Dubai is one of the world's top favourite destinations for wealthy individuals looking to buy a second home
Dubai: When leisure-seeking, jet-setting wealthy individuals want more out of life, they do whatever suits their fancy: splurge on yachts, vacation in exclusive resorts, or buy a second property.
And when it comes to acquiring a new abode, trend-setting destinations like Dubai always come to mind.
Data compiled by New World Wealth, a specialist in high-net-worth residents, showed that Dubai, known for its white sandy beaches and year-round sunshine, is now the top fifth second-home hotspot for the ultra-rich and is well on its way to becoming the top pick among the world’s well heeled.
There are currently around 522,000 multi-millionaires, those wealthy individuals with at least $10 million (Dh36.7 million) in the bank and other assets, globally. New World Wealth estimates that approximately 87 per cent of these individuals have bought second houses in other places.
Dubai has emerged as one of the most popular locations for these homes, with an estimated 8,600 multi-millionaires acquiring second properties in the city as of December 2016.
Every year, real estate listings in Dubai feature a number of high-end luxury homes, such as the Signature villa in The Palm (pictured above) costing Dh58 million. And every year, more investors with deep pockets come to the emirate to splurge on these types of homes.
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According to New World Wealth, the number of wealthy individuals acquiring second homes in the emirate has increased notably over the past year and surpassed those recorded in popular areas, such as The Hamptons, Miami, Geneva, Paris, Zurich and Los Angeles.
Global Innovation Index results officially announced during June 15 at the UN’s offices in Geneva
Abu Dhabi: The UAE has improved its standing in the 2017 Global Innovation Index, GII, topping all Arab countries and ranking 35th globally to improve six places from last year’s 41st position cementing its status as one of the world’s most innovative countries.
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The results of the index were officially announced during a press conference held on June 15 at the UN’s offices in Geneva, Switzerland that was attended by Ambassador Obaid Salem Al Zaabi, the UAE’s Permanent Representative to the UN and other international organisations in Geneva. It affirmed the UAE’s significant progress in several areas, the most prominent of which are ‘human capital and research’ as well as ‘creative outputs’.
This year’s 10th Global Innovation Index measured the innovation-related performance of 127 countries and economies representing 92.5 per cent of the total world population and the vast proportion of global GDP. It relied on detailed measures of innovation inputs and outputs, including 81 indicators providing comprehensive insights on the various areas of innovation, most notably institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.
The UAE achieved a six-rank increase in 2017, up from 41 in 2016 to reach 35 globally. Over the past two years, the UAE has exhibited a consistent performance by repeatedly ranking as number one in the Arab world. This year, the UAE also experienced the highest surge among the top 40 most innovative countries with its six-rank increase.