Dubai has been recorded as the 23rd most popular city in the world for ultra-wealthy residents, a new report by Henley & Partners said.
The emirate saw an 18 percent rise in high net worth individuals (HNWI) over the first six months of 2022.
HNWIs in Dubai also rose by 3.8 percent from 54,000 to 67,900 in June 2021, as reported by New World Wealth, a South African global wealth intelligence firm, which tracks the movement and spending patterns of the wealthy across the world.
This placed the emirate as the richest city in the Middle East and Africa (MEA) and the 29th wealthiest in the world according to New World Wealth.
The report added that the millionaire population of Dubai are growing quickly, and is expected to break into the top 20 wealthiest cities by 2030, according to New World Wealth’s head of research, Andrew Amoils.
“Dubai currently ranks 23rd globally and is already home to 67,900 millionaires, 202 centi-millionaires (those with net assets of $100 million or more), and 13 billionaires,” Amoils said, adding the emirate’s economy is the key reason for its growth in numbers.
The report said that the ultra-rich often reside in the “affluent parts of Dubai” such as Emirates Hills, Jumeirah Golf Estates, and Palm Jumeirah.
Recently, the Dubai International Financial Centre (DIFC) launched a hub for family businesses and ultra-high net worth individuals to assist them in legacy and succession planning.
The centre, will provide private wealth support services, those of which include advisory and concierge services, education and training, high-end networking, and dispute resolution assistance.
Additionally, in June this year, it was reported by New World Wealth that the UAE expected to overtake countries like US and UK for the world’s wealthy, by attracting the largest net inflows of millionaires globally in 2022.
The reason for this is because the country has placed itself as an international hub “with a high-income economy and a reputation for being the safe oasis in the Middle East and Africa region,” Amoils said.
With a robust economic flow in all sectors such as financial services, oil and gas, real estate, travel and tourism, technology, and healthcare, the country.
Amoils added: “In terms of lifestyle, the UAE is a renowned luxury hub, with top-end apartments and villas and world-class shopping malls and restaurants. For those with children, there are excellent international schools, and many beaches with yachting, water sports, and other leisure activities.”