Latest news with #NielsZilkens
Gulf Insider
a day ago
- Business
- Gulf Insider
UAE's Dollar-Millionaires: Another 13,000 Join Resident Base In 2024, Says UBS
An additional 13,000 made it to the ranks of UAE's dollar millionaire resident base in 2024, according to the latest UBS 'Global wealth Report 2025', which is an increase of 5.8% from the year before. A good number of these newly created millionaire base in the UAE came about from re-locations, as has been the case for four years now. 'This year there has been some significant movement in the number of millionaires in many of parts of the world, both upwards and downwards,' according to the Swiss bank's findings. 'In 2024, Turkey stands out from the crowd thanks to an 8.4% increase in its number of dollar millionaires over 2023, equivalent to a boost of roughly 7,000 people in a single year. The UAE (had) a rise of 5.8% in millionaire numbers, thanks to approximately 13,000 new entrants in this category.' 'Having looked at long-term trends, we concluded that wealth is far from static.' In the UAE, that's been the case. Banking and property market sources talk about the multi-million dollar deals that have been shaping the UAE investment landscape. The property firm Knight Frank in a recent report points to the influx of Saudi, Indian, Chinese and UK high networth individuals committing sizable investments in the UAE. At some locations such as Jumeira Bay island, the deal sizes are getting bigger. There are an estimated 240,343 dollar-millionaires in the UAE with a combined $785 million. Saudi Arabia, according to UBS, has 339,029 dollar-millionaires, with a combined wealth holdings of $958.3 million. 'In an era marked by rapid economic shifts, increasing volatility and unprecedented market developments, understanding the trends and drivers of wealth creation is more crucial than ever,' said Robert Karofsky, co-President of UBS Global Wealth Management. In the UAE, around 62% of gross wealth is allocated to financial assets, and it's almost 58% in Saudi Arabia. Assets such as real estate as well as land make up about 48% of what the super-rich spend on in both the prime GCC markets. (Debt levels among these investors is close to 9% in the UAE and 'only 5.7% in Saudi Arabia, one of the lowest levels in our sample of 56 countries', according to UBS.) Niels Zilkens, Head Wealth Management Middle East at UBS Global Wealth Management, said: 'Saudi Arabia and the UAE are not only seeing rising millionaire numbers, but also meaningful gains in median wealth – especially in the UAE, where it rose over 23% since 2020. 'With a combined $122 billion in expected wealth transfers ahead, both markets are entering a pivotal phase of generational transition.'
Mid East Info
07-04-2025
- Business
- Mid East Info
UBS recognized as 'The Middle East's Best for Family Office Services' in Euromoney's 2025 Private Banking Awards - Middle East Business News and Information
7 April 2025 UBS received 22 awards across various categories, including 'The Middle East's Best for Family Office Services,' 'Saudi Arabia's Best for Family Office Services' regionally, and 'The World's Best for Family Office Services' and 'The World's Best for Next Gen' internationally. Dubai, 7 April 2025 – UBS has been named 'The Middle East's Best for Family Office Services' and 'Saudi Arabia's Best for Family Office Services' in Euromoney's Private Banking Awards 2025. The awards, presented at a ceremony in London, reflect UBS's unwavering commitment to providing exceptional wealth management advice, services, and solutions to its clients in the Middle East and beyond. 'With an established presence in the Middle East for 60 years, the award is a testament to our deep roots and strong relationships in the region,' said Niels Zilkens, Head WM Middle East, UBS Global Wealth Management. 'It reflects the trust we have built with our clients over time and our commitment to excellence in providing best-in-class wealth management solutions for our current clientele and for generations to come.' 'Our global family office clients, many of whom are based in the region, seek institutional-grade solutions, including direct access to the trading floor, bespoke financing solutions, tailored asset management capabilities, and global banking services. The award echoes the value that our most discerning private clients place on our dedicated coverage model,' added Adonis Michaelides, Head Global Family Office and Institutional Wealth Middle East, UBS Global Wealth Management. In addition to these regional and global recognitions, Iqbal Khan, Co-President of Global Wealth Management, was honored as 'The World's Best Private Banker.' This accolade highlights his leadership and commitment to delivering unparalleled client service and shaping the future of global private banking. The Euromoney Private Banking Awards are one of the most highly recognized annual awards programs for the private banking sector. For over 20 years, the programme has recognised the best of the best in private banking, celebrating the achievements of outstanding banks and bankers worldwide. With hundreds of banks entering the awards from more than 100 countries, the Euromoney Private Banking Awards are one of the most comprehensive award programmes in the industry. Links UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. UBS manages 6.1 trillion dollars of invested assets as per fourth quarter 2024. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). UBS AG Media contact Switzerland: +41-44-234 85 00 UK: +44-207-567 47 14 Americas: +1-212-882 58 58 APAC: +852-297-1 82 00
Zawya
03-04-2025
- Business
- Zawya
UBS recognized as 'The Middle East's Best for Family Office Services' in Euromoney's 2025 Private Banking Awards
UBS received 22 awards across various categories, including 'The Middle East's Best for Family Office Services,' 'Saudi Arabia's Best for Family Office Services' regionally, and 'The World's Best for Family Office Services' and 'The World's Best for Next Gen' internationally. Dubai – UBS has been named 'The Middle East's Best for Family Office Services' and 'Saudi Arabia's Best for Family Office Services' in Euromoney's Private Banking Awards 2025. The awards, presented at a ceremony in London, reflect UBS's unwavering commitment to providing exceptional wealth management advice, services, and solutions to its clients in the Middle East and beyond. 'With an established presence in the Middle East for 60 years, the award is a testament to our deep roots and strong relationships in the region,' said Niels Zilkens, Head WM Middle East, UBS Global Wealth Management. 'It reflects the trust we have built with our clients over time and our commitment to excellence in providing best-in-class wealth management solutions for our current clientele and for generations to come.' 'Our global family office clients, many of whom are based in the region, seek institutional-grade solutions, including direct access to the trading floor, bespoke financing solutions, tailored asset management capabilities, and global banking services. The award echoes the value that our most discerning private clients place on our dedicated coverage model,' added Adonis Michaelides, Head Global Family Office and Institutional Wealth Middle East, UBS Global Wealth Management. In addition to these regional and global recognitions, Iqbal Khan, Co-President of Global Wealth Management, was honored as 'The World's Best Private Banker.' This accolade highlights his leadership and commitment to delivering unparalleled client service and shaping the future of global private banking. The Euromoney Private Banking Awards are one of the most highly recognized annual awards programs for the private banking sector. For over 20 years, the programme has recognised the best of the best in private banking, celebrating the achievements of outstanding banks and bankers worldwide. With hundreds of banks entering the awards from more than 100 countries, the Euromoney Private Banking Awards are one of the most comprehensive award programmes in the industry. -Ends- Links About UBS UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. UBS manages 6.1 trillion dollars of invested assets as per fourth quarter 2024. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). UBS AG Media contact
