“We are also seeing a lot of people moving here who are making millions through social media. These young people surprise me with their level of financial maturity. It is incredible.
“In some of the conversations we've had with a few of these young people, they're saying, ‘I know I'm making x amount of money and I have certain plans, but there is a certain amount of money I want to put aside as well, and I need you to advise me. How do I protect this money and keep it for the long haul?'”
A survey released recently by Lombard Odier found the UAE will see a huge influx of expats entering the region this year, with 26,000 new residents already arriving in the first quarter.
It also found that 41 per cent of people moving to the region intend to retire there, with the figure rising to 59 per cent for the over 50s.
Malik said: “The number of people moving here and deciding they want to stay and actually retire is increasing. Our average client base is actually on the younger side, they are between the age of 35 and 50. So these are not your people who are retiring at 65.
“And so because the general demographic in the region is a lot younger it makes this a very dynamic population because they are still in an accumulation phase but also increasingly on top of that they're now making their retirement plans to stay. So it is quite an interesting jurisdiction to be in right now.”
alina.khan@ft.com
