A rising corridor: How Dubai and Mauritius are reshaping family office flows from Asia

In recent years, family offices and wealth managers in Asia have undergone a strategic rethink, shaped by shifting geopolitics and a search for more resilient global structures. While Singapore continues to play a central role, Dubai has emerged as a serious contender in the eyes of high-net-worth individuals (HNWIs) and ultra-high-net-worth families. Behind this realignment lies a desire for diversification, not only of asset jurisdictions but also of residency and lifestyle options.

“Family offices that were originally drawn to Hong Kong are now moving their sights elsewhere,” explains Hassen Jaufeerally, Regional Coverage Lead – EAM & FI at MCB. “Singapore absorbed much of that interest post-Covid, but increasingly we are seeing Chinese and Southeast Asian family offices looking to Malaysia, and more prominently, Dubai.”

Hassen Jaufeerally, Regional Coverage Lead – EAM & FI at MCB

Dubai’s momentum as a global financial centre

Dubai’s position as a global city has never been stronger. The Dubai International Financial Centre (DIFC), with its robust regulatory environment, attractive tax regime, and business-friendly ecosystem, is quickly becoming a preferred hub for wealth structuring in the region.

“Dubai handled the Covid crisis remarkably well compared to Singapore,” says Hassen. “It has modern infrastructure to meet the requirements of HNWIs, and the DIFC has come up with new wealth structuring measures to attract family offices to its jurisdiction.” International banks are relocating Chinese-speaking Private Bankers from Switzerland to Dubai to capitalise on this shift. This trend highlights Dubai’s growing importance in servicing the wealth management needs of Asian families who are increasingly mobile and globally diversified.

The Golden Visa programme adds further appeal, offering residency options that many Asian families are actively seeking as a hedge against regional volatility.

Mauritius: A natural partner in the new wealth architecture

While the spotlight often focuses on the Singapore-Dubai axis, Mauritius is quietly positioning itself as a third pillar in this evolving landscape. With its stable political environment, English-based legal system, developed regulatory framework, and open banking culture, Mauritius provides a credible and efficient platform for international wealth structuring.

“Singapore has been so successful that it is now more selective when it comes to international clients,” says Hassen. “That opens the door for Mauritius to offer an additional booking jurisdiction and a diversification path for family offices.”

Mauritius also offers residency programmes through premium real estate, an attractive option for HNW families looking for lifestyle and jurisdictional flexibility.

MCB's role in strengthening this corridor

As more family offices and external asset managers (EAMs) move to Dubai to serve clients relocating from Asia, the need for multi-jurisdictional banking partnerships becomes essential. MCB, through its advisory office in DIFC, plays a strategic role in facilitating this transition.

“Our presence in Dubai allows us to support EAMs who are following their clients to the UAE,” explains Hassen. “MCB can help book part of their clients’ assets through Mauritius, offering them a complementary and stable financial centre.”

A moment of opportunity

The global financial landscape is being reshaped. Geopolitical uncertainty, rising compliance demands, and the quest for financial resilience are pushing HNW clients to reconsider how and where they structure their wealth.

“This is the right moment for family offices to look at Mauritius seriously,” says Hassen. “The DIFC is going to be one of the big winners in the global reshaping of financial centres and Mauritius, through its complementarity with the DIFC, can benefit alongside it.”

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