Dubai is cementing its position as one of the world’s most powerful wealth magnets, even as global fortunes are projected to soar to unprecedented levels over the next five years.

A new report by Altrata, titled Global Citizens: Entrepreneurship, Mobility and the Ultra Wealthy and sponsored by Arton Capital, forecasts that total wealth held by ultra wealthy individuals will surge from $63trn today to $84trn by 2030. At the same time, the number of individuals with more than $5 million in assets is expected to reach 7.7 million globally, while the population of those worth over $30m will grow by 34 per cent to more than 734,000.

Against this backdrop, Dubai is emerging not just as a regional hub, but as a central node in an increasingly interconnected global wealth network.

New generation of wealth chooses Dubai

Over the past decade, Dubai has transformed into a preferred destination for the next generation of global wealth. The city’s appeal lies in its combination of pro-business policies, lifestyle advantages, and its positioning as a gateway between East and West.

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Notably, nearly 18 per cent of foreign-born ultra wealthy residents in Dubai are under the age of 50, a significantly higher proportion than in more traditional financial centres. This reflects a shift toward younger, entrepreneurial wealth creators who are choosing where they live based on flexibility, opportunity, and global access.

Dubai’s role, however, is less about permanence and more about strategic positioning. Around 95 per cent of its foreign-born ultra wealthy residents own residential property outside the UAE, highlighting how the emirate functions as a global base rather than a singular home.

At the same time, its appeal is not without challenges. Ongoing geopolitical tensions in the broader Middle East could influence perceptions of stability, particularly as wealthy individuals become more sensitive to global risk factors.

Traditional powerhouses face new pressures

While Dubai rises, established wealth hubs such as London continue to play a dominant role—but are facing increasing scrutiny.

London remains Europe’s leading wealth centre, supported by its deep financial ecosystem, legal framework, and global cultural influence. Nearly half of its foreign-born wealthy population works in banking and finance, underscoring its longstanding strength in the sector.

However, shifting economic conditions and policy uncertainty could reshape its future. Concerns around rising taxation are particularly significant. Previous findings from Arton Capital suggest that more than half of UK millionaires would consider leaving the country if a wealth tax were introduced, pointing to the growing sensitivity of high-net-worth individuals to fiscal policy.

The broader trend is clear: even the most established financial centres must now compete harder to retain global wealth.

Wealth without borders becomes the new norm

One of the most striking findings of the report is how fundamentally global wealth has become. Today’s ultra wealthy are no longer tied to a single geography.

Nearly one in five of the world’s most dynamic wealth creators was born outside their country of residence. More than a third studied abroad, and almost one fifth hold ownership stakes in businesses located in different countries.

This cross-border lifestyle is increasingly seen as a strategic advantage. Wealthy individuals are diversifying not just their portfolios, but also their physical presence—spreading risk across multiple jurisdictions in response to economic volatility and political uncertainty.

As Armand Arton noted, global mobility is now being used as a hedge against an unpredictable world, with individuals actively choosing to distribute their lives and investments across regions.

US dominance holds, Singapore plays it safe

Despite the rise of new hubs, the United States continues to dominate the global wealth landscape, accounting for 40 per cent of the world’s ultra wealthy population. Its strength lies in its entrepreneurial ecosystem, access to capital, and global business opportunities.

For many, the so-called American Dream remains intact. Among foreign-born ultra wealthy individuals living in the US, nearly 80 per cent are self-made, often building fortunes in industries such as technology, finance, and private equity.

However, even in the US, wealth is increasingly global in nature. Nearly 45% of foreign-born ultra wealthy individuals hold stakes in businesses headquartered outside the country.

Meanwhile, Singapore is positioning itself as a haven for wealth preservation. Known for its political stability, strong legal framework, and financial infrastructure, it continues to attract individuals seeking security over rapid expansion.

Its ultra wealthy population tends to skew older, with 38 per cent aged over 70, reinforcing its reputation as a long-term base for safeguarding wealth rather than aggressively growing it.

