Dubai's high net-worth residents 'boost business'

10/07/2012 - Dubai Lifestyle News Posted by Bob Brunskill
Dubai's high net-worth residents 'boost business'

By merely scanning the range of luxury property in Dubai, people can see the emirate is a hub for individuals who enjoy indulging in expensive and exclusive pursuits.According to Gulf News, it is the city's high net-worth residents and visitors that are boosting business in the region, with the last five years seeing a marked improvement in how these people have helped small businesses looking to reap the benefits of their presence.The Wealth Report - which is produced once a year by Knight Frank in conjunction with Citi Private Bank - showed that by 2016 the UAE will see a 25 per cent increase in the number of so-called centa-millionaires, which is a term used to define those with at least $100 million (£64.4 million) in liquid assets.To capitalise on this, local companies across the whole gamut of business sectors are forming strategies and releasing goods that will encourage these increasingly affluent individuals to spend on the items and services their firm has to offer.Some 2,000 of the estimated 23,000 new centa-millionaires expected to come to the emirate over the next five years will originate from the Middle East and Africa.Dubai is a honey pot destination for those with a high net worth such as this because they can take advantage of the fact the region is a haven from the ongoing turmoil surrounding the Arab Spring.As well as those moving to the emirate to live, hotels are taking advantage of the increase in high net-worth individuals visiting and investing in the Emirates, with establishments such as the Ibn Buttuta Gate Hotel introducing games and other features that will appeal to wealthy Chinese visitors.International travel from China has remained buoyant in the face of the international economic downturn, according to sales manager at the Ibn Buttuta Gate Tong Wu.She was quoted by the newspaper as saying: "The UAE appears to be enjoying a growing profile and Dubai in particular has become better known since the opening of the Burj Khalifa."