The super-rich’s safe haven that is defying the global downturn UAE was the strongest growing market for private wealth in 2022. Signature Cocktails Collection Dubai has defied a global downturn in the fortunes of the super rich after becoming a haven for Russian money. The United Arab Emirates was the strongest growing market for private wealth in 2022, with assets under management hitting half a trillion dollars.

The United Arab Emirates was the strongest growing market for private wealth in 2022, with assets under management hitting half a trillion dollars.

The region was the biggest beneficiary of a rush of Russian assets from Europe after sanctions were imposed on Vladimir Putin’s regime in the wake of the Ukraine war. The UAE also attracted a wave of cash from elsewhere in the Middle East, Asia Pacific and Africa.

Financial wealth in the Emirates is expected to hit $800bn (4629bn) in 2027 with an annual growth rate of almost 10pc, according to a new report by Boston Consulting Group (BCG). The consultancy added that Russia was a particular source of this growth.

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