Dubai is officially home to 67,900 millionaires and 13 billionaires, which is a massive 18% increase in the first half of 2022.
Worldwide Dubai ranks 23rd on the list of cities with the most millionaires, with New York taking the top spot, the big apple is home to 345,600 millionaires. The new data published by the Henley Global Citizens Report has shown that although US cities hold most of the top rankings, Dubai is swiftly rising up the ranks, along with Abu Dhabi and Riyadh.
The report, which tracks HNWI (high net worth individuals) and wealth migration trends worldwide, states that the highly diversified economy of Dubai has increased its ranking and it is expected by 2030, that Dubai will be in the top 20 wealthiest cities in the world.
Factors which had contributed towards the substantial increase of millionaires residing in Dubai, is the robust economy, including tourism, hotels, financial services, oil and gas, real estate, retail, and transport. Dubai has positioned itself as a safe and stable city in the middle east region to live, work and enjoy many lifestyle advantages that many other cities worldwide cannot compete with. London for example has recorded a steady outflow of millionaires over the past decade, with many HNWI opting for cities which provide a safer environment to live in and better lifestyle options.
Recent reforms to the visa laws have also contributed to the influx of millionaires, with Dubai now offering a wide array of long-term visa options to residents including the 10 year Golden Visa and the 3 and 5 year Property Investment Visas. Along with attractive long-term residency options, investors in Dubai can also benefit from a wide range of business setup options in both mainland and free zones the city has to offer. The ease of setting up a new business in Dubai has significantly improved in the last few years, in addition to the 100% foreign ownership reforms that came into effect recently.
Synergy has also noted a high amount of interest from HNWI’s requiring company formation solutions and long-term visa assistance, our consultants have assisted many HNWI’s with business setups, Golden Visa and general Pro services, for individuals and their families.
If you would like to have a consultation about forming a company in the UAE or regarding the many long-term visa options now available, we will be delighted to assist you.