Dubai ranked among fastest growing cities for ultra-wealthy: Henley & Partners

Dubai: A survey by London-based investment migration firm Henley & Partners reports that Dubai has been ranked as one of the world's top and fastest-growing wealth centres as wealthy families are drawn to the city.

With 68,400 millionaires living there, Dubai is the wealthiest metropolis in the Middle East. The city has established itself as a forward-thinking metropolis that promotes business thanks to its streamlined tax and legal eco-system.

The survey claims that a number of factors, such as the emirate's excellent healthcare system, proximity to prestigious universities, socio-political stability, and investor-friendly incentives, cause it to attract wealthy families, Arab News reported.

With the aim of retaining talent and attracting more rich foreign investors, the Residence by Investment programme grants qualifying individuals a 10-year renewable residence permit.

According to the research, wealthy people from all over the world move to Dubai because of its reputation as a safe haven and low tax rates. Over 3,500 high-net-worth people moved to the city just in 2022.

After the UAE quickly recovered from the COVID-19 pandemic, Dubai became the affluent traveller's first choice. To enhance its reputation abroad and draw those who want to live, work, and invest there, the UAE also introduced long-term visas and relaxed several social norms and job visa requirements.

Marrakech in Morocco and Kigali in Rwanda are the other wealthy towns in the Middle East and Africa that are growing the quickest.

With 340,000 billionaires, New York, the wealthiest city in the world, continued to be at the top of the list last year. The 21st on the list is Dubai.

Only one European city, London, appears on the Top 10 Wealthiest Cities list in 2023, with the US and China dominating the list.

The list consists of 97 cities from nine different areas throughout the world, including Tokyo, the Bay Area of California, London, and Singapore.