Julius Baer‘s Global Wealth and Lifestyle Report’s fourth edition reveals that Dubai has experienced a significant climb up the rankings to seventh place, pushing Zurich to its former position of 14th. Europe, the Middle East, and Africa (EMEA) is now the most affordable region to live well. European cities have dropped down the rankings, with London falling from second to fourth place, making it the only European city in the top 10, apart from Monaco, which retained its sixth position. Meanwhile, in the Americas, New York moves up to fifth place from 11th, Miami rises eight places to 10th, and São Paulo breaks into the top 10 for the first time in ninth place. Santiago de Chile also joins the Index in 23rd place. This change means that the Americas have overtaken EMEA as the second most expensive region to live well.
Read more: Dubai’s robust economic performance secures top 3 spot among best global cities
Dubai, in particular, has enjoyed a rapid rise in the rankings, becoming the star performer. The city’s position as a gateway between the East and the West has contributed to its growth as a hub that appeals to hyper-mobile wealthy people. However, it is now more expensive for wealthy residents to maintain their lifestyles, with Dubai becoming the most expensive in EMEA for eight of the 20 Index items, including fashion and luxury accessories. Globally, it is the second most expensive city for watches.
According to the report, Dubai’s government has created hubs using financial and other incentives, making it the go-to place for companies and entrepreneurs seeking a base in the Middle East (ME). It is also popular with expatriates and an increasingly important center for wealth management, reportedly having seen the greatest inflows of millionaires of any country in 2022. Dubai offers a friendly tax regime and investment incentives, high standards of living, safety, and security for its residents, and good global connectivity and infrastructure. The city is also taking a proactive but practical approach to attracting wealthy residents and their assets, particularly with the golden visa scheme for long-term residency.
Additionally, the paper showed the relocation of a large number of wealthy individuals has affected property prices and demand, with prime residential property in Dubai witnessing a 44 percent increase in prices, the highest increase observed across all cities. However, it is still relatively affordable on a global scale, ranking 14th out of 25 cities. The city is also experiencing a resurgence in its hospitality and tourism sectors, with social experiences, such as fine dining, having a strong rebound by 186 percent. Moreover, Dubai International Airport has increased its annual passenger forecast for 2023 after hitting 95.6 percent of its pre-pandemic levels of traffic in the first quarter of this year.
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