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UAE: Dubai 29th most popular city for world’s ultra-wealthy

Dubai is the 29th most popular city in the world for ultra-wealthy residents, a report has said.

The emirate is seeing an influx of millionaires, according to Zawya. The New World Wealth found that multi-millionaires and billionaires globally rose by 2,000 to 54,000 in June 2021, up by 3.8% from 52,000 in December 2020.

The number of multi-millionaires, or individuals with wealth of at least $10 million, increased to 2,480 from 2,430 over the same period, while the centi-millionaire population, those with wealth of $100 million, expanded to 165, up by 8.5% from 152 at the end of last year. 

Possible reasons for Dubai’s continued appeal to millionaires are safety, healthcare services, luxury shops and restaurants, beaches, tax benefits and a top financial centre, NWW wealth analyst, Andrew Amoils, told Zawya. 

Total private wealth rose by $13 billion in less than a year as more than 2,000 high-net-worth individuals (HNWIs) are believed to have moved to the city during the coronavirus pandemic.

As of June 2021, the combined wealth of all Dubai residents with at least $1 million in property, cash, equities and business interests stood at $530 billion, up by 2.5% compared to December 2020.  

At least two individuals with wealth of at least $1 billion have also joined the ranks of billionaires in the emirate. 

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ZeroHedgeThe National News
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