- Dubai has secured the third spot in the Economist’s global index of top cities, surpassing New York, London and Paris.
- The King of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has been the driving force behind Dubai’s economic accomplishments with his Dubai Economic Agenda (D33) objectives.
- D33 has helped increase Dubai’s luxury tourism sector and high net-worth real estate industry.
Dubai has secured third place on the Economist’s ‘Top 10 Prominent Cities’ index, outperforming cities such as New York, London, Tokyo, Sydney, Johannesburg, Paris and San Francisco.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, tweeted in celebration of the accomplishments.
He noted the substantial progress that Dubai has made in the past three years after securing its third-place ranking and the continuous growth that Dubai is hoping to achieve.
Dubai’s successes can be attributed to the King of Dubai, Vice-President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, and the ambitious objectives of D33, which have propelled the city to the forefront of the global economy.
Sheikh Mohammed launched the D33 objectives in January 2023. The main goal was to position Dubai as one of the top three global cities by doubling its economic output in the next decade and attracting wealthy international visitors.
High net-worth individuals (HNWIs) looking to experience Dubai’s luxury tourism sector should search for a safe money transfer system before travelling.
The Economist devised an index composed of four criteria over three years: population, economic expansion, office vacancies and house prices. Each city’s performance in these categories was examined to generate an aggregated grade.
The Economist stated that Miami topped the list due to its prosperous economy and exuberant real estate market, with property values skyrocketing by an impressive 39.5% from 2019 to 2022.
Singapore achieved second place, while Dubai ranked third. New York, London, Tokyo, Sydney, Johannesburg, Paris and San Francisco were ranked as the remaining top 10 cities.
The Economist commented that cities such as Dubai and Miami, which did not impose heavy restrictions due to the Covid-19 pandemic, continued to grow economically compared to San Francisco, which had stricter rules.
Dubai has experienced a surge in its population of 5.8% during the past three years, with particular growth seen in the number of HNWIs.
International HNWIs interested in purchasing real estate in Dubai will need a reliable international payments method to complete transactions.
HNWIs wishing to invest in Dubai can use our money transfer comparison tool to help find the best available exchange rates.
