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Dubai is the new world’s wealth capital

Dubai is the new world’s wealth capital

Knight Frank the world-recognized residential and commercial property consultancy, rated the city of Dubai as the fourth one in the list of cities with the biggest number of wealthy people.

This beautiful Middle East city attracts a great number of well-off customers from all over the world. It is particularly popular among the residents of Sydney and Melbourne, who are the current leaders of the global inflow.

The report has also emphasized swift rise in the number of the Middle East ultrahigh net-worth individuals (persons with the assets of more than US$30 million.)

The number of UHNWIs in the Middle East has grown by 48% since 2006. Now there are 7,370 of those with a total wealth of $810 billion.

1,510 of 7,370 are from the UAE. Moreover, the number has grown by 70 % for the last 10 years, and will probably reach additional 60% by 2026.

Furthermore, the population of the UAE is growing rapidly and currently takes the seventh place among the fastest-growing states.

According to the report of Knight Frank consultancy, Dubai ranks 16th based on the criteria of the City Wealth Index. It takes into account current and future wealth of the country, its investment climate and connectivity.

The report has clear data that Dubai scored particularly well in terms of connectivity.

Nowadays, it takes about 8 hours to reach more than 60% of cities all over the globe from Dubai. Combined with its mild investors’s climate, the ease of getting a business started, and low taxes it contributes to Dubai’s appeal as one of the places for the global elite.

However, the demand for luxury in Dubai and Abu Dhabi still remains lowers than in other countries of the world, although the amount of rich people in the state is constantly on the rise.

The report published by Wealth-X, the leading global wealth information and insight business, states that two biggest cities of the UAE (Dubai and Abu Dhabi) scored 36th and 50th respectively in the list of top 50 cities perfect for property investment.

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