Latest news with #WealthReport2024
Mint
31-07-2025
- Business
- Mint
Wealth in Motion: Exploring Emerging Destinations for Capital
In 2025, around 142,000 millionaires are projected to relocate internationally, up from approximately 134,000 in 2024, per the Henley & Partners Private Wealth Migration Report 2025. This movement is driven by changing perceptions of taxation, governance, and long-term residency value. Among the countries expected to experience the largest net inflow of millionaires in 2025, the United Arab Emirates (UAE) stands out - set to gain 9,800 new millionaires this year alone, the highest globally. Dubai, home to 81,200 millionaires - with a growth rate of 102% and 237 centi-millionaires (individuals with over USD 100 million in wealth), is poised to be a key destination for this influx of global wealth. UAE +9,800 63.0 98% USA +7,500 43.7 78% Italy +3,600 20.7 20% Switzerland +3,000 16.8 28% Saudi Arabia +2,400 18.4 55% Source: Henley & Partners Private Wealth Migration Report 2025 Jurisdictions once favoured solely for tax efficiency are now being reassessed through a broader lens - where governance, deep talent pools, legal reliability, mobility pathways, and lifestyle infrastructure play growing roles in wealth relocation decisions. Wealth relocation today is shaped as much by risk management as by opportunity. While the numbers show where capital is flowing, understanding why it moves is equally critical. Rising geopolitical uncertainty, tightening tax regimes, and increasing regulatory complexity in traditional financial centres are prompting high-net-worth individuals to reassess their base jurisdictions. According to Knight Frank's Wealth Report 2024,19% of UHNWIs are actively considering a second residency or citizenship. The European Lifestyle Report 2024, based on a survey of 750 HNWIs across 11 European countries, further clarifies the motivations behind such moves - with security, employment opportunities, and taxation ranking as the top three factors influencing relocation decisions. As a result, jurisdictions offering stability, long-term residency pathways, and institutional trust - rather than short-term incentives - are increasingly preferred by globally mobile families seeking to preserve and grow wealth across generations. Is Dubai Gaining Traction Among Global Elites? Forecasts suggest that if Dubai attracts even 5% of the projected migrating millionaires in 2025, it could see a net inflow of around 7,100 high-net-worth individuals, representing an estimated AED 26 billion (USD 7.1 billion) in new capital inflow. Dubai's economic direction is guided by the Dubai Economic Agenda (D33) - a 10-year (2023-2033) blueprint to double the Emirate's GDP and elevate it into the world's top three urban economies. Beyond macro goals, the agenda emphasizes institutional continuity, economic diversification, and digital governance, aligning closely with what mobile wealth seekers are looking for: predictability in a volatile world. In recognition of its digital leadership, Dubai was recently ranked 4th globally in the IMD Smart City Index 2025, making it the highest-ranked city in the GCC, Arab region, and Asia - with resident satisfaction scores above 84% across key services such as health, e‑governance, internet speed, and public transport. Ease of Doing Business as a Foundational Advantage Dubai's business setup landscape continues to evolve into a high-efficiency, digitally integrated ecosystem. In Q1 2025 alone, over 19,000 new commercial licences were issued in Dubai, representing 59% of all business licences across the UAE, and signaling robust market confidence and ease of entry for investors. The Invest in Dubai platform serves as a single-window digital service that allows investors to complete commercial licensing, approvals, payments, and renewals through a unified online interface. A key advancement under the D33 is the Dubai Unified Licence initiative. The initiative assigns every business a unique identification number and QR code, whether it operates in the mainland or a free zone, creating a unified business identity across the emirate. This system simplifies data access for government departments, banks, utilities, and service providers, and makes processes like bank account opening and licence updates more seamless. Supporting innovation further, during Q1 2025, the Dubai Chamber of Digital Economy helped launch and expand 127 digital startups, a 135% increase