The Wealth Report 2012, published by Knight Frank and Citi Private Bank, ranks 120 global cities. Dubai was also ranked eighth in terms of its growth in importance to the high net worth individuals (HNWIs).
The report is based on the opinions of over 4,000 super-rich individuals worth on average over US$100 million. The multi-millionaires were asked a number of questions about their personal wealth, feelings about property and their investment decisions.
UAE nationals keen second-home buyers
The survey showed that emiratis are a real force as second-home buyers. UAE nationals are ranked seventh among nationalities with growing importance in purchasing a residential property across the world. The Chinese are top of the list, followed by the Indians and Brazilians. The UAE is also the fourth most popular destination as a second-home location for HNWIs in Africa and the Middle East.
The global elite appreciated Dubai’s increasing charm as a place to live. They ranked it in the top 10 worldwide in terms of quality of life and seventh in economic activity.
Luxury end thrives
The report’s prognosis will delight Dubai’s luxury property groups. The First Group, for example, have a number of properties that fall squarely into this category, which is so attractive to high-end investors. TFG Marina Hotel, for one, boasts a superb location in the Dubai Marina area, one of the most desirable places to live in the emirate.
The Marina has waterside and sea views, as well as a lively cafe and restaurant scene. The Jumeirah Beach Walk is a stretch of al fresco dining and shopping on the seafront. One of the emirate’s best places to shop, the Dubai Marina Mall, is also on hand.
The Marina Hotel is minutes from all the beaches, retail space, cafes and restaurants. It features an exclusive Club House, rooftop pool, sun deck and state-of-the-
HNWIs rate Dubai highly
HNWIs from the Middle East and Africa rate Dubai as the location with the most rapid growth in importance, with HNWIs from Latin America rating Miami and Sao Paolo highly.
For HNWIs from the Middle East and Africa, London was still the most important city, followed by Paris, New York, Geneva and Dubai. But, in terms of its growth in importance, Dubai was surpassed by only London.
Monaco remained the most expensive residential location in the world, with one square metre worth US$58,300 (Q4 2011), followed by prime locations in Cap Ferrat, London and Hong Kong.