As newer generations redefine wealth management goals, wealthy Indian expatriates in the Gulf are increasingly diversifying away from portfolios dominated by family businesses and real estate, allocating more capital to global liquid assets, private equity, and international markets.
The change represents a major advance in the wealth-building and preservation strategies of non-resident Indians (NRIs) in the Gulf. Although enterprises and real estate investments were the main ways first-generation UAE entrepreneurs amassed wealth, wealth managers report that many families are now reevaluating their asset allocations due to shifting market conditions and succession-planning considerations.
The majority of NRIs in Dubai are first-generation wealth builders, according to Kunal Sumaya, Managing Director and Global Head of Julius Baer’s NRI division. Traditionally, a large portion of wealth has gone back into starting and expanding firms. Allocation to real estate followed, and it eventually grew to be one of the largest asset types on their balance sheet.
Sumaya claims that while conventional NRI wealth in the Gulf remains largely concentrated in operating companies and real estate, recent market turbulence has forced many families to reevaluate their long-term investment plans. “Everyone is looking at a pause, a reset, and a reflection of how asset allocation will play out in the mid-term with the current situation,” he stated. One obvious trend is diversification. I would advise them to go further into liquid international markets rather than away from their current location.
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