Swiss and European Elite Clubs Make Their Move to Dubai
In a remarkable trend, high-profile European and Swiss clubs for the ultra-rich are increasingly making their way to the UAE.
3 min
This shift comes as Dubai solidifies its status as the favored destination for the world’s affluent, surpassing even Singapore. Renowned Swiss private banks are seizing this opportunity by significantly expanding their workforce, aiming to double or even triple their numbers, indicating the growing importance of the Gulf nation in the eyes of the global elite.
Changer Club: Fostering Innovation and Investment
Changer, a premier club for individuals of significant wealth, has recently focused its attention on Dubai’s business elite with the objective of forming a significant community that fosters connections with their European counterparts.
This move aligns with the expansion of prestigious Swiss banks like UBS and Lombard Odier their workforce, with UBS increasing its staff to over 200 and Lombard Odier aiming to double its workforce within three years to cater to the region’s ultra-rich. Observers anticipate that additional elite clubs and networks, like Changer, will soon enter the UAE, particularly Dubai, driven by the significant inflow of the world’s wealthy to this Gulf nation.
According to Henley & Partners, a global citizenship by investment consultancy, the UAE has experienced the largest net increase in millionaires, with 4,500 newcomers last year alone.
Changer is committed to promoting innovation and angel investments in Dubai. Known for its successful angel investment ventures in late-stage startups across Europe and the USA, Changer has reported impressive growth rates of 100 percent and above annually, even amidst market fluctuations.
The club has set its sights on turning the UAE’s millionaires into key angel investors. Jonas ROLO, the Chairman of Changer Club in the Middle East, mentioned that the organization’s objective in Dubai is to widen the outlooks of the area’s wealth creators. He explained that the Club intends to boost its members in the UAE by arranging for appearances from globally celebrated thinkers, renowned authors, and billionaires to provide keynote speeches.
The significance of the UAE to Changer, headquartered in Lausanne, Switzerland, is highlighted by the scheduling of four of its twelve major annual events in Dubai this year. These events aim to link Dubai’s intellectual business leaders with their European peers.
Changer’s initiatives are quickly bearing fruit, as evidenced by the rapid acquisition of 22 affluent members from the UAE and other Gulf countries within a few weeks, with a target to reach a hundred members from the GCC by the end of 2024. Membership in the Changer Club is highly exclusive, requiring not only a $10,000 annual fee but also a thorough reputation review, a minimum of $500,000 in liquid assets, and two referrals.
Dubai’s Rising Influence
The strategic entry of elite clubs like Changer into Dubai is more than just an expansion; it’s a testament to the city’s growing allure for global wealth creators.
By introducing a model that encourages intellectual growth and investment insight among the ultra-wealthy, these clubs are not only enhancing the local business elite’s global connections but are also poised to play a pivotal role in transitioning the region from an industrial to a knowledge-based economy.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
