Dubai is no longer among the top 10 most expensive cities globally for the ultra-wealthy, as its cost of living remains competitive compared to major global cities, a report has found.
The city ranked 12th globally, a drop from seventh position last year, with the UAE dirham's peg to the US dollar helping to keep inflation in check, the report by Swiss private bank Julius Baer said.
Dubai also ranked as the sixth most expensive city in the Europe, Middle East and Africa region (Emea) for high-net-worth individuals to live a luxury lifestyle.
"Despite remaining a very wealthy city, Dubai has dropped in both regional and global rankings, making it relatively more affordable compared to other Emea cities," the bank said.
"Dubai's stable and attractive market conditions have kept it competitive on the global stage."
Meanwhile, the Emea region has become the most expensive for the super rich to live well, after ranking as the cheapest region in last year's report, according to the latest findings.
The rise in ranking this year was driven by London taking third spot and every European city moving up the ranking, as well as strong exchange rates versus the US dollar, the report added.
Over the past 12 months, the price growth of all goods and services in the Julius Baer Global Wealth and Lifestyle index slowed to 4 per cent on average in USD terms, compared with 6 per cent in 2023.
Prices grew faster for goods than services this year, with goods up 5 per cent on average and services up 4 per cent, both in USD terms.
The report used a basket of consumer goods and services that represent discretionary purchases by HNWIs – defined as people with a net worth of $1 million or more – including watches, luxury handbags, business-class airfares and property, and analysed prices in 25 cities around the world.
“In the Middle East, spending was concentrated on luxury goods such as clothing and watches, but most significant of all was the demand for luxury residential properties,” the report said.
While HNWIs in the Middle East focus on premium products such as designer clothing, jewellery, luxury watches and real estate, those in Europe and Asia-Pacific focus on hospitality (five-star hotels, top restaurants).
Luxury spending in the Americas appears to be spread across all categories, it added.
Inflation, rising living costs and increased geopolitical tensions continue to affect prices globally.
But although cities continue to become more expensive, there has been a normalisation of inflation rates over the past 12 months, the bank said.
Inflation is expected to average 3.5 per cent this year and 2.9 per cent in 2025, but the pace of decline is slower than projected six months ago, according to a recent report by the World Bank.
UAE: A millionaire magnet
A record 6,700 millionaires are expected to call the UAE their new home by the end of this year, a survey this month by international investment migration advisory firm Henley & Partners found.
The country's luxury lifestyle, golden visas and low tax environment have helped the UAE retain its place as the world's wealth magnet for the third year running.
The country is poised to attract nearly twice as many millionaires as its nearest rival, the US, which is forecast to see 3,800 millionaires settle there by the end of the year.
“Although the impact of the global pandemic has now settled into a new normal, inflation, rising living costs and increased geopolitical tensions have not had as much of an impact on Dubai as on other markets, which have contributed even more to its appeal for wealthy residents,” the Julius Baer report said.
Prominent global hedge funds, asset managers, FinTech companies and family offices are establishing regional offices in Dubai, making it a premier destination for the global elite, it added.
“The region’s wealthy are spending the highest currently on luxury residential properties compared to any other region, amid strong economic growth and world-class infrastructure,” the research found.
“Even though the residential market has sustained an upward trajectory in prices, residential property is relatively affordable compared to many cities in the region.”
More than half of wealthy Middle Eastern respondents said they had spent more on residential property in the past 12 months.
Planned spending is equally high, with 58 per cent saying they will spend more in the coming 12 months. No other region comes close to this, the report found.
The index revealed that the ultra-rich in Dubai and across the Middle East are bullish in their investment outlook with primary goals of wealth creation, increasing assets and boosting their portfolios.
Globally, Singapore was ranked the most expensive city for HNWIs, followed by Hong Kong and London.
Meanwhile, the Asia-Pacific ranked as the second most expensive region for HNWIs to live well, due to lower rankings for cities like Tokyo, Julius Baer said. The Americas fell to last place.
In all regions, HNWIs invested more in the past 12 months than in the year before, according to the Swiss bank.
Top 12 most expensive cities for HNWIs in 2024
1. Singapore
2. Hong Kong
3. London
4. Shanghai
5. Monaco
6. Zurich
7. New York
8. Paris
9. Sao Paulo
10. Milan
11. Sydney
12. Dubai
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
SPECS
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
UAE currency: the story behind the money in your pockets
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
