March 3rd, 2017 by Own A Space
Dubai is the only choice among the cities of Middle East for high net worth individuals opting for investment and connectivity as per the annual wealth report of Knight Frank which identifies the cities according to current wealth, connectivity, and investment opportunities. Dubai is placed on 16th rank on these ultra rich cities followed by Seoul and Taipei but remaining ahead of Geneva and Zurich.
Picture Courtesy: spanishbusinesscouncil.ae
Individuals with $30 million or more in net assets are the ultra high net worth ones.
London is ahead of New York in terms of connectivity and investment while it stands opposite when we talk about current and future wealth. The geographical location and advanced infrastructure with business-friendly destination for the investors from around the world make Dubai popular to live in and develop the wealth.
Dubai will continue to jump in the connectivity rankings with investments pouring into logistics and infrastructure of Emirates airlines, Dubai International & Al Maktoum International Airport. More quality investment stock availability in commercial and alternative sectors like education and healthcare will drive in further investments in the city. Universally, London comes ahead of New York as the most important city for ultra high net worth individuals.
The global economic powerhouse of London and New York, according to global research head of Knight Frank dominates the rankings because of the well-rooted lead over and above other cities. Talking about the future, wealth concentrations and investments will rule by a tussle for supremacy among Asian and North American cities.
The wealth report of this year shows 5 best neighborhoods across the world assured to beat in certain main categories. A notable development in Dubai infrastructure has sealed the south emirate’s flagship urban project with highly foreseen 2 residential communities due for completion in the year 2019.
Picture Courtesy: blog.oforo.com
Dubai south has the advantage of ongoing government expenditure on infrastructure projects which is the home to the site of Expo 2020. The Al Maktoum International Airport & Dubai Metro’s Red Line’s expansion once completed will be added on to the potential capital value growth in the area.
As per the report, the global ultra-wealthy population increased in 2016, in spite of the economic and political uncertainty. The ultra high net worth individual grew by 6,340 last year taking the total to 193,490, which is also according to the data. This rise reverses the decline of 3% in 2015.
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