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Global Wealth Report 2024: Growth returns to 4.2% offsetting 2022 slump

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Global Wealth Report 2024

People around the world are getting progressively wealthier – and that doesn’t just apply to those who already own great wealth. Upward wealth mobility is expected to become more pronounced by 2030 and, further out, signs of a horizontal wealth transfer emerge.

In 2023 wealth growth across the world has recovered from its 3% contraction the previous year. The contraction in 2022 was largely attributable to currency effects, i.e. a strong USD. However, the bounce back of 4.2% offset the loss from 2022, regardless of whether it is expressed in USD or local currencies, and was driven by growth in Europe, the Middle East and Africa (EMEA) at 4.8%, as well as Asia-Pacific (APAC) at 4.4%. Moreover, as inflation slowed, real growth exceeded nominal growth in 2023, resulting in inflation-adjusted global wealth growing by nearly 8.4%.

Although global wealth has been on a steady upwards trajectory since 2008, the pace of growth has lost steam in almost all markets. The latest edition of the Global Wealth Report, now in its fifteenth year, highlights the following regional and demographic themes:

• In 2023, adults in EMEA were the wealthiest on average (USD 166,000), followed by APAC (USD 156,000), and the Americas (USD 146,000), but their average wealth grew at the slowest pace since 2008 at around 41% compared to 122% in APAC and 110% in the Americas in the same timeframe.

• Overall wealth has grown fastest in APAC – by nearly 177% since 2008 – and has been accompanied by significant spike in debt, which has grown by over 192% in the same timeframe.

• Although the Americas have trailed the global wealth rebound in 2023, the United States in particular have bucked the trend of slowing growth over time, increasing their compound annual growth rate from 4% between 2000-2010, to 6% between 2010-2023.

• Negative wealth growth in USD between the start of the second decade and 2023 has only been found in Greece, Japan, Italy, and Spain.

• On an individual market level, Switzerland continues to top the list for average wealth per adult, followed by Luxembourg, Hong Kong SAR and the United States.

• The biggest wealth increases in 2023 occurred in Türkiye, Qatar, and Russia, with Türkiye leaving all others behind at a staggering growth of 157%.

• Presently, the United States, followed by Mainland China and the UK have the highest number of USD millionaires, with the US accounting for 38% of global millionaires. By 2028, according to the report’s forecast, the number of adults with wealth of over USD one million will have risen in 52 of the 56 markets analyzed, and is estimated to grow by 50% in Taiwan.

• While average wealth is significantly higher than median wealth in almost all markets included in the report’s sample, the United Arab Emirates, Germany, Switzerland, Israel, and Mexico, among others, have shown stronger growth in median compared to average wealth since 2008. This indicates that adults in lower wealth brackets have seen their wealth increase faster than those in higher brackets.

• Although inequality has tended to increase over the years in fast-growing markets, it has diminished in several developed mature economies and globally, the number of adults in the lowest wealth bracket is in constant decline, while all others are steadily expanding.

Wealth mobility and the horizontal wealth transfer

According to the report, across every wealth bracket and over any time horizon, it is consistently likelier for people to climb up the wealth ladder than slip down it. In fact, the analysis shows about one in three individuals moves into a higher wealth band within a decade and over a thirty-year timespan the chance of escaping the lowest wealth bracket rises to over 60%.

Finally, roughly USD 83 trillion are expected to be passed on within the next two decades. That is roughly the equivalent of the value of all the economic activity in the global economy in a single year. An under-explored facet of this transfer is that a notable amount of this wealth will move horizontally between spouses first, before moving to the next generation. In practice, this means a considerable transfer of wealth to women, considering their comparatively higher life expectancy. Just over 10%, about USD 9 trillion, of the great wealth transfer are expected to be passed on horizontally first, most of it in the Americas.

Iqbal Khan, Co-President UBS Global Wealth Management, said: “Wealth needs careful stewardship and managing it properly needs time, dedication and passion. As the world’s only truly global wealth manager, we understand the shifts and changes in global and local wealth and translate this into opportunities and outcomes for our clients.”

Robert Karofsky, Co-President UBS Global Wealth Management, adds: “Backed by 30 years of data, the Global Wealth Report crafts a clear picture of how wealth is created, how it’s distributed, how it transforms and how it’s transferred. It gives us deep insights and understanding that we can bring to fruit for our clients.”

