UAE Entrepreneurs Top Global Confidence Rankings, HSBC Survey Finds

UAE, 15 November, 2024 : According to HSBC’s latest Global Entrepreneurial Wealth Report 2024, 98% of entrepreneurs in the UAE are confident their businesses will thrive, one of the highest levels globally, despite geopolitical uncertainty and macroeconomic challenges. The survey also found that 95% expect their personal wealth to increase in the coming years.

The optimism stems from strong investment portfolio performance, business opportunities, technological advancements, and diversified business models. The report surveyed over 1,800 entrepreneurs across 10 markets, including the UAE, with investable assets of over $2 million or a net worth exceeding $20 million.

UAE entrepreneurs are highly mobile, with 65% living in more than one location each year, compared to the global average of 53%. For those looking to move assets or businesses, Saudi Arabia, the UK, and the US are top choices.

Farzad Billimoria, Head of Global Private Banking at HSBC Bank Middle East, highlighted that UAE entrepreneurs are driven by personal passions and lifestyle preferences, though many lack succession or wealth transfer plans. He emphasized the importance of professional wealth planning to ensure long-term legacy preservation.

The survey also revealed that 86% of UAE entrepreneurs are confident in the country's pro-business environment, citing favorable regulations, laws, and tax policies. Richard Van Der Meer, Head of Commercial Banking at HSBC Bank Middle East, noted that the UAE’s policies are fostering a thriving entrepreneurial ecosystem, particularly in the tech sector, with digital solutions supporting business growth and international expansion.

Source : www.zawya.com