Dubai – “ASWAQ”
Dubai ranks among the world’s top 20 most important cities for the ultra-rich, at 16th position in the Knight Frank’s latest City Wealth Index, the only city in the Middle East included in this Wealth Report published annually.
The City Wealth Index ranking is based on cities’ attractiveness to the ultra-wealthy in terms of current wealth (the current population of UHNWIs in a city); investment (the total amount in US dollars of private investment into real estate in 2016); connectivity (the number of inbound and outbound first and business class flights in 2016), and future wealth (a forecast of each city’s UHNWI population in 2026.
Dubai ranks ahead of the wealthy Swiss cities of Zurich and Geneva, as well as Mumbai, Miami and Washington DC. Overall, London ranked top of the index as the most important city for UHNWIs, emerging ahead of New York with top scores for investment and connectivity; while New York led on current and future wealth. Hong Kong ranked third, followed by Shanghai, Los Angeles and Singapore, Knight Frank said.
Knight Frank’s associate partner and head of MENA (Middle East and North Africa), Dana Salbak in his research said, “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.”
Salbak added, “Looking ahead, and with continued investment into logistics and infrastructure, in particular, Emirates Airline and Dubai International and Al Maktoum International airports, we expect the city to jump up the connectivity rankings.”
Meanwhile, the availability of higher quality investment stock, especially in the commercial and alternative (education and healthcare) sectors, are expected to drive further investment into the city, Salbak said.