A growing number of Swiss family offices — private entities that manage wealth for the ultra-rich — are relocating or expanding to Dubai, driven by tightening regulations and political uncertainty in Switzerland, according to the Financial Times.
Ronald Graham, managing partner at Taylor Wessing’s Dubai office, said two major family offices — including one managing billions in assets — have expressed interest in moving to the United Arab Emirates, with one having already completed the transition. “Dubai family offices are not subject to the same standards [as Swiss ones]; they can be more private — that’s more attractive to the world’s wealthy,” Graham told the Financial Times.
Unlike Switzerland, where managing wealth for more than 20 family members or exceeding certain asset thresholds triggers strict licensing and regulatory requirements, Dubai offers a more flexible and less intrusive environment. Graham highlighted that even the definition of “family” is broader in the UAE, allowing wealth managers to avoid the regulatory burdens that are increasingly common in Switzerland.
Regulatory concerns aren’t the only driver of the shift. Switzerland is heading toward a national referendum on a proposed 50% tax on large inheritances and gifts. While the measure is expected to be voted down, the uncertainty it has introduced has shaken confidence among wealthy families. “The insecurity it has caused in the past two years has obviously motivated some families to reconsider Switzerland as a financial hub,” said a beneficiary of a Swiss family office.
Dubai’s allure is more than just regulatory — it also stems from its lifestyle and tax environment. The Dubai International Financial Centre (DIFC) reported that approximately 200 family offices joined its offshore hub last year, bringing the total to 800. KPMG partner Reto Gareus noted that multi-family offices are increasingly moving to the Middle East to follow clients who are themselves relocating, drawn by Dubai’s high standard of living and entrepreneur-friendly policies.
Meanwhile, Deloitte tax partner Thomas Hug emphasized that Switzerland does not offer the same financial incentives as some Middle Eastern jurisdictions, where government subsidies and tax breaks are common. Broader global factors — including the UK’s scrapping of its non-dom regime, rising taxes across Europe, and sanctions on Russian assets — are also feeding into Dubai’s momentum.
Still, Switzerland maintains a strong position in global wealth management. Deloitte’s 2024 international ranking placed it as the top hub, though it warned that recent developments “threaten to weaken Swiss competitiveness.”
In an interesting contrast, the Financial Times also reports that some wealthy Americans, unsettled by domestic political risks, are considering moving their assets to Switzerland. Locations like Andermatt, a Swiss ski resort, are gaining popularity thanks to more lenient rules on foreign property ownership.
