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Dubai among top 10 most important cities for multi-millionaires

New report examines where most of the world's ultra-rich invest, educate their children, spend leisure time

Dubai is increasingly becoming one of the most important cities for the world’s super rich, according to a new survey.

In the latest Wealth Report by estate agents Knight Frank, Dubai emerged as the fifth most important hub for wealthy individuals with $30 million or more in assets. Dubai’s ranking rose from the eighth place in the previous survey, beating those of other popular destinations like Geneva, Paris and Shanghai.

The report analysed popular destinations for the super rich based on where they live, invest, educate their children, grow their business, network and spend their leisure time.

London and New York bagged the first and second spot. “No other city comes close in terms of their breadth and depth of appeal,” the report said.

In terms of resident ultra-high-net-worth individuals (UHNWIs), Dubai is ahead of other cities like Miami and Melbourne. Dubai’s geographical location means that the emirate is accessible to 1,500 UHNWIs within a two-hour flight.

The report also looked at the wealthy individuals’ “seasonal and temporary movements” across the globe, which are considered influential in “boosting demand for second-home purchases”.

According to the findings, more than 10,000 rich people with net assets of more than $10 million stay in permanent or second homes in Dubai during the peak season, particularly in November, much higher than the number of wealthy individuals opting to stay in The Hamptons (9,300), Paris (9,480), Miami (5,410), Palm Beach (4,700), Cannes (2,220 ) and Monaco (5,400).

Analysts have said that Dubai’s local tax regime, robust foreign trade, international fiscal relations and legal framework are some of the reasons that make Dubai attractive to the super wealthy.

“Having been privileged to live in this great country for the past six years, I’ve witnessed Dubai’s coming of age both in terms of bouncing back from the global financial crisis to the advent of DIFC Wills for non-Muslims," Andrew Prince, financial planner at deVere Acuma told Gulf News earlier:

"A combination of these and many other factors make Dubai a good destination for wealthy individuals from around the world to have the confidence to invest in the region via property.”

Reference to Gulf News published on: 11:34 March 3, 2016