The Head of Global NRI at Julius Baer discusses Dubai’s growing appeal for wealthy Indians and the future of cross-border wealth management
Dubai’s emergence as a preferred destination for high-net-worth Indians is reshaping the wealth management landscape. Kunal Sumaya, Head of Global NRI at Julius Baer, outlines key trends, including the increasing demand for cross-border investment solutions and the evolving needs of next-generation investors, reported gulfbusiness.com.
Dubai’s tax advantages and Golden Visa drive NRI investments
The UAE, especially Dubai, has become a magnet for wealthy Indians seeking business expansion, global market access, and long-term residency. According to Henley’s Private Wealth Migration Report 2024, the UAE led the world in attracting millionaires, with 6,700 high-net-worth individuals relocating there—many of them affluent Indians.
“Dubai’s investor-friendly policies, proximity to India, and the Golden Visa program offering long-term residency have made it a strategic wealth hub,” Sumaya said. Julius Baer has strengthened its Global India platform in response, enabling NRIs to manage investments seamlessly across India and global markets.
Diversification beyond real estate
NRIs in Dubai are moving beyond traditional real estate investments toward financial assets like global equities, private equity, venture capital, and fixed-income products. There is also a rising interest in cryptocurrencies, though as a small portfolio allocation.
“With rising global interest rates, fixed-income investments are becoming particularly attractive,” Sumaya added, highlighting Julius Baer’s tailored solutions for diversified portfolios.
Cross-border wealth structuring and the green card backlog
Managing wealth across multiple jurisdictions, especially between India, the UAE, and the US, remains a key challenge for affluent NRIs. According to Knight Frank’s Wealth Report 2024, the number of ultra-rich Indians is projected to rise by 50.1% by 2028.
Julius Baer’s integrated approach, combining onshore and offshore wealth management, helps clients navigate complex regulations and long-term estate planning. “Our in-house wealth planning specialists assist in structuring wealth for security and growth across borders,” Sumaya said.
Expanding in Dubai and Singapore
Recognizing the growing importance of the UAE and Singapore, Julius Baer is expanding its teams in both regions. “Family offices and high-net-worth individuals are expected to contribute $500 billion to the UAE economy over the next three years,” Sumaya noted.
The bank is enhancing its advisory capabilities to support the evolving needs of affluent Indians, particularly as the next generation prioritizes digital solutions, impact-driven investments, and greater financial control.
A new generation of investors
The younger generation of Indian investors differs significantly from their predecessors. While older clients favored physical assets like real estate, millennials and Gen Z investors are embracing private equity, venture capital, and digital assets.
“This generation is digital-first and globally oriented, seeking comprehensive wealth planning and innovative investment opportunities,” Sumaya said. Julius Baer’s personalized advisory model caters to these shifting preferences.
Facilitating onshore-offshore connectivity
Julius Baer’s Global India franchise offers a seamless connection between onshore India and offshore hubs like Dubai, Singapore, Hong Kong, and Zurich. This integrated relationship model allows clients to manage wealth across jurisdictions while accessing proprietary research and India-focused funds.
“Our holistic approach ensures clients can capitalize on India’s high-growth market while maintaining global diversification,” Sumaya concluded.
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