from the previous year, underscoring government support for entrepreneurship and streamlined access to capital and infrastructure. By the end of H1 2025, 440 firms involved in wealth and asset management were operating in Dubai's financial ecosystem, including approximately 85 hedge funds, reflecting a notable increase in fund-related activity. According to the Dubai International Financial Centre (DIFC) half-yearly results, the number of family-owned business entities grew by 73% compared to H1 2024, while foundations registered in the centre rose by 54%, reaching a total of 842. These activities fall under the purview of multiple regulatory authorities operating in Dubai, including the Dubai Financial Services Authority (DFSA) for entities within DIFC, and the Securities and Commodities Authority (SCA) and Dubai Courts for broader mainland operations. CBRE data shows that Dubai's residential real estate sales reached AED 434 billion in 2024, marking a 33% increase over the previous year. The city recorded close to 181,000 transactions, reflecting a sustained rise in demand. Within the luxury segment, ultra-high-net-worth buyers (net worth above USD 20 million) accounted for approximately USD 4.4 billion in residential property purchases in 2024, marking a 76% increase year-on-year, according to Knight Frank's Destination Dubai 2024 report. Separately, Knight Frank's Wealth Report 2025 notes that luxury home prices in Dubai rose by 147% between 2019 and 2024, making it the fastest-growing prime residential market globally during that period. Recent market data suggests that villa sales activity in Dubai rose by 65% year-on-year in early 2025, with transaction values reaching approximately AED 53.4 billion, according to Provident Estate. For the full year, around 19,700 new luxury villas are expected to be delivered, based on estimates from DXB Interact. However, supply at the upper end of the market remains relatively constrained. This evolving supply-demand dynamic may be influencing how luxury real estate in Dubai is viewed as part of broader wealth migration and capital allocation strategies. Lifestyle, Talent, and Safety as Strategic Drivers Dubai's appeal to globally mobile wealth increasingly hinges on its integration of quality of life, talent access, long-term residency infrastructure, and personal security. Over 220 private schools operate across the city, offering 17 international curricula, with more than 84% of students attending institutions rated 'Good' or better by Knowledge and Human Development Authority (KHDA). Healthcare access is equally robust, with over 3,900 facilities, including 50+ hospitals and 600+ clinics, while the city attracted 691,000 medical tourists in 2023, generating AED 1.03 billion in revenue, according to Dubai Health Authority (DHA). Safety and stability are central to Dubai's overall appeal. The UAE was ranked the safest country in the world in Numbeo's 2025 mid-year Safety Index, with a score of 85.2, ahead of more than 160 countries globally. Within the country, Dubai ranked 3rd globally among cities with a safety score of 83.8, reflecting consistently low crime rates and high levels of resident trust in public safety. Coupled with world-class education and healthcare systems, Dubai's long-term visa options for investors, entrepreneurs, and highly skilled professionals reinforce the city's role as a place where families can build both lasting wealth and meaningful personal roots. Looking Ahead: Building Relevance for the Next Generation As wealth strategies evolve to prioritise resilience, long-term visibility, and multi-generational planning, Dubai is positioning itself not just as a wealth hub - but as a jurisdiction that can adapt alongside its residents. Its continued investments in regulation, infrastructure, and talent signal a long game: one focused on permanence, not just presence. Rather than competing solely on tax efficiency or ease of doing business, Dubai is now being evaluated for the depth of its legal frameworks, the maturity of its financial services, and its capacity to serve as a stable base amid global uncertainty. For a growing number of families and institutions, the question is shifting - from where wealth can be held to where it can be grown, safeguarded, and lived meaningfully.
India.com
04-06-2025
- Business
- India.com
Rs 400 crore, Rs 600 crore, Rs 1000 crore...: Rich Indians are buying luxury properties across India due to...
