Dubai in the pink of wealth

Overall, the regional business and trading hub has been voted as the 13^th most important city in the world, according to the Wealth Report, produced by Knight Frank and Citi Private Bank, which looked at prime property and wealth in 71 cities.

London, New York, Hong Kong and Paris are viewed as the most important world cities for the rich, while Beijing and Shanghai record the fastest growth in importance for High Net Worth Individuals (HNWI).

‘‘This year’s Wealth Report contains even more evidence that the world’s wealthy are weathering the economic slowdown better than the wider population, and nowhere is this better reflected than in prime property markets. Those markets considered “safe-haven” locations continue to attract private investors looking for both prime residential and commercial property.

Political and economic uncertainty across the world is only helping to exacerbate the trend,’’ said Andrew Shirley, editor of The Wealth Report.

He said the survey revealed the rich were playing an important role in sport, fine art, and philanthropy.

The wealthy were asked for their best cities for quality of life and Dubai came 10^th on the list which was topped by London. The emirate, known the ‘City of Gold’ came 11^th for knowledge and influence with London again heading the ranking. Dubai did even better for economic activity, coming 7^th on the list.

Luigi Pigorini, CEO Citi Private Bank Europe, Middle East & Africa said: “Wealthy individuals and families, especially those originating from Europe, the Middle East, Africa and Asia, have become extraordinarily global in nature. ‘’

But Pigorini warned that investors must remain cautious as ‘‘global economic growth will continue to influence all property markets, and investors should measure their yield and return expectations taking growth into 
account’’.

allan@khaleejtimes.com