Dubai among 10 most expensive cities for HNWIs
A. SREENIVASA REDDY (ABU DHABI)Dubai is among the top 10 most expensive cities for high-net-worth individuals (HNWIs), according to the 2024 edition of Julius Baer's Global Wealth and Lifestyle Report.Globally, Singapore retained its position as the most expensive city for the second year in a row. It was followed by London, which overtook Hong Kong to claim second place. Hong Kong, now in third, remains Asia's second-most costly city for affluent individuals.Completing the top ten are Monaco (4th), Zurich (5th), Shanghai (6th), followed by Dubai (7th), New York (8th), Paris (9th), and Milan (10th).Dubai's seventh-place ranking marks a notable climb from its 12th position last year.Julius Baer's Lifestyle Index ranks 25 cities by analysing residential property, cars, business class flights, dining experiences and other luxuries. The bank surveyed high-net-worth individuals with bankable household assets of $1 million or more from February to March 2025.According to the report, Dubai continues to strengthen its reputation as a global wealth hub. It was ranked the most expensive city in the Middle East and Africa (MEA) region, with its rise in the index driven by surging property prices and strong demand across luxury categories.Dubai placed in the global top five for hotel suites, fine dining, and health insurance costs. The city also posted high rankings in residential property pricing, underlining a strong appetite for upscale real estate and luxury lifestyles.The report highlights the UAE's appeal to HNWIs, citing a stable economy, favourable tax policies, and world-class infrastructure.In a commentary accompanying the report, Julius Baer stated: 'The UAE continues to attract entrepreneurs and the wealthy, with strong infrastructure, quality of life, and an ever-growing financial services sector.''The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue. The net inflow is destined to surpass that of all other countries, positioning Dubai as a leading destination for the global elite,' the report added.Despite global economic uncertainty, Julius Baer observed that luxury prices in many cities rose modestly. In Dubai, however, demand for premium goods and services remains especially robust.
The report forecasts that Dubai's rise in the rankings may continue, supported by continued investment in infrastructure, innovation, and economic diversification.
Source: Aletihad - Abu Dhabi
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