Dubai features among the top 20 important cities for the ultra-wealthy

01 March 2017

Dubai, UAE - Dubai emerged as the only city within the Middle East that matters to ultra-high net worth individuals (UHNWIs), according to the annual Knight Frank Wealth Report.  

New to the report this year, the City Wealth Index identifies the cities that matter to the ultra-wealthy by analysing four critical measures of current wealth, investment, connectivity and future wealth. Using this methodology, London emerges just ahead of New York overall with top scores for both investment and connectivity; while New York leads on both current and future wealth.

Dana Salbak, Associate Partner and Head of MENA Research at Knight Frank comments, “Dubai’s strategic geographical location, modern and sophisticated infrastructure and business friendly regulations make it a popular destination for people to live in, invest and grow their wealth.”

‘Looking ahead, and with the continued investment into logistics & infrastructure namely Emirates Airlines and Dubai International & Al Maktoum International Airports, we expect the city to jump up the connectivity rankings’ added Salbak.

‘Meanwhile, the availability of more quality investment stock particularly in the commercial and alternative sector (education and healthcare), is expected to drive further investments into the city’ she added.

Globally, London has beaten New York as the most important city for UHNWIs. Liam Bailey, Head of Global Research at Knight Frank comments, “The global economic powerhouses of London and New York dominate the rankings due to their well-established lead over other cities. However looking ahead, future wealth concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities.”

Methodology

The City Wealth Index uses four critical measures to identify the cities that matter to the wealthy:

§  Current wealth – the current population of UHNWIs.

 

§  Investment – the total amount, in US$, of private investment in property during 2016, weighted in favour of those markets with a high proportion of cross-border inbound investment.

 

§  Connectivity – the number of inbound and outbound first and business class flights in 2016.

 

§  Future wealth – a forecast of each city’s UHNWI population in 2026, weighted in accordance with the findings of our Attitudes Survey.

The Knight Frank City Wealth Index 2017

Overall rank

City

Region

Rank by factor

Wealth

Investment

Connectivity

Future

1

London

Europe

2

1

1

2

2

New York

North America

1

2

2

1

3

Hong Kong

Asia

3

8

6

4

4

Shanghai

Asia

7

13

3

3

5

Los Angeles

North America

5

3

10

8

6

Singapore

Asia

9

7

7

6

7

San Francisco

North America

4

6

13

7

8

Beijing

Asia

6

23

4

5

9

Tokyo

Asia

10

16

5

10

10

Chicago

North America

12

9

17

17

11

Sydney

Australasia

20

4

19

16

12

Paris

Europe

19

5

11

27

13

Frankfurt

Europe

15

18

18

19

14

Seoul

Asia

13

25

20

13

15

Taipei

Asia

23

30

8

26

16

Dubai

Middle East

24

31

12

21

17

Geneva

Europe

8

29

39

9

18

Zurich

Europe

11

36

30

12

19

Houston

North America

16

27

29

18

20

Melbourne

Australasia

28

10

25

23

21

Mumbai

Asia

18

38

24

11

22

Toronto

North America

17

24

37

15

23

Moscow

Europe

14

34

34

14

24

Dallas

North America

22

20

33

24

25

Miami

North America

31

15

21

30

26

Shenzhen

Asia

34

35

15

20

27

Washington DC

North America

38

12

9

38

28

Munich

Europe

25

14

28

34

29

Osaka

Asia

32

32

16

33

30

Atlanta

North America

26

22

31

28

31

Kuala Lumpur

Asia

37

17

22

32

32

Sao Paulo

Latin America

27

26

32

31

33

Mexico City

Latin America

21

28

40

22

34

Amsterdam

Europe

36

10

26

40

35

Delhi

Asia

35

39

23

25

36

Rome

Europe

29

18

36

35

37

Bangkok

Asia

40

37

14

37

39

Seattle

North America

39

21

35

39

40

Jakarta

Asia

33

40

27

36

Source: Knight Frank Research, New World Wealth, Sabre, Real Capital Analytics

http://www.knightfrank.com/wealthreport

ENDS

 

For further information please contact press@knightfrank.com

Nicola Milton, Head of ME Marketing, +971 4 426 7000, Nicola.milton@me.knightfrank.com

 

Dana Salbak, Head of ME Research, +971 4 4267 681, Dana.Salbak@me.knightfrank.com

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 413 offices, in 60 countries, across six continents. More than 14,000 professionals commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.

Knight Frank has a strong presence in the Middle East with offices in Abu Dhabi, Dubai, Bahrain and Saudi Arabia. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. www.knightfrank.ae