‘First meaningful stress test’: Asia family offices weigh exit as Gulf conflict shakes Dubai’s wealth-hub allure

[SINGAPORE] Prolonged conflict in the Gulf is putting Dubai’s status as a safe haven for global wealth to the test, pushing some Asian family offices to rethink whether the region can continue serving as a neutral base to park their assets.

Wealth advisers told The Business Times that contingency planning has risen sharply since the start of the US-Israeli strikes on Iran, with families exploring options ranging from setting up secondary offices to restructuring holding vehicles.

“Recent developments have prompted some families to reassess their exposure to different regions,” said Tay Xinyee, head of Singapore wealth advisory at Julius Baer. “This is less about a wholesale shift and more about ongoing portfolio rebalancing and structure review.”