Dubai features among the top 20 important cities for the ultra-wealthy
Dubai emerged as the only city within the Middle East that matters to ultra-high net worth individuals (UHNWIs), according to the annual Knight Frank Wealth Report.
The City Wealth Index identifies the cities that matter to the ultra-wealthy by analysing four critical measures of current wealth, investment, connectivity and future wealth. Using this methodology, London emerges just ahead of New York overall with top scores for both investment and connectivity; while New York leads on both current and future wealth.
“Dubai’s strategic geographical location, modern and sophisticated infrastructure and business friendly regulations make it a popular destination for people to live in, invest and grow their wealth,” said Dana Salbak, Associate Partner and Head of MENA Research at Knight Frank. Looking ahead, and with the continued investment into logistics and infrastructure namely Emirates Airlines and Dubai International and Al Maktoum International Airports, the city is expected to jump up the connectivity rankings.
Meanwhile, the availability of more quality investment stock particularly in the commercial and alternative sector (education and healthcare), is expected to drive futher investments into the city, added Salbak.
Globally, London has beaten New York as the most important city for UHNWIs. The global economic powerhouses of London and New York dominate the rankings due to their well-established lead over other cities. However looking ahead, future wealth concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities, according to Liam Bailey, Head of Global Research at Knight Frank.