DUBAI - Singaporean wealth management specialist WRISE Group has named Dhruba Jyoti Sengupta as chief executive of its Middle East operations and lead its expansion in the region, the company said on Tuesday.

In his new role, DJ Sengupta will build a team at WRISE's office in Dubai that will focus on meeting wealth management demands from Ultra High Net Worth (UNHW) investors flocking to the region.

A post-COVID economic rebound, neutral political stance, ease of doing business, convenient time zones, and tax free status have all contributed to the United Arab Emirates (UAE), luring wealthy individuals in recent years.

A growing number of wealth managers in Asia are setting up offices in Dubai, capitalising on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification.

DJ Sengupta brings over 25 years of experience working in the financial industry across the Middle East and North Africa (MENA) region, Singapore-based WRISE said in statement.

Prior to joining WRISE Wealth Management Middle East, he held senior wealth management positions at international financial institutions like Citibank and has most recently served as the CEO of a family office.

The UAE saw the highest net inflow of millionaires in the world in 2022, and the private wealth hub was estimated to have received a net inflow of another 4,500 last year, according to data from Dubai-based wealth and immigration adviser Henley & Partners.

According to UBS' Billionaire Ambitions Report, the UAE was home to 17 billionaires last year from ten in 2022.

(Reporting by Federico Maccioni, Editing by Louise Heavens)