Great news for luxury businesses and startups in the UAE. The premium segment has never been in a better shape. One of the major market drivers is the number of wealthy people who are streaming to Dubai and Abu Dhabi.
According to Henley & Partners report, Dubai is now officially the richest place in the Middle East – having the highest number of resident millionaires and billionaires. With 72,500 HNWI Dubai is now ranked as the 21st wealthiest city in the world.
What does it mean for a business? This number of wealthy people are not only pushing the luxury lifestyle forward but also business in premium segment – luxury auto, shopping, jewellery, sports and entertainment businesses are booming.
Dubai has recorded a 78 per cent growth in its millionaire population over the past 10 years. Dubai is home to 212 centi-millionaires (people with a net worth of $100 million or more in investable assets) and 15 billionaires. Abu Dhabi is the region’s next big millionaire hotspot with 22,700 high-net-worth people.
Abu Dhabi, with the rapid growth in real estate, premium hotels and resorts, financial sector, recorded a 75% growth rate in its millionaire population over the last decade, and became a home to 68 centi-millionaires and 5 billionaires.
How to start a luxury business in the UAE
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Source: The National News UAE
