Dubai has dropped two places to rank as the 14th-most expensive city in the world for high-net-worth individuals (HNWIs) this year as decades-high inflation in developed markets erodes consumers’ purchasing power, according to a report by Julius Baer.
Asia remains the most expensive region in the world for wealthy people, holding six of the top 10 places, according to the Swiss private bank’s 2022 Global Wealth and Lifestyle report, which compiled an index using a basket of consumer goods and services that represent discretionary purchases by HNWIs — ranging from residential properties to airfares — and analysed prices in 24 key cities around the world.
Shanghai retained the top position as the most expensive city in the world for the rich, followed by London, Taipei, Hong Kong and Singapore. Monaco, Zurich, Tokyo, Sydney and Paris round out the top 10 most expensive cities list for HNWIs, who are described as having more than $1 million in investable assets.
“Dubai is not cheaper than it was last year as prices for goods and services have gone up by 19 per cent on average,” Mark Matthews, head of research for Asia Pacific at Julius Baer, said.
"In comparison, prices in Shanghai shot up by 30 per cent. Other cities such as Sydney and São Paolo have, instead, become more expensive than Dubai."
The world’s 500 richest people have seen a combined $1.4 trillion erased from their cumulative fortunes this year, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety.
It is in stark contrast to last year, when soaring markets boosted the world’s population of HNWIs by about 8 per cent, including by 13 per cent in North America, according to a Capgemini World Wealth report released on Tuesday.
Overall, the price of goods and services in the Julius Baer basket registered an increase of 7.5 per cent globally. About 75 per cent of goods and 63 per cent of services experienced a price rise since the 2021 Julius Baer report. In comparison, prices increased by only 1.05 per cent last year, the report showed.
Dubai ranked as the most expensive city in Europe and the Middle East to buy a car and the most expensive place globally to study for an MBA, the index found. It also ranked as the fifth-most expensive city globally to buy a bicycle.
“Dubai has launched new visas to attract the wealthy, investors, entrepreneurs and innovators,” said Mr Matthews. "This and other measures have helped it to emerge from the pandemic stronger than before."
London, driven by strong price increases for residential properties, high inflation and hospitality services, climbed to second place from eighth in last year’s rankings. New York was ranked the 11th-most expensive city in the world, according to the Zurich-based lender.
Tokyo was pushed down the rankings as divergences in monetary policy between the US Federal Reserve and the Bank of Japan considerably weakened the yen against the dollar, the bank said in the report.
The Americas region ranked as the cheapest to live a luxury lifestyle this year and does not have a single city in the top 10 list, the index showed. However, Brazil's financial hub of São Paulo climbed from 21st place to 12th in the rankings as a result of record inflation and import taxes, Julius Baer said.
Miami and Vancouver are both less expensive than Bangkok, which was the 15th-most expensive city for the ultra-wealthy, the lender added.
Mumbai emerged as the cheapest city for HNWIs to live in due to a big drop in the price of luxury items. Johannesburg, the only African city in the index, is also inexpensive, thanks to lower property prices, according to the report.
The luxury categories that recorded the biggest price gains included bicycles (30 per cent), hiring a lawyer (33 per cent) and technology packages (41 per cent). The luxury categories with the biggest price falls were health insurance (24.4 per cent), the cost of studying for an MBA (11.7 per cent) and cars (9.5 per cent).
Hosting Expo 2020 and its efficient handling of the pandemic helped Dubai attract talent from financial hubs in Asia, which had strict Covid-19 policies, said Omar Barghout, head of investment advisory for the Middle East at Julius Baer.
"Family offices and hedge funds have also moved to Dubai from Europe to escape uncertainty, thereby driving demand for residential properties. High oil prices help the government to invest the surplus in its economy."
Top 15 most expensive cities to live in for the ultra-wealthy in 2022
- Shanghai
- London
- Taipei
- Hong Kong
- Singapore
- Monaco
- Zurich
- Tokyo
- Sydney
- Paris
- New York
- Sao Paulo
- Milan
- Dubai
- Bangkok
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Company%20profile
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Company%C2%A0profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
COMPANY%20PROFILE
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The five pillars of Islam
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
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
MATCH INFO
Bangla Tigers 108-5 (10 ovs)
Ingram 37, Rossouw 26, Pretorius 2-10
Deccan Gladiators 109-4 (9.5 ovs)
Watson 41, Devcich 27, Wiese 2-15
Gladiators win by six wickets
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi