Dubai voted 13th most important city in the world

Developer Emaar promises a stunning six-part firework, laser and light show that will light up Downtown Dubai.(Osama Abughanim)

Dubai has been voted as the 13th most important global city and the eight fastest growing city in importance for high net worth individuals (HNWIs) by Knight Frank and Citi Private Bank.

According to the Wealth Report 2012, Dubai has been ranked 10th in the quality of life category ahead of Barcelona, Madrid, Vienna, Toronto and Dallas.

In the knowledge and influence category, the emirate holds the 11th position, while it is ranked seventh in the economic activity category.

The Wealth Report surveyed 120 cities to assess their importance to HNWIs, based on everything from investment potential and economic openness to their appeal as somewhere to live or visit.

Last year, the report had ranked Dubai 11th among the top 40 cities for ultra high net worth individuals and expected Dubai to strengthen its position in the next 10 years. In the global cities index, the emirate was placed 32nd out of 40 cities.

Apart from Dubai, no other city from the Middle East made it to the list.

Respondents to the survey were asked to rank the most important global and regional cities to HNWIs now and in 10 years, and to pinpoint those growing most quickly in importance.

London took the pole position in almost every category with even respondents in Asia Pacific putting London and New York ahead of Hong Kong, Singapore, Shanghai and Beijing.

Beijing, Shanghai, Singapore and Hong Kong are closing the gap in the list of the leading cities in 10 years.  However, Beijing and Shanghai lead the list of cities growing in importance most quickly to HNWIs, followed by London, Singapore, Hong Kong and New York, the report said.

 Vicki Shiel, Residential Research, Knight Frank, said in the new report that at least, for now, London and New York, which took the first and second position, look safe.

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