Luxury segment is growing in the UAE

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.

Luxury segment is growing in the UAE

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

If you have an idea to establish a luxury business in Dubai or Abu Dhabi, don’t hesitate – there will be no better time! Reach out to us now, we will show you the way to get to the UAE market the easiest and most efficient way.

Wether it’s a market entry strategy or market analysis that you are missing, we will guide you throughout your way to success. Text or call us today!

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Source: The National News UAE