Dubai Drops to 12th in HNWIs 'Living Well' Index for 2024
Dubai is now the sixth most expensive city in the Europe, Middle East, and Africa (EMEA) region.
Dubai has dropped to the 12th spot from 7th in the latest ranking of the most expensive cities for high-net-worth individuals (HNWIs) to live well, according to Julius Baer's Global Wealth and Lifestyle Report.[1]
The report revealed that Dubai is now the sixth most expensive city in the Europe, Middle East, and Africa (EMEA) region, which has become the most expensive region for living well for the first time. Despite a 16% annual increase in real estate prices in US dollar terms, property prices in Dubai are considered relatively affordable compared to other cities in the region.
The Julius Baer report assesses the costs of luxury living, focusing on the prices of luxury goods and the spending habits of wealthy individuals.
In the Middle East, spending is primarily on luxury goods such as clothes, watches, and high-end smartphones, with a significant focus on real estate. Over half of the surveyed individuals in the Middle East reported increased spending on residential property in 2023, with 58% planning to spend more in the coming year.
Globally, Singapore remained the most expensive city for wealthy individuals in 2024, followed by Hong Kong, which rose to second place from third. London climbed to third place, Shanghai ranked fourth, and Monaco held the fifth position. Zurich, New York, Paris, Sao Paulo, and Milan completed the top 10.
The report surveys high-net-worth individuals in 15 countries across Europe, the Asia-Pacific region, the Middle East, Latin America, and North America.
Another report by Henley & Partners showed that the UAE continues to be the top destination for high-net-worth individuals (HNWIs) with an estimated 6,700 millionaires expected to flock to the country by the end of 2024 boosted by large inflows from the UK and Europe.
Factors such as the UAE's tax-free income, golden visa residency program, and strategic geographic location contribute to its appeal for migrating millionaires.
Following the UAE, the top destinations for millionaires include the US and Singapore, with 3,800 and 3,500 HNWIs expected to move to these countries, respectively. Canada ranks fourth with 3,200 millionaires, followed by Australia and Italy with 2,500 and 2,200 millionaires, respectively.
Switzerland is projected to attract 1,500 millionaires, while Greece and Portugal are set to welcome 1,200 and 800 HNWIs, respectively.
