Dubai ranks as the 14th most luxurious city globally in 2022

 Wednesday, June 29, 2022 

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Dubai ranked as the 14th most luxurious city globally for high net worth individuals for 2022, going down two places from 2021, as per Julius Baer’s 2022 Global Wealth and Lifestyle Report.


The report takes into account the prices and customer behavior around the world to measure the price increase of a basket of commodities and services in cities throughout the world.


The Covid-19 pandemic, increase in inflation and the Russia-Ukraine conflict are being cited as reasons for the swelling in living expenditure.


Mark Matthews, who is the head of research Asia Pacific, Bank Julius Baer, said that the world is coping with the consequences of a universal pandemic, and factors like mounting geopolitical pressures and increasing inflation have affected the expense type of investors and turned them more mindful regarding safeguarding their monetary future.


Shanghai bags the top spot with regard to the costliest city for HNWIs. London, Taipei, Hong Kong, Singapore, Monaco, Zurich, Tokyo, Sydney and Paris follow next.


The Swiss bank said that Dubai’s non-oil private sector market exhibited a noticeable expansion in the emirate’s travel and tourism division, in spite of increasing inflationary difficulties.


The bank said that the flexibility and multiplicity of the UAE tempt visitors to the country from around the world. The Middle East has better prospective for change and can be expected that Dubai could be connected by Doha or other Saudi cities in the coming years.

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