A major cross-border railway project linking Oman and the UAE has reached 40 per cent completion, marking a significant milestone in one of the region’s most ambitious infrastructure developments.

Hafeet Rail Company (Hafeet Rail), a joint venture between Etihad Rail, Oman Rail, and Mubadala Investment, confirmed the progress, underscoring the project’s strategic importance in infrastructure, transportation, and logistics across the region.

According to a report by the Oman Observer, the railway will span 238 kilometers and aims to deepen economic integration between the two neighboring countries.

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Construction is advancing at an accelerated pace across several strategic areas, including Al Ain, Buraimi, Wadi Al Jazi, and Sohar. These locations form critical points along the route, which connects urban centers, industrial hubs, and key logistics zones.

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The railway passes through a wide range of terrain, including urban and industrial areas, mountainous regions, and deep valleys. This diversity requires specialised engineering solutions, such as large-scale excavation works and the construction of major infrastructure elements including bridges and tunnels.

Integrated flood protection systems are also being implemented to ensure safe and sustainable operations across all sections of the railway.

Large-scale engineering and infrastructure progress

Work on the ground continues to gather pace, with excavation and backfilling progressing on a large scale. Earthworks have reached approximately 27 million cubic meters, while concrete works have exceeded 100,000 cubic meters.

At the same time, tunnel excavation is ongoing in two major tunnel sections, referred to as Tunnel 1 and Tunnel 2, reflecting the complexity and scale of the project.

Engineering facilities are progressing simultaneously, with active work underway at around 80 sites. The project also includes the installation of 900 wedges and 130 box culverts, key components that support the structural integrity and durability of the railway system.

In Sohar and Buraimi, works are advancing on major facilities that will play a vital role in connecting ports, industrial zones, and logistics centers, enabling smoother cross-border freight movement within an integrated regional network.

Leadership highlights progress and safety milestones

Abdulrahman bin Salem Al Hatmi, CEO of ASYAD Group, said the steady pace of implementation reflects a strong commitment to delivering the project and beginning operations as planned.

“The pace of implementation reflects our commitment to operating this project and starting passenger and sector services as planned,” he said.

Ahmed Al Masawi Al Hashemi, CEO of Hafeet Railways, highlighted the project’s safety performance, noting that the company has achieved 10 million safe working hours without recording serious injuries.

“This achievement reflects the robustness of the approved safety systems, the effectiveness of risk management, and the establishment of a culture of safety at all job sites,” he said.

The railway will feature advanced control, signalling, and communication systems that meet the highest international standards. These systems are designed to ensure seamless interoperability between Omani and Emirati rail networks.

They will also help reduce train lag time, increase operational capacity, and support automation under various weather conditions, enhancing overall efficiency and reliability.

Abu Dhabi will activate two new road toll gates from May 4, with motorists set to face 24-hour charges for the first time under the emirate’s Darb system.

The additional gates — located on Sheikh Maktoum bin Rashid Street in Ghantoot and on Wahat Al Karama Street at the entrance and exit of Sheikh Zayed Street — will bring the total number of toll points across the network to six.

The emirate’s Integrated Transport Centre (ITC) confirmed the new gates will operate around the clock, with drivers charged a flat Dhs4 each time they pass through.

This marks a departure from the current pricing model applied at the existing four toll gates, where charges are only applied during peak hours — from 7am to 9am and 3pm to 7pm, Monday to Saturday — with free passage outside those times.

Authorities said the expansion is aimed at easing traffic congestion and improving mobility, particularly along busy entry and exit routes to the capital.

The locations were selected following traffic studies analysing vehicle density, commuting patterns and the availability of alternative routes.

Motorists using the Al Qurm toll gate on Wahat Al Karama Street will be able to divert via Sheikh Rashid bin Saeed Street or Arabian Gulf Street, while those approaching the Ghantoot gate can use Sheikh Mohammed bin Rashid Al Maktoum Street.

Certain groups — including senior citizens, people with disabilities, low-income citizens and retirees — will be exempt from the toll charges, according to the ITC.

