How Hong Kong and the UAE are shaping international wealth planning

As wealthy families become increasingly international, decisions around residence, investments and wealth structuring are becoming more complex.

Rather than seeking a single jurisdiction that meets every need, advisers say clients are increasingly considering how different locations can work together across residence, business activity, asset protection, and succession planning.

This is changing the way families approach wealth planning.

Jurisdictions are increasingly assessed not only for what they offer individually, but for how they fit into a wider strategy spanning multiple countries, assets, and generations.

The UAE and Hong Kong illustrate two different approaches to this shift. The UAE has expanded its offering through investment in financial centres, legal frameworks and wealth structures, while Hong Kong’s appeal is rooted in decades of institutional experience, connectivity to Asian markets and a mature professional ecosystem.

For advisers, the question is increasingly not which jurisdiction is preferable, but how different locations can complement one another.

Dan Toft, Senior Executive Officer, UAE, said established wealth centres such as Switzerland and the Channel Islands continue to play an important role in international wealth planning.

However, he has seen growing interest in the Middle East as the region develops a more sophisticated offering for internationally mobile families.

At the centre of this development are the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC), which have strengthened the region’s legal and regulatory infrastructure for family offices and private wealth.

One significant development has been the introduction of foundation regimes. ADGM launched its Foundations Regulations in 2017, followed by DIFC in 2018.

Unlike trusts, foundations are standalone legal entities with their own governing documents and councils. They provide a structure for asset holding, succession planning and governance, and can be particularly familiar to families from civil law backgrounds.

Dan said these regimes have proved attractive to families with assets across multiple jurisdictions, providing a structure that can accommodate both Middle Eastern and international holdings.

Geopolitical uncertainty has also prompted some families to review the resilience of their existing arrangements.

“We are certainly seeing both sides of the coin,” he explained, noting that uncertainty does not necessarily lead to immediate relocation, but often results in wider discussions around governance, diversification and asset protection.

For Alastair Glover, head of private wealth – Middle East at Stephenson Harwood, the UAE’s development reflects changing client priorities, as opposed to competition with established wealth centres.

He highlighted the country’s “clear strategic vision” and ambition to establish itself as a leading financial centre for wealthy families.

From a legal perspective, ADGM and DIFC provide common law systems, independent courts and established frameworks for trusts, foundations and family offices.

“These financial free zones are the gateway for most businesses to the Gulf,” Mr Glover said.

The UAE typically attracts families with business or family interests spanning Europe and the Middle East, offering a regional base with access to markets including Saudi Arabia.

Its international population and English-speaking business environment also contribute to its appeal.

“Most find the UAE a welcoming jurisdiction, where the majority of the population is made up of expatriates and the common language is English,” he added.

The UAE’s growth has not displaced established wealth centres. Instead, it reflects a broader shift towards families using different locations for different purposes.

Where the UAE’s proposition has been shaped by relatively rapid development, Hong Kong’s strength lies in an ecosystem built over decades.

Under the principle of ‘one country, two systems’, Hong Kong forms part of China while maintaining its own courts, tax system and immigration framework, all based on common law principles.

Ross Davidson, partner at Stephenson Harwood, highlighted the maturity of the city’s professional infrastructure as one of its key strengths.

“The professional ecosystem for wealthy families - including banks, international law firms and family office advisers - is already well established,” he said.

“The legal system is predictable and the professional infrastructure is mature, while the tax system is simple and business-friendly.”

Although geopolitical considerations remain part of client discussions, Mr Davidson said many families continue to view Hong Kong as providing continuity.

“Geopolitics is harder to generalise, but for many clients, Hong Kong represents continuity, rather than risk.”

Many families using Hong Kong remain closely involved in their businesses and investments. As a result, decisions often focus on proximity to assets and counterparties, alongside longer-term considerations around governance and succession.

“These are people who want to remain involved,” he added.

“The Asian deal flow is here, the advisers are here, and you can hire good people who actually want to live in Hong Kong.”

Lifestyle factors also contribute to Hong Kong’s appeal. Safety, schools, healthcare and regional connectivity support its position as a place where families choose to live, rather than simply a jurisdiction in which to structure wealth.

The evolving needs of internationally mobile families have encouraged both Hong Kong and the UAE to refine their offerings.

In Hong Kong, the Capital Investment Entrant Scheme provides a route to residency for individuals investing HK$30 million or more, while the Top Talent Pass Scheme targets high earners and graduates from leading universities.

The jurisdiction has also strengthened its private wealth offering through a family office tax concession, providing a zero percent profits tax rate on qualifying transactions, alongside proposed improvements to carried interest rules.

“The message is clear: Hong Kong wants this business,” Mr Davidson said.

However, he noted the reforms are primarily intended to reduce friction, rather than create a new reason for families to relocate.

“Clients choose Hong Kong because it works for them. The recent reforms just make it easier to get here and stay.”

The UAE has similarly continued to refine its framework. Golden Visas provide renewable long-term residency through several qualifying routes, while changes to the tax environment have contributed to greater international recognition.

“Curiously, the introduction of corporate tax in the UAE has largely been positive,” Mr Glover remarked.

He pointed to the nine percent standard rate, alongside exemptions for certain family foundations and free zone entities, as factors supporting greater transparency and sophistication in business and wealth structures.

For advisers, however, tax remains only one consideration. Legal certainty, commercial interests, governance needs and lifestyle factors all influence where families choose to establish themselves.

These developments reflect a wider change in how families approach international wealth planning.

Tom Zierer, Senior Executive Director, Hong Kong SAR, said client conversations increasingly reflect a reality in which family members, businesses and assets are spread across multiple jurisdictions.

Rather than looking for one location that fulfils every requirement, he has seen families focus more on flexibility – ensuring they can access different markets while maintaining appropriate structures for governance, succession and investment.

He has also seen growing interest in Asia more broadly, with families considering not only the respective strengths of different jurisdictions, but their accessibility and how they can work together.

“Families increasingly value having structures in jurisdictions they can access easily, where they can meet their trustees and advisers in person, without necessarily having to live there," he explained.

For Tom, this reflects a broader shift in priorities. Families are increasingly focused on managing complexity across borders, including where members are based, where businesses operate, where assets are held and how decisions will be managed over generations.

Hong Kong and the UAE therefore represent different approaches to supporting internationally mobile families. One draws on a long-established professional and legal ecosystem, while the other has developed new infrastructure to meet growing demand from private clients.

Many advisers feel the distinction is becoming less about the merits of individual jurisdictions and more about how each can address a particular need within a family’s wider structure, whether that is proximity to markets, succession planning, governance or lifestyle.

As families become more geographically dispersed, the ability to combine expertise across jurisdictions may prove as important as the strength of any single wealth centre.

To find our more about our private wealth services, please contact Dan or Tom to discuss your requirements.

This interview was first published by EPrivateClient - How Hong Kong and the UAE are attracting international wealth.

This article is intended to provide a general overview. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. This insight was developed with the support of AI tools, with analysis, interpretation and final editorial decisions made by our team. © Praxis 2026