Representational Image/File From lavish bungalows in the Mumbai's upscale Malabar Hill to expensive apartments in Lutyens, Delhi, the sale and purchase of luxury real estate by India's ultra rich has increased at a rapid pace in recent times. According to a report by the Economic Times, Leena Gandhi Tewari, the chairperson of pharmaceutical giant USV Private Limited, recently purchased two duplex flats, with a combined area of 22,572 square feet, in Mumbai's Worli for Rs 635 crore. The deal is being touted as the most expensive in India, with each square foot of space costing a whopping Rs 2.83 lakh, as per the report. Additionally, the Kotak family has bought an entire sea-facing building in Mumbai for Rs 628 crore, while DMart owner Radhakishan Damani purchased a vintage bungalow in the posh Malabar Hill area for a staggering Rs 1000 crore. Why India's ultra rich are investing in luxury real estate? As per experts, there are a multitude of factors responsible for the country's uber-rich deciding to invest in luxury real estate, such as the rising demand in the real estate market for luxury homes. However, the number of such properties is still relatively compared to the demand, especially in highly-sought areas like Lutyens, Delhi, Mumbai's Worli, and Golf Course Road in Gurugram. This unequal demand and supply scenario in the luxury real estate market has resulted in prices of these properties skyrocketing in recent times, which can be gauged from the fact the Leena Tewari paid a record Rs 2.83 lakh per square feet for her duplex apartments in Mumbai, while one square feet at Gurugram's DLF Camellias costs around Rs 1.17 lakh. Notably, the ultra rich are not buying these properties for habitation, they plan to monetize them. As per reports, the Kotak family plans to rebuild the sea-facing building they recently purchased in Worli, and likely turn it into a luxury apartment building. Luxury real estate prices skyrocketing in Indian metros Luxury real estate prices in India metros and tier-I cities are surging at a rapid pace, with Mumbai, Bengaluru and Delhi ranked among 15 world cities where prices of luxury homes are increasing the fastest, as per a report by Knight Frank. Bengaluru ranks 4th on the list, followed by Mumbai at 5th, and Delhi at the 15th spot. According to market data, India's luxury home market grew by 28% in FY23-24, with Delhi-NCR topping the sales. Together, Bengaluru, Mumbai and Delhi-NCR accounted for 67% of the total investment in luxury real estate, showcasing these cities as major real estate hubs in the country. Notably, the number of high net worth individuals (HNIs) increased by 6% to 85,698 in 2024, and the number is expected to reach 93,753 by 2028, according to the Knight Frank Wealth Report 2024. The report noted that HNIs in India invested 32% of their wealth in real estate in 2024, while the figure was 25% in 2020.
India.com
01-06-2025
- Business
- India.com
Rs 500 crore, Rs 700 crore, Rs 1000 crore..., who are the people who are buying such expensive houses and why?
(File/ New Delhi: Nowadays, there is a lot of buying and selling of very expensive property in India. Leena Gandhi Tewari, chairperson of the pharmaceutical company USV Limited, has purchased two duplex flats in Mumbai's Worli area for 635 crore rupees. The total area of both flats is 22,572 square feet. The cost per square foot is 2.83 lakh rupees. In the past few years, many wealthy people in India have invested a lot of money in homes. This has changed the luxury housing market in the country. Apart from Leena Gandhi Tewari, the Kotak family bought an entire building facing the sea in Mumbai for around 628 crore rupees. Radhakishan Damani, the owner of D-Mart, purchased an old bungalow in Malabar Hill for 1000 crore rupees. This shows that India's wealthy people are not just investing in the stock market or startups, they are now investing heavily in land and property as well and they are not just buying anywhere, but rather in selected areas of the country. Why are people buying such expensive properties? There are several reasons. Firstly, people feel that the market for luxury homes in India is doing very well. The demand for good homes is very high, but their supply is low. This is especially true in areas like Lutyens' Delhi, Malabar Hill and Worli in Mumbai, and Golf Course Road in Gurugram. As a result, prices are skyrocketing. In Gurugram, prices at DLF Camellias have reached Rs. 1.17 lakh per square foot. There are some unique aspects to these deals. For instance, the Kotak family has purchased an entire building facing the sea in Worli. It is believed that they will redevelop it. These properties are not just for living but also for investment purposes. This opens up the potential for creating luxury apartments or mixed-use projects in the future, which could yield good returns. Hot spots for luxury homes According to a report by Knight Frank, Mumbai, Bengaluru, and Delhi are among the 15 cities in the world where luxury home prices are rising the fastest. In this list, Bengaluru is fourth, Mumbai is fifth, and Delhi is fifteenth. The report studied luxury home prices in 45 cities globally. It indicates that India is rapidly advancing in the luxury home market. According to the Knight Frank Wealth Report 2024, the number of ultra-rich individuals in India increased by 6% last year, reaching 85,698. It is expected that by the year 2028, this number will increase to 93,753. These individuals have invested 32% of their wealth in homes, compared to 25% in 2020. This shows that people are now investing more in assets like land and property.
