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Dubai's DIFC Home to 120+ Wealthiest Families, 15 Billionaires

The Dubai International Financial Centre (DIFC) has emerged as a beacon for the world's wealthiest families and individuals, solidifying its status as a global hub of financial prominence and opulence. Home to over 120 of the planet's most affluent families and individuals, including 15 billionaires, the DIFC has played a pivotal role in propelling Dubai to the forefront of the global wealth landscape.

According to the World's Wealthiest Cities Report 2023, Dubai ranks as the top city in the MEASA region and among the top 22 cities worldwide in terms of the concentration of wealth. This accolade underscores the significant contribution of the DIFC to Dubai's stature as a magnet for wealth and prosperity.

The DIFC boasts a staggering population of over 68,500 High Net Worth Individuals (HNWIs), defined as those with at least $1 million in liquid assets, along with 206 centi-millionaires and 15 billionaires. Such impressive figures underscore the unparalleled allure of Dubai and the DIFC as a preferred destination for global wealth.

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Furthermore, the DIFC's profound impact extends beyond its role as a financial powerhouse. With a workforce exceeding 41,500 and over 5,500 active registered companies, it stands as the preeminent financial center bridging the gap between London and Singapore. Its two-decade-long journey of consistent growth, including a record-breaking year in 2023, has cemented its status as a beacon for wealth accumulation and preservation.

Recognizing the pivotal role of family businesses in driving economic prosperity, the DIFC established the world's first Family Wealth Center last year. This groundbreaking initiative aims to support family businesses in future-proofing their growth ambitions and succession plans, ensuring their enduring legacy for generations to come.

The inaugural "A Legacy of Excellence" exclusive luncheon, hosted by the DIFC Family Wealth Center, marked a significant milestone in its journey. Esteemed leaders and advisors from leading family businesses convened to celebrate the Center's remarkable progress in just over a year. Essa Kazim, Governor of the DIFC, Arif Amiri, CEO of the DIFC Authority, and Minister of Economy Abdullah bin Touq Al Marri extended a warm welcome to the attendees, underscoring Dubai's commitment to nurturing a thriving ecosystem for family wealth.

Minister Al Marri emphasized the UAE's aspiration to become the regional hub for family businesses, highlighting Dubai's pivotal role in offering unparalleled opportunities for growth and preservation of wealth. He lauded the swift impact of the DIFC Family Wealth Center in nurturing this ecosystem, underscoring its dedication to fostering prosperity and security for future generations.

Governor Kazim hailed Dubai and the DIFC as premier destinations for family businesses worldwide, attributing their exponential growth and expertise to the Center's pivotal role in shaping the landscape of family wealth. He reaffirmed the DIFC's unwavering commitment to providing best-in-class resources to empower families and nurture enduring legacies.

CEO Arif Amiri underscored the DIFC's ascent as a global hub for family wealth, driven by its relentless pursuit of transparency, regulation, and knowledge-building. He cited the Center's robust regulatory framework, diverse community, and lifestyle offerings as key factors attracting family businesses to the DIFC.

The DIFC's commitment to facilitating the expansion of family wealth management is evident in its support for over 440 registered foundations and 600 active entities linked to prominent family companies and individuals. The Center's efforts to enhance regulatory transparency and confidentiality have resulted in an 81% increase in single-family offices and a 12% increase in holding companies.

The unveiling of "Prosperity Across Generations: Unlocking the Power of DIFC for Families" further underscores the DIFC's commitment to equipping families with essential knowledge on estate planning, wealth management, succession, and governance. The introduction of updated regulatory frameworks, such as the DIFC Family Arrangements Regulations, reflects the UAE's commitment to empowering family businesses and maximizing their economic contribution.

The establishment of the DIFC Family Wealth Center heralds a new era of opportunity for families to safeguard their wealth and legacies, supported by tailored solutions for governance, succession planning, asset allocation, and philanthropy. Collaborations with the Innovation Hub and strategic partnerships with organizations like STEP Arabia further enhance the Center's capabilities in fostering multigenerational success for family businesses.

As family businesses continue to drive economic growth and innovation in the UAE, the DIFC Family Wealth Center emerges as a linchpin for wealth distribution and societal progress. With family businesses accounting for 60% of the UAE's GDP, 80% of its workforce, and 90% of its

April 30, 2024 4:41 p.m. 8148

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