Dubai is the 29th most popular city in the world for ultra-wealthy residents, after more than 2,000 high-net-worth individuals moved to the emirate in the first six months of 2021, a report has said.
The city's population of HNWIs rose 3.8 per cent to 54,000, up from 52,000 in December 2020, found the study by New World Wealth, a research company that tracks the wealth and movement of millionaires, multimillionaires and billionaires globally.
The number of billionaires in Dubai increased by two to 12 in 2021, while the city's population of centimillionaires grew to 165 from 152 in December 2020. The number of multimillionaires increased to 2,480 in June from 2,430 in December 2020, the study found.
The study defines HNWIs as individuals with wealth of $1 million or more, while multimillionaires have a personal fortune of $10m or more. Centimillionaires are those with a net worth of $100m or more and billionaires have reserves of $1 billion or more.
The combined private wealth held by all Dubai residents with at least $1m in property, cash, equities and business interests increased 2.5 per cent to $530bn in June, up from $517bn in December 2020, the research found.
“It should be noted that total private wealth and HNWI numbers in Dubai are down slightly from the end of 2019, but up from the end of 2020,” Andrew Amoils, wealth analyst at New World Wealth, said. “The number of ultra-rich, including billionaires and centimillionaires, in Dubai is up, though.”
This could be linked to global stock market movements and wealth migration, Mr Amoils added.
The total wealth of HNWIs globally rose 7.6 per cent in 2020 to about $80 trillion, driven by government stimulus measures and rising equity markets, according to a report by global consultancy Capgemini. The global number of HNWIs grew by 6.3 per cent in 2020 to surpass the 20 million mark, Capgemini added.
More people globally became millionaires for the first time in 2020 despite the economic damage caused by the Covid-19 pandemic, according to a June report by investment bank Credit Suisse. The global number of millionaires grew by 5.2 million to reach 56.1 million last year, marking for the first time in history that more than 1 per cent of all global adults are, in nominal terms, dollar millionaires.
Meanwhile, in a separate report, global property consultancy Knight Frank said the number of ultra-high-net-worth individuals in the Middle East is projected to increase 24.6 per cent in the next five years. The region will remain the fourth-largest wealth hub in the world.
In the Middle East and Africa region, Dubai ranked first for combined HNWI private wealth, followed by Tel Aviv, Israel, with a total of $312bn, New World Wealth found.
Johannesburg, the capital of South Africa, ranked third with total wealth estimated at $235bn, followed by Istanbul ($180bn) and Cape Town ($130bn), according to the research company.
Globally, New York City topped the list with total wealth held reaching $2.9tn as of June 2021. The city is home to more than 370,000 HNWIs, as well as 805 centimillionaires and 62 billionaires, the study revealed.
This is followed by the San Francisco Bay area with total wealth held amounting to $2.6tn. The area includes Silicon Valley, home to Big Tech companies including Apple, Google owner Alphabet and Facebook. San Francisco has been steadily moving up the global wealth list over the past few years and is expected to overtake New York City before 2030, the report said.
Japan's financial hub, Tokyo, ranked third with $2.5tn worth of private wealth, while London ($2.3tn) and Beijing ($2tn) round out the top five cities, the study found.
Shanghai ($1.8tn) is ranked sixth on the index, followed by Los Angeles ($1.3tn), Sydney ($1.1tn), Chicago ($1tn) and Mumbai ($970bn).
City-states such as Singapore and Monaco were excluded from the list, the research company said.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
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