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.
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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
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
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
