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20-04-23

Dubai Emerges as Leading Wealth Hub Attracting Millionaires Worldwide

(MENAFN) Dubai has been identified as one of the world's leading and fastest-growing wealth hubs, according to a report by London-based investment migration consultancy Henley & Partners. The emirate has positioned itself as a forward-thinking hub that encourages business, thanks to its streamlined tax and legal eco-system, attracting wealthy families from around the world. Dubai has approximately 68,400 millionaires, making it the Middle East's most popular city for the wealthy.

The report identified several reasons why the city gravitates toward wealthy families, including high-quality healthcare, proximity to top-ranking universities, socio-political stability, and investor-friendly incentives. The UAE government has also enlarged the UAE Residence by Investment program, which offers qualified persons a 10-year renewable residence permit to retain talent and draw even more wealthy foreign investors.

Dubai's safe-haven status and low tax rates further attract migrating millionaires from all over the world. Over 3,500 high-net-worth individuals relocated to the city in 2022 alone. Following the UAE's quick recovery from the COVID-19 pandemic, Dubai became the preferred resort for the world's wealthy. The UAE also implemented long-term visas and reduced certain job visas and social norms to improve its international image and attract those who wish to live, work, and invest there.

The other fastest-rising towns for the wealthy in the Middle East and Africa region are Marrakech in Morocco and Kigali in Rwanda. Globally, New York maintained its place at the top of the list last year, with 340,000 millionaires. Dubai ranked 21st on the list. The US and China dominate the Top 10 Wealthiest Cities list, with only one European city, London, making the 2023 list. The list includes Tokyo, the Bay Area of California, London, and Singapore, and it comprises 97 cities from nine regions throughout the world.

Dubai's emergence as a leading wealth hub in the Middle East is a testament to its business-friendly policies, robust infrastructure, and world-class amenities that attract wealthy investors and entrepreneurs. With a growing number of millionaires relocating to Dubai, the city is poised to become a global leader in wealth management, investment, and entrepreneurship.
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