The race to attract ultra-high-net-worth individuals (UHNIs) is intensifying—and two of Asia’s fastest-growing hubs, India and the UAE, are competing head-to-head. One is a domestic engine of entrepreneurial wealth; the other, a global magnet for capital, residency, and tax-friendly policies.

So which region is producing more UHNIs—and where is the long-term wealth trajectory pointing?

Let’s break it down.

🚀 UHNI Growth: India’s Internal Momentum vs UAE’s Inbound Magnet

According to Knight Frank’s 2024 Wealth Report:

• India had 13,263 UHNIs in 2023—projected to grow 58% by 2028

• UAE had 1,116 UHNIs in 2023—projected to grow 22% by 2028

But here’s the nuance:
India’s wealth is largely domestic, driven by startup founders, industrialists, and professionals. The UAE, in contrast, attracts wealthy individuals from Russia, Europe, and Asia due to its no-tax regime and Golden Visa programs.

So while India creates wealth from within, the UAE imports it.

📍 Geography of Wealth

• India’s UHNI pockets: Mumbai, Delhi NCR, Bangalore, Hyderabad, Surat

• UAE’s UHNI hotspots: Dubai (by far the leader), Abu Dhabi, Sharjah

Notably, Dubai alone hosts over 200 family offices and 68,400 millionaires, according to Henley & Partners.

India, however, sees more first-time wealth creation—especially from IPOs, tech exits, and new economy sectors like D2C and EVs.

📊 Sectoral Differences

UAE’s top UHNI sectors:

• Real estate

• Energy and infrastructure

• Global trade and logistics

• Hedge funds and private wealth migration

India’s top UHNI sectors:

• Tech and SaaS

• Manufacturing and chemicals

• Financial services

• Consumer and pharma

The UAE thrives as a wealth destination; India thrives as a wealth engine.

🧳 Migration vs Anchoring

• UAE is a top destination for global HNIs relocating wealth (e.g., Russian, Chinese, UK HNIs)

• India sees fewer inbound relocations, but more family offices being built domestically post-liquidity

While UAE offers geographic flexibility and tax arbitrage, India offers deeper operational opportunities.

🔍 What This Means for Wealth Firms

• UAE wealth advisors must focus on global compliance, multi-jurisdictional structuring, and concierge-level service

• Indian firms must focus on pre-liquidity scouting, succession planning, and family office formation

Both require real-time visibility into asset shifts, investments, and governance moves.

🔗 Affluense.ai: Discover UHNIs Before They Go Global

Affluense.ai helps you track UHNI creation at its origin:

✔️ Real-time triggers from IPOs, startup exits, and succession filings
✔️ Cross-border mapping of Indian UHNIs moving wealth to UAE, Singapore, and beyond
✔️ Actionable dashboards for wealth firms, family office advisors, and bankers

👉 Explore the new era of UHNI intelligence at Affluense.ai →