According to a recent report from HSBC, almost half of the entrepreneurs in the UAE lack any succession plans to transfer their businesses to future generations.
The study revealed that 48% of business owners in the Emirates do not have such plans in place, which is only slightly below the global average of 53%. This finding was part of a wider examination included in HSBC’s Global Entrepreneurial Wealth Report.
About 39% of UAE entrepreneurs intend to hand their businesses down to their heirs, while 10% plan to sell them. In comparison, the global averages for these intentions stand at 34% and 10%, respectively.
The report also highlighted that those who successfully take over family businesses often feel a strong sense of trust from the previous generation.
“Proper preparation for business succession and effective communication with family members are crucial for long-term success,” stated Gemma Wild, head of global collaboration for the Middle East and North Africa at HSBC Global Private Banking. “While opportunities abound, only those who come prepared will thrive.”
The UAE has quickly established itself as a center for entrepreneurial activity and wealth accumulation, driven by robust economic growth and regulatory reforms aimed at attracting investors. According to a report by global property consultancy Savills, Dubai and Abu Dhabi are among the top five global destinations for high-net-worth individuals considering relocation, thanks in part to attractive personal tax policies and a high quality of life.
Furthermore, the capital of the UAE was listed as one of the top five locations for corporate relocations, taking into account factors like corporate tax rates, business conditions, levels of foreign direct investment, and existing economic and knowledge infrastructures.
In the past decade, the number of millionaires residing in Dubai has doubled, making it one of the fastest-growing wealth centers internationally, as detailed in the World’s Wealthiest Cities Report 2025 published by New World Wealth for Henley & Partners.
As of 2024, Dubai is estimated to have approximately 81,200 millionaires, 237 centimillionaires, and 20 billionaires, a notable increase from the previous year’s figures of 72,500 millionaires, 212 centimillionaires, and 15 billionaires.
“Entrepreneurs are inherently optimistic and can identify opportunities even in challenging situations,” noted HSBC. “The same holds true for those in the UAE, who exhibit a strong belief in the growth of their personal wealth in the near term.”
UAE entrepreneurs feel more valued
The HSBC study indicates that UAE entrepreneurs perceive themselves as more appreciated by society compared to their global counterparts, as they tend to emphasize ethical practices over purely profit-driven motives.
Approximately 86% of business leaders in the Emirates feel valued by the community, surpassing the global average of 79%.
The entrepreneurs in the UAE make business choices driven by a sense of purpose, with around 81% aligning their operations with their personal values rather than just seeking profit. Additionally, 88% of them aim to create a positive societal impact, and this percentage rises to 91% among ultra-high-net-worth individuals, defined as those possessing at least $30 million in assets.
“This purposeful approach likely contributes to their success, enabling them to aim for achievements that extend beyond mere financial rewards,” the bank added.