Abu Dhabi first introduced its Darb toll system in January 2021 as part of broader efforts to manage congestion and encourage public transport usage.

Since then, population growth and rising vehicle numbers have placed increasing pressure on the road network, prompting authorities to expand the system beyond its original four toll points at Sheikh Khalifa Bridge, Sheikh Zayed Bridge, Al Maqta Bridge and Musaffah Bridge.

A joint venture between Aldar Properties and Mubadala Investment Company has acquired The Link at Masdar City for Dhs654m, as investors double down on income-generating assets tied to Abu Dhabi’s innovation economy.

The deal adds a fully leased mixed-use development to the partners’ portfolio, underlining continued institutional demand for high-quality real estate anchored by long-term tenants in strategic sectors such as clean energy and artificial intelligence.

The Link is a cluster of five interconnected buildings offering around 32,000 square metres of net leasable area.

Designed as a central spine within Masdar City, it combines Grade A LEED Platinum office space, a net-zero energy headquarters building, residential accommodation and shared public spaces.

The asset is fully occupied by tenants including Abu Dhabi Future Energy Company (Masdar) and Mohamed bin Zayed University of Artificial Intelligence, positioning it at the heart of the UAE’s clean energy and AI ecosystem.

Confidence in long-term fundamentals

Dr Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments Platform, said the transaction reflects “continued confidence in Abu Dhabi’s long-term growth trajectory and the strength of its innovation-driven economy”.

“Through our partnership with Aldar, we are scaling high-quality assets within Masdar City — one of the UAE’s leading platforms for clean energy, artificial intelligence, and advanced research,” he said, adding that the investment aligns with Mubadala’s focus on “sustainable infrastructure that delivers strong financial performance while supporting the UAE’s Net Zero ambitions”.

Talal Al Dhiyebi, group CEO of Aldar, said the acquisition strengthens the firm’s recurring income base.

“This high-quality, fully leased asset enhances the resilience and scale of Aldar’s investment portfolio, while deepening our exposure to an internationally renowned sustainable urban development centred on clean energy, advanced technology and research,” he said.

Meanwhile, Ahmed Baghoum, CEO of Masdar City, described the project as a key addition to the district’s evolution.

“The Link marks a significant addition to Masdar City’s evolving destination, advancing a vision where sustainable development supports economic growth and future industries,” he said.

Masdar City has been recognised as the UAE’s fastest-growing free zone, with more than 2,000 companies operating across sectors including clean energy and artificial intelligence.

The Central Bank of the UAE has directed all banks and licensed financial institutions in the country to immediately stop using instant messaging platforms such as WhatsApp for financial services and customer data handling, in a move aimed at strengthening consumer protection and tightening data security standards.

Several local media reported that the directive, issued through a supervisory notice circulated to the sector, requires institutions to comply by April 30, 2026, or face potential regulatory action.

Under the new rules, banks are prohibited from using messaging platforms for a wide range of activities, including customer communication, transaction processing and data exchange. Specifically, institutions must not use such apps to request or share customer information, initiate or confirm transactions, or transmit authentication credentials such as passwords or one-time passwords.

The directive also extends to the exchange of documents containing personal or financial data, effectively shutting down any operational use of consumer messaging apps in banking workflows.

The regulator said the move follows growing concerns over the increasing use of messaging applications as informal service channels, which expose customers and institutions to multiple risks.

These include fraud, impersonation, account takeovers and social engineering attacks, as well as the potential unauthorised disclosure of sensitive information.

The central bank also flagged data residency concerns, noting that information shared via such platforms could be stored or processed outside the UAE, potentially breaching local regulations that require customer and transaction data to remain within the country.

As part of the directive, financial institutions have been instructed to discontinue existing use cases involving messaging apps and transition customers to approved channels, including mobile banking applications, online platforms, call centres and physical branches.

Banks must also strengthen internal controls, including staff training and monitoring mechanisms, to prevent further use of unregulated communication channels.

Institutions are required to confirm compliance and outline corrective actions by the end of April 2026. Failure to comply could result in supervisory action, financial penalties or other regulatory measures.