Latest news with #globalwealth
Bloomberg
a day ago
- Business
- Bloomberg
Frothy Tech Returns Helped Mint 600,000 Millionaires Last Year
Global wealth surged last year, with the number of millionaires across the world hitting a record 23.4 million. The annual World Wealth Report from Capgemini, an IT services and consulting group, shows the number of people with at least $1 million in investable assets grew 2.6% in 2024, driven in large part by gains in American portfolios.
Khaleej Times
4 days ago
- Business
- Khaleej Times
Why millionaires are migrating to Dubai and what it signals
Amid intensifying global scrutiny of wealth and rising tax pressures, Dubai is emerging as a strategic base for high-net-worth individuals seeking long-term security, capital preservation, and global mobility, a new report says. Betterhomes' latest mini-paper, Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth, shows that in less than ten hours, residents can easily connect with major cities worldwide, whether it's for business or leisure, highlighting Dubai's strategic location and seamless access to global markets. 'Far from being a transient luxury hub, the city is becoming a permanent home for the world's elite, drawn not only by its favourable tax regime and political stability but also by its infrastructure, safety, and unmatched global access,' the report says. This shift reflects more than a property trend; it signals a structural recalibration of global wealth flows. As legacy cities like London, San Francisco, Hong Kong, and Paris grapple with rising taxes and growing instability, Dubai offers rare clarity: low tax, luxury lifestyle, and a robust infrastructure. In a world increasingly challenging wealth creation, Dubai stands out as a stronghold for the financially free, where wealth is not only respected but celebrated. Here, policies are designed to attract, not restrict, enabling individuals to safeguard their wealth, plan their legacies, and influence global markets from a secure base. As of December 2024, the UAE was ranked as the 14th largest wealth market globally, with 130,500 dollar millionaires, reflecting a 98% surge over the past decade, data shows. A historic migration surge Betterhomes anticipates a substantial surge of international wealth flowing into Dubai in 2025. This influx is projected to significantly reshape Dubai's standing within the global financial system. 2024 marked a significant peak in global millionaire migration, with over 134,000 individuals possessing at least $1 million in liquid investable assets relocating across borders. Early forecasts for 2025 suggest this figure will rise further, with approximately 142,000 high networth individuals expected to move internationally in search of security, stability, and opportunity. If even 5% of this cohort were to choose Dubai, the emirate would welcome an estimated 7,100 new millionaires, Betterhomes estimates. These are not transient tourists, but capitalised entrants arriving with substantial liquidity. At a conservative estimate, this would represent an inflow exceeding $7.1 billion (Dh26 billion), equivalent to nearly half of Dubai's total foreign direct investment for 2024. In a market defined by momentum and investor confidence, such capital inflows serve as both signal and catalyst. Diverse origins of wealth migration The origins of this capital migration are as diverse as they are strategic. Some arrive from East Asia, including Chinese entrepreneurs establishing offshore holdings in response to domestic policy shifts. Others are Vietnamese investors diversifying against rising political and economic uncertainty. From Turkey and Argentina come wealthy individuals seeking refuge from currency depreciation and systemic volatility. Even within established markets, such as the United Kingdom or the United States, Dubai is increasingly perceived as a pragmatic choice for capital preservation and growth, analysts say. These new arrivals are not mere spectators; they are institution builders, family office founders, and long-term strategists. They bring with them enterprises, teams, and a forward-looking mindset. Their presence underscores a growing recognition of Dubai not simply as a taxefficient jurisdiction, but as a platform for legacy, influence, and sustained wealth creation. 'Dubai's real estate market is no longer driven by speculation, but by strategic, long-term capital. We are seeing global wealth not just arrive, but anchor itself here, in branded residences, legacy properties, and high-quality developments built for permanence. As millionaire migration accelerates, the city's property sector will continue to evolve from a cyclical opportunity into a structural asset class. Dubai is not only a magnet for capital, it is becoming the benchmark for global residential investment,' said Louis Harding, CEO of Betterhomes.
