Good news for all business people, investors and entrepreneurs out there. Dubai is on 5th place on the list (see below) of the ten cities that matter most to the world’s wealthy, beating places like Shanghai, Paris, Sydney, Beijing and Geneva.
This has been revealed by “The Wealth Report 2016” which was written by the research division of Knight Frank, one of the most reputable real estate agents in this region with offices in Dubai and Abu Dhabi.
Top spots are taken by London and New York
The report focuses on the world’s wealthy and is based on various parameters, ranging from where the wealthy live, invest, educate their children, grow their businesses, network and spend their leisure time.
The top spots on the list are taken by London (1) and New York (2). According to the report, no “other city comes close in terms of their breadth and depth of appeal.” However, the report also underlines some risk factors that could undermine the two cities’ appeal.
The report says: “For London, the table of risks was headed by changes in taxation – reflecting five years of relatively rapid tax reform in the UK, followed by changes to financial regulation driven by the impact of EU and domestic activism on London’s financial sector.
Dubai continues to grow strong as global hub for investors
“In New York, tax and financial regulation risk were joined by the threat from terrorism, which ranked only marginally lower in London’s case,” the report concludes.
Against this backdrop, Dubai continues to go strong as a global hub for investors and is all set to climb the list in the years to come.
With minimum tax requirements and being a safe destination away from terrorist attacks and war scenarios, the emirate offers businesses a great place to establish themselves in the region.
In addition, Dubai quickly changed its status from a developed to an emerging market and is ideally located between Africa and Asia, a continent that further promises significant economic growth in the future.
Most important cities to ultra-high-net-worth individuals (UHNWI)* – 2016:
You are an entrepreneur in Dubai and want to touch base with business people across the UAE? Why don’t you have a look at our various ExpatConnect Professions Groups?
*Persons with a net worth of over USD 30m excluding their primary residence