02 March 2017
Dubai has emerged as one of the top most important cities for ultra-wealthy individuals – those who have net assets worth at least $30 million - according to a recent report released by the Knight Frank global consultancy firm.
The emirate ranked number 16 on a wealth index that included 40 countries. London and New York held the first and second place respectively, but Dubai was the only country from the Middle East to feature on the index. (Read more here)
The number of ultra-wealthy individuals in the UAE increased by 6,340 in 2016, taking the total up to 193,490 and reversing a 3 percent decline reported in 2015, according to the wealth report. (Read more here)
“The momentum gained in wealth creation in 2016, although relatively modest, was far from being a foregone conclusion, especially given that nearly three-quarters of respondents to our Attitudes Survey highlighted political uncertainty as a significant threat to their clients’ availability to create and preserve wealth,” Dana Salbak, head of the Middle East and North Africa Research at Knight Frank, said in the company’s press release.
The world has over the past few years witnessed significant political and economic changes, starting with the negative impact on the Gulf Arab region caused by the sharp fall of oil prices in 2014. This was followed by the United Kingdom’s decision to leave the European Union in June of last year and, finally, this year’s controversial policies brought by the recent election of American President Donald Trump.
Read more here:
Trump uncertainty may spur Dubai interest
Why we turn to finance leaders in uncertain times
The report said wealth preservation, capital growth and succession planning were also main concerns for the richest people in the world and the Middle East. (Read more here)
It also said that although a clearer economic outlook for the U.K. and the U.S. is expected to be seen in one or two years, the UK remained the front runner in Europe in terms of its ultra-wealthy population, with a forecast of a 30 percent increase over the next decade.
The U.S. is also expected to see a higher rate of growth in its ultra-wealthy population in the next 10 years than other developed countries, despite the uncertainty surrounding Trump’s new policies.
© Express 2017
Dubai has emerged as one of the top most important cities for ultra-wealthy individuals – those who have net assets worth at least $30 million - according to a recent report released by the Knight Frank global consultancy firm.
The emirate ranked number 16 on a wealth index that included 40 countries. London and New York held the first and second place respectively, but Dubai was the only country from the Middle East to feature on the index. (Read more here)
The number of ultra-wealthy individuals in the UAE increased by 6,340 in 2016, taking the total up to 193,490 and reversing a 3 percent decline reported in 2015, according to the wealth report. (Read more here)
“The momentum gained in wealth creation in 2016, although relatively modest, was far from being a foregone conclusion, especially given that nearly three-quarters of respondents to our Attitudes Survey highlighted political uncertainty as a significant threat to their clients’ availability to create and preserve wealth,” Dana Salbak, head of the Middle East and North Africa Research at Knight Frank, said in the company’s press release.
The world has over the past few years witnessed significant political and economic changes, starting with the negative impact on the Gulf Arab region caused by the sharp fall of oil prices in 2014. This was followed by the United Kingdom’s decision to leave the European Union in June of last year and, finally, this year’s controversial policies brought by the recent election of American President Donald Trump.
Read more here:
Trump uncertainty may spur Dubai interest
Why we turn to finance leaders in uncertain times
The report said wealth preservation, capital growth and succession planning were also main concerns for the richest people in the world and the Middle East. (Read more here)
It also said that although a clearer economic outlook for the U.K. and the U.S. is expected to be seen in one or two years, the UK remained the front runner in Europe in terms of its ultra-wealthy population, with a forecast of a 30 percent increase over the next decade.
The U.S. is also expected to see a higher rate of growth in its ultra-wealthy population in the next 10 years than other developed countries, despite the uncertainty surrounding Trump’s new policies.
© Express 2017
