Dubai ranked 14th costliest city in the world for HNWIs

Dubai ranked 14th costliest city in the world for HNWIs

The emirate's travel and tourism sector shows a marked growth despite inflation

By A Staff Reporter Published: Mon 27 Jun 2022, 4:29 PM

Dubai has been ranked 14th most expensive city in the world for high net worth individuals (HNWIs) this year, slipping two places from the previous year, according to Julius Baer’s Global Wealth and Lifestyle Report 2022.

The study tracks prices and consumer behaviour around the world to gauge the price inflation of a basket of goods and services in cities around the world.

The Covid-19 pandemic, the rise in inflation and the Russia-Ukraine war have been blamed for the increase in the cost of living.

Mark Matthews, Head of Research Asia Pacific, Bank Julius Baer, stated while the world is dealing with the aftermath of a global pandemic, factors such as increasing geopolitical tensions and rising inflation have impacted the spending patterns of investors and made them more conscious about securing their financial future.

Shanghai tops in terms of the costliest city for HNWIs followed by London, Taipei, Hong Kong, Singapore, Monaco, Zurich, Tokyo, Sydney and Paris.

Dubai: the region’s global city

The Swiss bank said Dubai’s non-oil private sector economy showed a marked growth in the emirate’s travel and tourism sector, despite rising inflationary