UAE ranks among top 3 countries for quality of life: HSBC report

The United Arab Emirates ranks among the top three markets for quality-of-life satisfaction among wealthy investors, according to a new HSBC report cited by Khaleej Times.

The survey found that 83% of investors in the UAE were satisfied with their quality of life, compared with 75% of respondents globally.

How does the UAE rank for quality-of-life satisfaction?

The UAE ranked among the top three of the 10 markets surveyed, alongside Mexico and India. Its satisfaction rate of 83% was eight percentage points above the global average.

Twenty-six percent of UAE respondents rated their quality of life a perfect 10 out of 10, matching the highest share recorded in any market. The global average was 15%.

How many investors did the HSBC survey cover?

The survey covered 9,993 affluent and high-net-worth investors across 10 countries, including 703 respondents in the UAE.

HSBC released the findings on Thursday alongside its inaugural UAE Wealth Investment Summit in Dubai.

How confident are wealthy investors in the UAE about their financial future?

Wealthy investors in the UAE reported greater confidence in meeting their financial goals than respondents globally.

The survey found that 87% of UAE investors were confident of meeting their short-term financial goals, while 81% were confident of achieving their long-term goals.

It also found that 21% of UAE investors were launching, acquiring or investing in a new business venture, compared with 17% globally.

Craig Worobec, HSBC’s head of wealth and premier solutions for the Middle East and UAE, said more investors were choosing to manage their international wealth from the UAE, attracted by the country’s business-friendly framework for wealth management.

“Our role is to give them access to global investment opportunities, with planning that adapts as their goals change,” he said.

How are UAE investors planning to pass on wealth to future generations?

Among investors planning to leave a legacy, 32% said they wanted to provide their heirs with capital to start or expand a business. This was the highest proportion among the 10 markets surveyed, compared with a global average of 24%.

Nearly all UAE respondents with children (98%) said they were already supporting the next generation during their lifetime. The most common approaches included opening up professional networks (39%), acting as strategic advisers (33%) and providing direct financial support (29%).

The survey also found that 82% of UAE respondents had a clear strategy for how their wealth would support their families across multiple generations, compared with 75% globally.

Meanwhile, 26% said guidance on transferring wealth between generations would help them plan with greater confidence, against a global average of 22%.