7.03 PM Monday, 11 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:31 06:50 12:15 15:12 17:34 18:53
11 December 2023

Why dynamic Dubai will always remain hot city for millionaires

Survey published by Knight Frank shows emirate is rated 8th most important city for the well-heeled in 2015, ahead of Beijing and Zurich. (File)

By Waheed Abbas

Dubai is a hot favourite for millionaires today, and is set to remain so over the next 10 years, becoming even more important than Paris and Zurich, according to a new study.

A global survey published by global real estate consultancy Knight Frank shows that the emirate is rated as 8th most important city for the well-heeled in 2015, ranked ahead of Beijing and Zurich.

The emirate will remain an attractive destination for the wealthy even in 2025 by maintaining its 8th slot, the survey revealed.

“Our Global Cities Survey covers those cities where the wealthy congregate, work, invest, are educated and spend their leisure time,” said Liam Bailey, Global Head of Research at Knight Frank.

“Future forecasts for wealth populations and judgements of the changing influence of cities from our Attitudes Survey underpin our forecast for the top 10 cities in 2025. London and New York will vie for the top spot over the next decade with New York being the final winner in 2025 and Asian cities becoming increasingly important over Europe,” he said.

A Research and Markets study said recently that the UAE hosts second highest number of millionaires in the Middle East and also becoming the third fastest country in terms of growth in millionaires. The UAE has 72,100 HNWIs after 100,200 in Turkey in the Mena region, it said.

The World Cities 2013 Rankings published by wealth consultancy New World Wealth last year said that Dubai is home to about 26,000 millionaires.

According to Knight Frank, London, New York, Hong Kong, Singapore, Shanghai, Miami and Paris are the top 10 most important for the millionaires for 2015.

By 2025, New York is set to overtake London to become the top choice for the millionaires while Beijing will jump to 6th place. However, Paris would slip behind Dubai from 7th in 2015 to 9th position by 2025.

According to Knight Frank, Singapore will attract the highest number of ultra-high net worth individuals with assets more than $30 million during 2014-2024. Singapore will see 1,752 millionaires making it their home, followed by Hong Kong (1,251), New York (1,031), London (907), Mumbai (871), Beijing (848), Shanghai (687), Sao Paulo (621), Hangzhou (616) and Jakarta (538).

According to Knight Frank, the UAE is home to 48,300 millionaires by the end of 2013, an increase of 21 per cent. During 2003-2013, the UAE saw 10,100 new millionaires making the Emirate as their home.