Dubai International Financial Centre (DIFC), is home to more than 120 of the world’s wealthiest families and individuals, with a total net worth exceeding USD 1trn, helping Dubai to position as the number one city in MEASA, and among the top 22 cities globally in terms of wealthiest populations.
According to data published by the World’s Wealthiest Cities Report 2023, Dubai’s population includes over 68,500 HNWIs, or individuals with at least USD 1m in liquid assets, 206 centi-millionaires, or those with a net worth of at least USD 100mn, and 15 billionaires.
DIFC’s status as the deepest financial centre between London and Singapore, with a workforce of over 41,500 and more than 5,500 active registered companies is underpinned by 20 years of consistent growth and a record-breaking year in 2023, which has further encouraged wealth flows to the Centre and Dubai.
Last year, DIFC launched the first Family Wealth Centre of its kind in the world to advance and grow its thriving ecosystem for global family wealth, and support family businesses as they future proof their growth ambitions and succession plans in Dubai and beyond.
To mark the occasion and the tremendous progress made in just over 12 months, Abdulla bin Touq Al Marri, cabinet member and UAE Minister of Economy; Essa Kazim, governor, DIFC; and Arif Amiri, chief executive officer of DIFC Authority, welcomed leading family businesses and advisors to mark the 1-year anniversary of the DIFC Family Wealth Centre at its inaugural ‘A Legacy of Excellence’ exclusive luncheon.
“The UAE has long been the primary and preferred destination for business and investment in the GCC and winder MENA region. Similarly, the UAE aims to become the regional centre for family businesses,” said H.E. Al Marri in his keynote remarks addressing DIFC’s growing community of family businesses and related entities.
“Dubai stands as a pivotal hub for family wealth, offering unparalleled opportunities and resources for growth and preservation. In just one year, the DIFC Family Wealth Centre has played a crucial role in nurturing this ecosystem. Recognising Dubai’s significance as a global centre for family wealth, the Centre’s swift impact underscores its commitment to fostering prosperity and security for generations to come,” Minister Al Marri added.
Essa Kazim, governor, DIFC, said: “Dubai and DIFC have rapidly positioned themselves as the premier destination for family businesses worldwide. The exponential growth and expertise witnessed within the Centre, underscores its pivotal role in shaping the landscape of family wealth.
“Today we mark another significant milestone, in the DIFC Family Wealth Centre’s first anniversary, as we also reflect on DIFC’s innovative 20-year journey that has led us here. We remain dedicated to providing best-in-class resources to our esteemed members, nurturing enduring legacies and empowering families for generations to come, as we together shape the future of finance”.
During his welcome address, Arif Amiri, chief executive officer of DIFC Authority, said: “DIFC’s rise as a global hub for family wealth stems from its commitment to fostering a growth ecosystem for the wider financial sector. With a strong pursuit of transparency, regulation, and knowledge-building, DIFC has earned the trust of 230 banks, including 27 of the top 29 globally systemic banks, and more than 350 highly reputable wealth and asset management firms.
“This momentum is further fuelled by an influx of family businesses and related entities drawn to DIFC’s lifestyle offerings and its world-class DIFC Family Wealth Centre, which is built for innovation, succession planning, and future prosperity.”
With more than 440 registered foundations and over 600 active entities affiliated with top family businesses and individuals, DIFC has seen a surge in interest for family wealth management. Primarily driven by interest for prescribed companies, or private companies which can be established by a qualifying applicant or for a qualifying purpose, the Centre’s commitment towards regulatory transparency and family confidentiality supported an 81% surge in single family offices, followed by a 12% increase in holding companies, year-on-year in 2023.