Paul Donovan, Chief Economist at UBS Global Wealth Management, notes: “The world economy is embarking on a period of profound structural change. Such episodes often create significant changes in wealth patterns. At the same time, wealth is needed to finance the investment in both technology and people that will allow humanity and the planet to thrive in the brave new world. Knowing where and how wealth is held is essential to mobilizing it effectively.”

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MidChains and Standard Chartered establish strategic banking partnership

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MidChains FZE, a digital asset platform licensed by the Virtual Assets Regulatory Authority (VARA) to provide broker-dealer services to retail, institutional and qualified investors, today announced a strategic banking partnership with Standard Chartered. 

Under the partnership, Standard Chartered will support MidChains with a range of banking services, including fiat settlement capabilities, segregated client money accounts, and correspondent banking. These services will power MidChains’ day-to-day operations and enable efficient settlement. 

Rola Abu Manneh

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan, Standard Chartered, said: “The UAE has established itself as one of the world’s leading regulatory environments for digital assets and a global centre for financial activity. That creates a strong setting for regulated digital asset firms and established financial institutions to work together. Our partnership with MidChains puts that opportunity into practice, with Standard Chartered providing the banking services that support its institutional activity, including fiat settlement, segregated client money accounts and correspondent banking.” 

Basil Al Askari, Chief Executive Officer, MidChains, added: “Institutional capital moves continuously between traditional and digital markets, and the infrastructure supporting that activity must keep pace. For institutional investors, digital asset services need to connect with the banking system that supports their wider activity. Our partnership with Standard Chartered brings that connection to MidChains’ institutional services, supporting clients as capital moves between traditional and digital markets.” 

By bringing a VARA-licensed digital asset platform together with an established international bank, the partnership connects institutional digital asset activity with the banking infrastructure behind fiat settlement. It is a practical example of how the UAE’s regulated financial ecosystem can link innovation with established banking capabilities to support international business. 

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Ukrainian Business Council elects new Board to advance Ukraine–UAE trade and investment

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The Ukrainian Business Council in the UAE (UBC) elected a new Board at its General Assembly at Dubai Chamber, where members also approved a 2026–2028 strategy to strengthen trade and investment between the two countries.

Over the next three years, the Council plans to extend its trade delegation programme to new markets, deepen ties with international business councils and launch structured investment dialogues to connect UAE investors with opportunities in Ukraine. The UAE–Ukraine Comprehensive Economic Partnership Agreement (CEPA), Ukraine’s first agreement of its kind with a Gulf state, came into force in July 2026 and removes or reduces customs duties on most goods traded between the two countries.

“Ukrainian companies are achieving real results in the UAE, and we see significant untapped potential for Emirati business and investment in Ukraine. Our role is to build on this momentum: to connect the right partners, support companies at every stage of their growth and help investment flow with confidence in both directions.” commented Olena Shyrokova, President, Ukrainian Business Council in the UAE.

In 2025 and 2026, UBC led business delegations to Vienna, Qatar, Ras Al Khaimah, Fujairah, Oman and the Seychelles. It also ran webinars on UAE market entry for Ukrainian companies and business associations and supported the Ukrainian IT delegation at GITEX. Since its founding in 2016, the Council has established a dialogue with the Federation of UAE Chambers and chambers of commerce across the Emirates.

Under the new strategy, UBC will work with international business councils to give Ukrainian companies access to wider business networks in the Emirates and use the UAE as a base for trade missions to the Gulf, Asia and Africa. The Council will help Ukrainian companies in the UAE with registration, investment and expansion. It also plans to help Ukrainian investors find opportunities in the Emirates, attract Emirati investment to support Ukraine’s recovery and develop arbitration and investor protection mechanisms to build confidence in cross-border agreements.

The Council sees the strongest potential in sectors where Ukrainian strengths meet Emirati priorities: agri-food and food security, IT and digital services, renewable energy, logistics and port infrastructure, and post-war reconstruction. These are also the areas both governments have highlighted for future cooperation.

