Nearly half of the entrepreneurs in the UAE do not have succession plans in place to ensure their businesses are passed on to the next generation, according to a recent report by HSBC. The study reveals that 48% of businesspeople in the Emirates lack such plans, which is only 5% lower than the global average.

The report, part of HSBC’s Global Entrepreneurial Wealth Report, highlights that those who have successfully taken over family businesses often feel trusted by the previous generation. Gemma Wild, head of global collaboration for the Middle East and North Africa at HSBC Global Private Banking, emphasized the importance of preparation and communication, stating, “Being prepared for business succession and clearly communicating with family will be key to long-term survival.” She added that while opportunities are abundant, only those who are prepared will succeed.

The UAE has emerged as a significant hub for entrepreneurs and wealth due to strong economic growth and reforms aimed at attracting investors. According to global property consultancy Savills, Dubai and Abu Dhabi are among the top five preferred global locations for high-net-worth individuals seeking to relocate, largely due to personal tax incentives and a high quality of life.

Moreover, the UAE capital ranks in the top five for corporate relocations, considering factors such as corporate tax, business environments, foreign direct investment volumes, and knowledge bases. The number of millionaires living in Dubai has doubled over the past decade, positioning it as one of the fastest-growing wealth hubs worldwide. The World’s Wealthiest Cities Report 2025 by New World Wealth, released in April, estimated that in 2024, Dubai would have around 81 200 millionaires, 237 centimillionaires, and 20 billionaires, up from 72 500 millionaires, 212 centimillionaires, and 15 billionaires in 2023.

HSBC noted that entrepreneurs in the UAE are notably optimistic about their personal wealth growth, stating, “Entrepreneurs, by their very nature, are optimistic and recognise opportunities even within the most constrained circumstances.”

Additionally, the report found that UAE entrepreneurs feel more valued by their society compared to their global counterparts. Approximately 86% of businesspeople in the Emirates feel valued by the broader community, surpassing the worldwide average of 79%. The study also indicates that 81% of UAE entrepreneurs prioritize aligning their business practices with personal values rather than profit, and 88% actively seek to make a societal impact—this figure rises to 91% among ultra-high-net-worth individuals with fortunes of at least $30 million. HSBC suggested that this strong sense of purpose may contribute to their success, driving them to achieve goals that extend beyond mere financial gain.