The Dubai International Financial Center hosts 120 of the richest families and individuals in the world
Dubai, April 29 / WAM / The Dubai International Financial Center is a trusted global center for many of the richest families and individuals in the world. By attracting more than 120 of the richest families and individuals in the region who have a net worth of more than one trillion US dollars, the center has contributed to consolidating… Dubai’s position is ranked first in the Middle East, Africa and South Asia region, as well as among the top 22 cities in the world in terms of the number of wealthy people.
According to data issued by the “Report of the Richest Cities in the World 2023”, Dubai is home to more than 68,500 high net worth individuals and private wealth owners, or individuals who own at least one million dollars in liquid assets, and 206 “centi-millionaires”, who are Individuals with wealth reaching or exceeding $100 million, and 15 billionaires.
The Dubai International Financial Center has a well-established position as a prestigious financial center with a workforce of more than 41,500 and more than 5,500 active and registered companies, supported by 20 years of continuous growth and a path full of achievements that culminated in achieving record results in 2023, which encouraged a greater increase in wealth flows to the center and Dubai. .
Last year, the Dubai International Financial Center launched the first family wealth center of its kind in the world to enhance and develop its thriving global family wealth system, and to support family businesses as they seek to achieve their ambitions for future growth and plan the management succession process in Dubai and beyond.
To celebrate this occasion and the tremendous progress achieved in a period of just over 12 months, His Excellency Abdullah bin Touq Al Marri, Minister of Economy, His Excellency Issa Kazim, Governor of the Dubai International Financial Centre, and Arif Amiri, CEO of the Dubai International Financial Center Authority, welcomed the leaders and advisors of leading family businesses. To celebrate the one-year anniversary of the establishment of the Family Wealth Center in the Dubai International Financial Center during an exclusive luncheon held under the theme “A Legacy of Excellence”.
During his keynote speech to the growing community of family businesses and related entities in the DIFC, His Excellency Abdullah bin Touq Al Marri said, “The UAE has always been the main and preferred destination for business and investment in the Gulf Cooperation Council countries and the Middle East and North Africa region in general. Likewise, the country seeks To become a regional center for family businesses as well.”
He added, “Dubai has established its position as a pivotal and global center for family wealth, providing unparalleled opportunities and resources for growth and preservation. In just one year, the Family Wealth Center in the Dubai International Financial Center played an important role in supporting this system, and in recognition of this importance it enjoys.” “Dubai is a global center for family wealth, and the rapid impact of the center during this short period confirms its commitment to promoting growth, prosperity and security for future generations.”
For his part, His Excellency Issa Kazim, Governor of the Dubai International Financial Centre, said: “Dubai and the Dubai International Financial Center have succeeded in quickly establishing their position as a major destination for family businesses around the world, and the significant growth and experience witnessed by the Center confirms its pivotal role in shaping the landscape of family wealth.”
He added, “As we celebrate today the one-year anniversary of the establishment of the Family Wealth Center in the Dubai International Financial Center, we must also reflect and look with pride at the pioneering and innovative journey of the Dubai International Financial Center over 20 years and the progress and prosperity that has been achieved, and we affirm our commitment to providing the best resources to the center’s members.” This ensures that the lasting legacy of families is nurtured and continues across successive generations, while we work together to shape the future of the financial sector.”
For his part, Arif Amiri, CEO of the Dubai International Financial Center Authority, said in his welcoming speech, “The rise of the Dubai International Financial Center and its achievement of this prestigious position to become a global center for attracting family wealth is due to its firm commitment to providing an integrated work system for the growth of the financial sector as a whole.”
He added, “Through its relentless pursuit of enhancing transparency, regulation, innovation, and building knowledge, the DIFC enjoys the trust of more than 230 banks, including 27 of the 29 best regulated banks in the world, and more than 350 reputable wealth and asset management companies.”
He explained that this momentum enhances the influx of family businesses and related entities wishing to join the modern lifestyle options provided by the Dubai International Financial Center and its world-class Family Wealth Centre, which is specifically designed to enable innovation, succession planning and future prosperity.
According to the Center, as it hosts more than 440 registered institutions and more than 600 active entities affiliated with major family companies and individuals, the Dubai International Financial Center has witnessed an increase in interest in family wealth management, and the Center’s commitment to regulatory transparency and family confidentiality has contributed, driven primarily by the interests of specific companies, or Private companies that can be established by a qualified applicant or for a qualifying purpose, supported an 81% increase in single-family offices, followed by a 12% increase in holding companies year-on-year in 2023.
To support this growth, the DIFC also announced its new comprehensive guide “Prosperity Across Generations: Unleashing the Power of the DIFC for Families” to enable families to access knowledge and expertise on organizational structures, governance, wealth management, succession and estate planning in Dubai and the DIFC. Global.
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