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FinancialNews
20-04-23
Dubai Emerges as Leading Wealth Hub for High-Net-Worth Individuals
(MENAFN) Dubai has emerged as a leading and rapidly growing wealth hub, attracting wealthy families from all over the world, according to a report by London-based investment migration consultancy Henley & Partners. The city has become the most popular destination for the wealthy in the Middle East, hosting approximately 68,400 millionaires. This is due in part to its streamlined tax and legal systems, which have helped position it as a forward-thinking hub that encourages business.
The report highlights several reasons why Dubai is a preferred destination for wealthy families, including high-quality healthcare, proximity to top-ranking universities, socio-political stability, and investor-friendly incentives. These factors have contributed to the city's reputation as a safe haven and a desirable location for migrating millionaires.
To retain talent and attract even more wealthy foreign investors, the government has expanded the UAE Residence by Investment program. Under this program, qualified individuals are given a 10-year renewable residence permit, providing them with added security and contributing to the city's reputation as a welcoming and investor-friendly destination.
Dubai's low tax rates and safe-haven status have also contributed to its appeal among the wealthy. In 2022 alone, over 3,500 high-net-worth individuals relocated to the city, according to the report. This influx of wealthy families has further solidified Dubai's position as a leading wealth hub and a desirable location for those looking to invest in the Middle East.
MENAFN20042023000045014146ID1106052612
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