European and Swiss elite clubs are flocking to the United Arab Emirates, while Swiss private banks are tripling their employee count in the UAE. The country has become the preferred destination for the world’s wealthy, surpassing Singapore according to financial industry experts.
Sources in the sector indicate that the European “Changer” club for the wealthy is aiming to attract prominent business figures in Dubai, bringing them together in an influential community that connects with their European peers. Additionally, the club’s entry into Dubai coincides with the expansion of esteemed Swiss banks such as UBS, which is tripling its staff, while Lombard Odier plans to double its workforce over the next three years to serve high-net-worth individuals.
Industry watchers say that with the entry of high-profile clubs like “Changer” into Dubai, the city has gained a compelling reason for global wealth creators to move to the UAE.
Industry insiders anticipate the arrival of more exclusive clubs like “Changer” in the UAE, particularly in Dubai, in the coming months as the influx of the world’s wealthy continues. The UAE has seen a substantial net influx of millionaires in recent years, adding 4,500 millionaires last year alone, according to Henley & Partners.
In Europe, the “Changer” club is known for its support of startups through angel investments, offering financial backing in exchange for a stake in new ventures, as well as providing guidance and advice due to its members’ experience in business management. The club also provides opportunities to build strong networks with other key players such as potential partners, investors, and clients, as well as evaluating business plans and market opportunities for new companies.