The world’s ultra-wealthy are relocating to Dubai while continuing to store their assets in established financial hubs like Singapore and Switzerland. Nonetheless, the influx of wealth into the UAE's leading city is expected to boost its development as a booking center.

Dubai, along with the broader United Arab Emirates (UAE), has increasingly attracted high-net-worth individuals from around the globe, as the city positions itself as a key global wealth hub. However, many still prefer to manage their assets through more established hubs such as Singapore and Switzerland, according to market experts.

In recent years, Dubai has emerged as a major draw for private wealth and talent. Migration consultancy Henley & Partners predicts that the UAE will see the largest net inflow of millionaires globally in 2024, with over 6,700 expected to move to the country. By comparison, Singapore is projected to attract a net inflow of 3,500 millionaires in the same period.

A report by the Boston Consulting Group highlighted that the UAE experienced the highest percentage growth as a booking center in 2023, with an 8.9% increase or US$48 billion in cross-border wealth. The country is on course to rank as the world’s sixth-largest booking center by 2028.