The rise of the ultra-rich in Middle East
The Middle East has a smorgasbord of nationalities and is a financial hub. So it doesn't come as a surprise that the population of ultra-high net worth individuals in Abu Dhabi, Dubai, Jeddah and Riyadh is expected to rise 15% over the next five years, according to a new report from Knight Frank.
Knight Frank’s ‘wealth report’ has revealed that the global UHNWI population is expected to rise by 22% over the next five years, with the population in the greater Middle East growing 20%.
The report also noted that 63% of the world’s UHNWIs saw their wealth increase in 2018.
The report also tracked the movement of luxury residential prices in the world’s top 100 city and second home markets between December 2017 and 2018 and found that Manila lead the way, with prices rising 11% over the course of the year.
While a number of European cities including Edinburgh (10.6%), Berlin (10.5%) and Munich (10%) continued to perform well, global hubs such as New York (-2.5%), London (-4.4%) and Dubai (-3.4%) found themselves in negative territory.
The report also found that $1 million will buy one 143 square metres in Dubai, compared to just 16 square metres in the world’s most expensive city, Monaco.