks among its top five global markets.
“As part of our Middle East wealth strategy, we recognise the importance of the UAE,” Sharma said. “Over the next three to four years, we are making the largest investment we’ve undertaken in two decades, focusing on four pillars: infrastructure, people, talent and marketing. We see the UAE positioning itself as a global wealth hub, and our investments are aligned with that vision.” Sharma did not disclose the size of the planned investment.
Wealth Surpasses $700 Billion in the UAE
The new wealth centre will be based at HSBC’s flagship Jumeirah branch. Sharma described the initiative as a natural step given the “historic influx of millionaires into the market.” He noted that personal financial assets in the UAE have surged more than 20 per cent over the past three years, now exceeding $700 billion.
According to Sharma, India has been the largest source of new millionaires in the UAE over the past decade, accounting for about 31 per cent, followed by other Middle Eastern markets at 20 per cent, Russia and the CIS at 14 per cent, and the UK and Europe at 12 per cent. “We are also seeing a growing wave of Chinese investors,” he added, pointing out that China was the fourth-largest real estate investor in the UAE last year, responsible for 9 per cent of transactions.
Number of Millionaires Tops 130,000
Overall wealth growth has pushed the number of millionaires in the UAE to more than 130,000. The new centre will provide HSBC’s premier and high-net-worth clients with a dedicated space to meet and consult with relationship managers. International wealth management and premier banking services remain at the core of HSBC’s UAE strategy, in a market that is the Arab world’s second-largest economy.
HSBC joins a roster of global banks and asset managers that have expanded operations in the UAE in recent years, turning the country into a magnet for international wealth migration. Investor-friendly reforms and the UAE’s role as a gateway to the Middle East, Africa and South Asia have helped attract major family offices, private banks and global financial institutions.
A report by Henley & Partners and New World Wealth projects that the UAE will draw a record 9,800 relocating millionaires in 2025, building on the estimated 81,200 millionaires and 20 billionaires already residing in Dubai as of 2024.
Scrutiny Over Client Base
HSBC has recently faced reports that it dropped more than 1,000 wealthy clients in the region as regulators increased scrutiny of high-risk accounts. Bloomberg and the Financial Times reported that the bank cut ties with individuals from markets such as Lebanon, Egypt and Qatar, some with assets exceeding $100 million.
Despite the move, Barry O’Byrne, HSBC’s chief executive for international wealth and premier banking, stressed that the bank remains “absolutely committed” to both its Middle East and Swiss wealth businesses and is pursuing significant growth in the region.
Sharma added that the Middle East, North Africa and Türkiye account for a vital share of the group’s overall revenues, generating 37 per cent of HSBC Middle East’s total revenue in 2024 and 13 per cent of its global wealth and premier banking revenue.
Looking ahead, Sharma said HSBC intends to expand further by opening additional wealth centres in the region, with Abu Dhabi under consideration as a potential location.