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The world’s super rich are moving to Dubai, but keeping their assets in Singapore, Switzerland

The world’s super rich are moving to Dubai, but keeping their assets in Singapore, Switzerland

By Swedan Margen

Fashion

Nevertheless, influx of wealth into the UAE city will likely support its growth as a booking centre

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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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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