UAE: Emiratis shun local wealth managers amid signs of capital flight

Western private banks and wealth managers appear to be feeling increasingly bullish about their prospects in the UAE, amid suggestions that local high net worth individuals (HNWIs) are increasingly wary of placing their capital with local entities – reflecting broader geopolitical concerns in the Gulf Cooperation Council and an indication of “capital flight” from the local economy.In recent months, a series of US, European and Asian firms have increased their presence in the UAE or announced plans to do so.