Dubai among the top 20 ‘important’ cities for the world’s ultra-wealthy

Globally, London emerged as the most important city for UHNWIs



Dubai was ranked as among the top 20 cities that “matter” to ultra-high net worth individuals (UHNWIs), according to consultancy Knight Frank’s annual Wealth Report.

The City Wealth Index ranked cities on four measures including current wealth – the current population of UHNWIs; investment- the total amount of private investment in property during 2016; connectivity – the number of inbound and outbound first and business class flights in 2016; and future wealth – a forecast of each city’s UHNWI population in 2026.

Dubai, ranked 16, was the only city from the Middle East which featured in the list.

Dana Salbak, associate partner and head of MENA Research at Knight Frank said: “Dubai’s strategic geographical location, modern and sophisticated infrastructure and business friendly regulations make it a popular destination for people to live in, invest and grow their wealth.

“Looking ahead, and with the continued investment into logistics and infrastructure namely Emirates Airlines and Dubai International and Al Maktoum International Airports, we expect the city to jump up the connectivity rankings.

“Meanwhile, the availability of more quality investment stock particularly in the commercial and alternative sector (education and healthcare), is expected to drive futher investments into the city,” she added.

Globally, London emerged as the most important city for UHNWIs, followed by New York.

Liam Bailey, head of Global Research at Knight Frank said: “The global economic powerhouses of London and New York dominate the rankings due to their well-established lead over other cities. However looking ahead, future wealth concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities.”

City Wealth Index 2017

Source: Knight Frank Research, New World Wealth, Sabre, Real Capital Analytics

Overall rankCityRegionRank by factor
WealthInvestmentConnectivityFuture
1LondonEurope2112
2New YorkNorth America1221
3Hong KongAsia3864
4ShanghaiAsia71333
5Los AngelesNorth America53108
6SingaporeAsia9776
7San FranciscoNorth America46137
8BeijingAsia62345
9TokyoAsia1016510
10ChicagoNorth America1291717
11SydneyAustralasia2041916
12ParisEurope1951127
13FrankfurtEurope15181819
14SeoulAsia13252013
15TaipeiAsia2330826
16DubaiMiddle East24311221
17GenevaEurope829399
18ZurichEurope11363012
19HoustonNorth America16272918
20MelbourneAustralasia28102523