UBC works closely with the Embassy of Ukraine in the UAE and with H.E. Dr Oleksandr Balanutsa, Ambassador Extraordinary and Plenipotentiary of Ukraine to the UAE. The Council took part in the Cities Unite: Cultural and Business Exchange between the UAE and Ukraine dialogue at Expo City Dubai, initiated by H.E. Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, and the Embassy of Ukraine.

The Council will continue to support Ukrainian businesses and the wider community, helping companies expand into the UAE and encouraging UAE investment in Ukraine. Businesses, investors and potential partners interested in working with the Council can get in touch by reaching out to info@ukrainianbc.org.

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UAE primed to convert FDI inflows into economic velocity, says new report

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The UAE has built one of the world’s most successful models for attracting foreign direct investment (FDI) and is now positioned to convert that capital into lasting innovation and skill development, according to a white paper from White Paper Media Consulting (WPM), a UAE-based strategic research house that is shaping business and policy conversations in the region using credible datasets and analytical tools. 

Beyond the Numbers: The Transformative Intangible Impact of FDI argues that the real returns on FDI now lie in the intangible value it embeds within host economies, with the UAE a defining case study. The paper contends that the next phase will go beyond investment volumes, number of projects, and job creation and be measured also in patents generated, skills transferred, data ecosystems built, and clean technologies commercialized, among other things.

Official data shows that the UAE attracted more than $48.3 billion in FDI inflows in 2025, capturing 3.1% of global flows. Greenfield FDI reflected both volume and capital depth, with 1,562 projects announced for a combined $34.1 billion in capex, or 1.8% of the global total.

The country’s ability to attract investment reflects its competitiveness as a hub for operational efficiency, supply chain integration, and regional headquarters functions. The UAE has deliberately repositioned its FDI strategy toward knowledge-intensive and future-oriented sectors, recognizing that long-term competitiveness is increasingly driven by innovation, digital capabilities, and human capital. This approach aligns closely with the OECD FDI Qualities framework, with tangible examples across each dimension: including the innovation and competitiveness, digitalization and technology adoption, sustainability and clean energy investments for climate targets, and human capital and local expertise.

Drawing on the OECD framework and benchmarks from Ireland, Singapore, Israel, Costa Rica, and Malaysia, the report documents how leading economies have shifted focus from the volume of capital they attract to the long-term value it creates. In the context of UAE, this is visible in the shift in the country’s policies across phases that begin with the Foundation Phase from 1985 to 2005 of Market Liberalization and Infrastructure Creation, culminating in the current positioning as Global Capital and Technology Hub.

The shift to value in the UAE has made a huge difference to the job-creation intensity of FDI. Approximately 2,816 jobs were created in the UAE for every billion dollars received in greenfield FDI in the five years from 2019 to 2023, compared to 2,265 in the previous five years. This is higher than the OECD average of 2,318 and 1,880 respectively.

The paper identifies seven ongoing policy shifts that deepen the qualitative impact of FDI in the UAE, including extending spillovers from free zones into the mainland economy, prioritizing R&D-intensive investment, embedding skills transfer requirements in major projects, and positioning the country as a global leader in IP creation and data governance.

Yazad Darasha, co-founder and director, WPM, said: “As trusted partners of public and private sector clients, we have tracked the UAE’s investment story for years, and the pattern is unmistakable. The country has positioned itself at the front of the race for capital. What we set out to map in this paper is the harder, more valuable contest: converting investment into skills, technology, and economic velocity. It reflects what we do at White Paper Media, turning complex evidence into decisions leaders can act on.”

Dr. Joachim Arnold, CEO of OCO Global, which advises governments and businesses on attracting FDI, building competitiveness, and strengthening economic resilience, and contributed to the study, said: “The UAE’s infrastructure, free zones, and business-friendly environment helped attract companies and drive growth. The National Investment Strategy 2031 signals a more deliberate focus on investment that raises productivity and embeds benefits into the wider economy. The question is no longer only how to attract capital, but how investment creates lasting value, strengthens existing companies, and helps domestic businesses upgrade their capabilities.”

The paper highlights live examples of this transition already underway, among them the Space42 and ICEYE joint venture building satellites on UAE soil, Microsoft’s $15.2 billion investment plan with a commitment to skill one million people, and the UAE’s $30 billion pledge to the Alterra climate fund.

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