Mint
30-04-2025
- Business
- Mint
Blending Business with Belonging: How Global Families Are Rethinking Where They Live
For globally mobile families, the meaning of 'home' is evolving. In an increasingly interconnected world, high-net-worth individuals (HNWIs) and ultra-HNWIs (UHNWIs) are rethinking what makes a destination not just viable for business, but also livable for their families. Traditional financial hubs are no longer judged solely by tax efficiency or investment access. Instead, quality of life indicators — education, healthcare, safety, infrastructure, and global connectivity — are rising to the top of decision-making frameworks. According to the Knight Frank Wealth Report 2024, 19% of UHNWIs planned to apply for a second passport or obtain new citizenship in 2024 – part of a broader movement among the ultra-wealthy to prioritize factors such as security, education, and long-term family wellbeing in their relocation decisions. Wealth mobility today is as much about where one can thrive personally as it is about where capital can grow. This recalibration of priorities is influencing how families choose their base jurisdictions — giving rise to a new class of lifestyle destinations that offer both opportunity and everyday comfort. As this shift gains momentum, could Dubai — long known for its commercial dynamism — be quietly emerging as both a business hub and a place that elite families choose to call home? According to the Henley Private Wealth Migration Report 2024, the UAE attracted over 6,700 millionaires in 2024 — the highest net inflow of any country globally. A significant portion of these individuals are choosing Dubai for its balance of global access, high-quality infrastructure, and lifestyle offerings tailored to international residents Dubai International Airport connects to more than 260 international destinations, making it one of the world's busiest international hubs. Its geographic position supports same-day business access across Europe, Asia, and Africa. In parallel, Dubai's infrastructure includes advanced mobile networks, digital ID services, and concierge support that cater to high-net-worth individuals and their families. The UAE's Golden Visa programme offers a 10-year residency to investors, professionals, and retirees, with flexible options for family members and staff. These pathways are particularly appealing to family offices planning for multi-generational relocation. Real estate plays a significant role in this trend. According to Knight Frank's Q4 2024 Dubai Residential Market Review, the emirate recorded AED 422 billion in residential transactions in 2024 — a 30% increase over the previous year. The surge was driven not only by volume but also by value, with 435 homes sold above USD 10 million, the highest tally globally for the second consecutive year. High-demand neighborhoods such as Emirates Hills, Palm Jumeirah, and Dubai Hills Estate continue to attract interest from globally mobile buyers seeking long-term lifestyle security. Dubai is home to one of the most diverse private education landscapes in the world. The Knowledge and Human Development Authority (KHDA) oversees over 200 private schools offering curricula such as IB, British, American, French, and Indian. More than 77% of these schools are rated "Good" or higher in KHDA inspections, making academic transitions smoother for expatriate families. Well-established schools such as Nord Anglia International School, GEMS World Academy, and Swiss International Scientific School serve internationally mobile families and offer academic programs aligned with global university admissions pathways. The UAE ranks among the top 20 healthcare systems globally, as per the CEOWORLD Magazine Health Care Index 2024. In Dubai, international-standard hospitals like Cleveland Clinic Abu Dhabi, King's College Hospital Dubai, and Mediclinic provide advanced care across specialties. Many facilities are internationally accredited and partner with global insurance providers — a key requirement for globally relocating families. Dubai continues to be recognised as one of the safest cities in the world. In Numbeo's 2024 Safety Index, the city scored 84.4/100, ranking above most major international capitals on crime and security measures. Safety is supported not only by policing but by digital surveillance infrastructure, low crime rates, and a culture of efficiency in urban management. In today's globalised world, does quality of life hold as much weight in relocation decisions as regulation and returns? For a growing number of families, the answer seems to be yes. Dubai's ability to blend elite services with everyday comfort — all in a future-ready, globally connected environment — is helping position it not just as a place to invest but a place to live. To the Reader: This article is a promotional feature and does not have journalistic/editorial involvement of Mint. Mint does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Mint shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also concerning the view(s), opinion(s), announcement(s), declaration(s), affirmation(s), etc., stated/featured in the same. The article does not constitute financial advice. First Published: 30 Apr 2025, 06:54 PM IST
