RIYADH: Dubai has been listed among the world’s leading and fastest-growing wealth hubs as wealthy families are drawn to it, according to a report by London-based investment migration consultancy Henley & Partners.
Dubai is the Middle East’s most popular city for the wealthy, hosting approximately 68,400 millionaires. Thanks to its streamlined tax and legal eco-system, the city has positioned itself as a forward-thinking hub that encourages business.
According to the report, the emirate gravitates toward wealthy families due to a range of reasons including high-quality healthcare, proximity to top-ranking universities, socio-political stability and investor-friendly incentives.
The government has enlarged the UAE Residence by Investment program, under which qualified persons are given a 10-year renewable residence permit to retain talent and draw even more wealthy foreign investors.
According to the report, Dubai’s safe-haven status and low tax rates attract migrating millionaires from all over the world. In 2022 alone, over 3,500 high-net-worth individuals relocated to the city.
Following the UAE’s fast recovery from the COVID-19 pandemic, Dubai became the preferred resort for the world’s wealthy. The UAE also implemented long-term visas and reduced certain job visas and social norms to improve its international image and attract those who wish to live, work and invest there.
The other fastest-rising towns for the wealthy in the Middle East and Africa region are Marrakech in Morocco and Kigali in Rwanda.
Globally, New York, the wealthiest city in the world, maintained its place at the top of the list last year, with 340,000 millionaires. Dubai is the 21st on the list.
According to the research, the US and China dominate the Top 10 Wealthiest Cities list, with only one European city, London, making the 2023 list.
The list includes Tokyo, the Bay Area of California, London and Singapore, and it comprises 97 cities from nine regions throughout the world.
