Dubai, UAE: Entrepreneurs in the UAE are second most likely to operate internationally or be in the process of expanding abroad (86%), behind Hong Kong (96%) and ahead of global counterparts, according to HSBC’s Global Entrepreneurial Wealth Report.

The Global Entrepreneurial Wealth Report 2023 (GEWR) surveyed almost 1,000 entrepreneurs across nine markets including the UAE, US, UK, India, Hong Kong and mainland China, with investable assets ranging from US$2 million to more than US$20 million. Two-thirds of entrepreneurs in the UAE were found to come from a family business background.

The study found that UAE business owners are among the most international entrepreneurs with the majority eyeing Europe (55%) for expansion over the next three to five years, followed by Middle East (42%), North America (32%) and Asia (23%). Access to direct investments, real estate opportunities and operational efficiency are key factors driving wealthy entrepreneurs’ decisions when it comes to international growth.

Farzad Billimoria, Head of Global Private Banking, UAE, HSBC Middle East said: “It is no surprise that entrepreneurs and family business owners based in the UAE have a global outlook. The country’s strategic location, pro-entrepreneurial policies, advanced infrastructure, and market access encourages global outreach and expansion, helping businesses secure profit margins and increase customer base.”

UAE is also home to the highest number of globetrotting entrepreneurs in the world, followed by India. 64% of UAE-based entrepreneurs live a global life, with minimum two and maximum six locations they call home. Compared to that the most domestically based entrepreneurs are found in the US (78%) and France (65%).

“While operating across borders can bring complexity, it also offers endless possibilities, be it the ability to raise a family in many different countries and cultures, access to new markets for business or a broader range of investment opportunities,” added Billimoria.

More than half (56%) of UAE respondents say they want their wealth used for philanthropic causes and sustainable investing.

Richard Van Der Meer, Head of Commercial Banking, UAE, HSBC Middle East, said: “We are seeing this trend when talking to our clients, as corporates and family conglomerates in the UAE are increasingly expanding internationally. They often expand first within the region with Saudi being a key growth market, but increasingly now also look to Asia, Europe and the Americas. We are very excited about this opportunity and with HSBC’s strong network spanning over 50 markets, we are able to support and often accelerate our clients’ international growth plans."

Almost one-third of UAE’s wealthy have yet to discuss succession plans with their families. About 13% said they don’t plan on ever broaching the subject.

Media enquiries to:       
Farah Farooq                             
farah.farooq@hsbc.com
Ahmad Othman                        
ahmad.othman@hsbc.com

About HSBC in the MENAT region

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$71bn as at 31 December 2022. www.hsbc.ae