Emerging wealth hubs in Asia
We take a look at emerging wealth hubs across the regions in 2023 and why they are attracting high-net-worth individuals
2 minutes to read
To identify cities deserving recognition as emerging wealth hubs, we analyse the interconnected aspects of work, living, and leisure. A specific group of cities, Singapore, Dubai, Sydney, Hong Kong, and Shanghai - emerge as ascending wealth hubs.
Asia wealth growth
Within this shifting landscape, a compelling narrative emerges as Asia outpaces the rest of the world in growth, projected to account for nearly 70% of global expansion this year, according to the International Monetary Fund.
The thriving middle class and the cohort of innovative entrepreneurs contribute to this momentum. Notably, HSBC's projection that Asia's wealth, excluding Japan, could surpass that of the United States by 2025 underscores the region's trajectory, buoyed by per capita income growth.
UAE attractive tax and lifestyle
Outside of Asia, the United Arab Emirates (UAE) has become an attractive destination for high-net-worth individuals (HNWIs). The UAE's appeal to HNWIs is multi-faceted, anchored by its favourable tax regime. With a tax structure devoid of personal income tax, capital gains tax, or inheritance tax, the Emirates presents a tantalising prospect for individuals aiming to safeguard and nurture their assets.
However, the UAE's allure extends beyond its tax benefits. According to our analysis, Dubai particularly excels in the lifestyle category, earning an overall score of 0.95 (on a scale where 1 represents the highest achievement and 0 the lowest).
This score reflects the high-quality lifestyle choices it offers to affluent individuals. Dubai also received favourable ratings in the World's Best Cities ranking and the Number of Recreational Beaches category, making it an attractive destination for those seeking recreational and leisure activities when compared to their counterparts in the Asia Pacific region.
Please find the breakdown of the assessment of these emerging wealth hubs below. These cities have been assessed using six comprehensive indicators designed to measure their live, work, and play aspects. All indicators are scaled from 0 to 1, with 1 representing the highest achievement and 0 the lowest.
For more insights of the Rise of The Super Wealth Hub Series and to delve into specific cities, please click here.