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27-08-16 0 Hits

This year, Dubai jumped three slots from eighth place in its rankings, surpassing cities like Miami, Shanghai, and

According to Knight Frank Analyst Joseph Morris, Dubai has grown to be a global hub for logistics, financial services, hospitality and trade. The Dubai airport has surpassed London Heathrow as the busiest with international passenger numbers and DIFC being the lead financing hub in the region.

All these factors have fueled development of master communities and CBD and has drawn major investment from neighboring GCC nations and wider region, including China and India, Morris said.

The report further pointed out that more international corporations establish their regional headquarters and expand and consolidate their existing office space in Dubai. There will be improved focus on quality real estate across the emirate.

About 460,000 HNWIs with a combined wealth of $2.2 trillion are living in the Middle East, says a report by New World Wealth Research Company.

Since the year 2000 the number of HNWIs in Middle East have grown 136 percent, while HNWIs growth rate world-wide is 73 percent.

Cities with biggest outflow of millionaires in 2015 include Rome, Paris, Chicago and Athens recording outbound migration of 7000, 5000, 3000 and 2000 respectively, with majority of them having moved to UK, USA, Canada and Australia.

However, the outflows from India and China are not particularly of concern, as these countries continue to produce more new millionaires than what they lose. Moreover, when the standard of living here improves, several wealthy people are likely to move back.


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