A recent survey reveals that up to 95 percent of expatriates in the UAE believe their financial status has improved or slightly improved compared to a year ago. The study, conducted by Hoxton Capital Management, indicates that 55 percent of these expats credit their improved financial health to salary hikes, while 35 percent attribute it to the performance of their investment portfolios. Additionally, 30 percent point to property investments, and 20 percent to the growth of their pension funds. These insights are part of the 2024 Worldwide Wealth Survey, which gathered responses from 2,000 expats in the UAE.
Mercer’s latest study suggests that salary increments are likely to outpace inflation due to heightened demand for skilled professionals and economic expansion. The survey also found that 85 percent of UAE expats moved abroad primarily for employment opportunities and enhanced quality of life. Chris Ball, Managing Partner at Hoxton Capital Management, noted that the survey underscores a favorable change in financial outlook among international investors, especially those in the UAE, highlighting their economic resilience and adaptability.
Regarding financial priorities, 60 percent of UAE expats aim to increase their savings, 45 percent plan to invest, and 40 percent are interested in property transactions. Notably, 25 percent are already preparing for retirement, while 5 percent prioritize debt reduction. The study further revealed that while 95 percent of UAE expats feel financially better off, only 60 percent of expats in other regions share this sentiment. In terms of financial management, 60 percent of UAE expats use apps, compared to 46 percent globally, and 30 percent do not engage with financial advisors.
The survey also highlighted that 45 percent of expats review their investment portfolios weekly or monthly, and interestingly, more than half still rely on non-tech methods for financial tracking, possibly due to a lack of suitable technological solutions.
