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NEWS

Dubai fifth global hub for ultra-rich after London, New York, Singapore & Hong Kong


07/03/2016

Dubai fifth global hub for ultra-richDubai has emerged as the fifth most important global hub for wealthy individuals with $30 million or more in assets, the latest Wealth Report by estate agents Knight Frank shows, reports the Khaleej Times.

Dubai's ranking rose from the eighth place in the previous survey, outclassing other popular destinations for the super rich including 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. Singapore, ranked third and Hong Kong fourth were ahead of Dubai.

Among the top 10 cities for wealthy individuals were Shanghai, Paris, Sydney, Beijing and Geneva.

Dubai became a global hub in recent years, with Dubai International Airport being named as the world's busiest airport after overtaking London's Heathrow in passenger numbers. Dubai has 900 ultra-high-net-worth individuals, or UNHWI, residents, with a further 1500 living within two hours of the city.

Dubai's improved ranking  follows data last month where Dubai was ranked as the top city in the region for quality of life and the 75th worldwide.

In terms of resident 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.

"Our survey results confirm that London and New York's positions at the top of our survey results look invincible for the immediate future due to their and long-established lead over other cities," said Head of Dubai at Knight Frank James Lewis.

Knight Frank's overall wealth report - in collaboration with Wealth X - also found that succession and inheritance issues, wealth taxes and the global economy are the key concerns of the world's wealthy.

The report also found that ultra high net worth individuals had increased philanthropic activities over the past 10 years and that they had become more conscious about displaying their wealth in public.

"After years of considerable growth in the number of wealthy around the world, we are entering a period of deceleration as China's economy slows and commodity-exporting, emerging economies are hit by lower prices and demand. The number of newly wealthy will slow, and UHNWIs will find it harder to grow their wealth," said Regional managing director Europe Middle East and Africa at Wealth-X Marc Cohen.

"At the same time, the recent boom in wealth has heightened scrutiny on this group, not least as regards to tax. And with low interest rates around the world, and increasing life expectancy, retirement has become much more costly, increasing the challenge for UHNWIs to maintain and pass on wealth," said Cohen.

At 1,094, Mumbai has the most ultra-high-net worth individuals   in India, followed by Delhi's 545. The next decade will see the number increase to 2,243 in Mumbai and 1,128 in Delhi, Knight Frank's Wealth Report 2016, released on Wednesday, said.

According to data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 1,87,500 UHNWIs across the world.

In the past 10 years, the billionaire count in India has jumped 333 per cent to 78, against a global growth of just 68 per cent to 1,919 people. By 2025, India will account for six per cent of the world's billionaire population.

Source: http://www.ifcreview.com

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