The world’s super rich are moving to Dubai, but keeping their assets in Singapore, Switzerland
Nevertheless, influx of wealth into the UAE city will likely support its growth as a booking centre
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MORE high-net-worth individuals around the world are moving to Dubai, as the city actively positions itself as a global wealth hub. But many still prefer to keep their assets in more established wealth hubs such as Singapore and Switzerland, market observers said.
Dubai – and the rest of the United Arab Emirates (UAE) – has become a strong magnet for private wealth and talent in recent years. Migration consultancy Henley & Partners projects the UAE will have the highest net inflow of millionaires globally in 2024, at more than 6,700. For Singapore, it projects a net inflow of 3,500 millionaires for 2024.
A report by the Boston Consulting Group said that the UAE also has the highest percentage growth as a booking centre in 2023, up 8.9 per cent or US$48 billion in cross-border wealth. It is on track to become the sixth-largest booking centre worldwide by 2028.
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