DIFC Attracts World's Wealthiest Families As Premier Global Hub
Dubai International Financial Centre (DIFC) stands as a beacon of financial excellence in the Middle East, Africa, and South Asia region, cementing Dubai's status as a leading city for the world's wealthiest. The World's Wealthiest Cities Report 2023 highlights Dubai's affluent demographic, boasting over 68,500 high-net-worth individuals, 206 centi-millionaires, and 15 billionaires. This wealth influx underscores DIFC's pivotal role in shaping Dubai as a global financial hub.
In a significant move to bolster its ecosystem for global family wealth, DIFC inaugurated the world's first Family Wealth Centre last year. This initiative aims to support family businesses in securing their growth and succession plans. Celebrating its one-year anniversary, the Centre hosted an exclusive luncheon with industry leaders and advisors, reflecting on its swift impact and commitment to nurturing family wealth for future generations.
The UAE's ambition to become the regional nucleus for family businesses finds a strong ally in the DIFC Family Wealth Centre. With over 440 registered foundations and 600 active entities linked to prominent family businesses and individuals, the Centre is at the forefront of promoting transparency, regulation, and knowledge-building in family wealth management.
To further aid family businesses, DIFC unveiled 'Prosperity Across Generations: Unlocking the Power of DIFC for Families'. This comprehensive guide offers insights into structures, governance, wealth management, succession planning, and estate planning. Additionally, the introduction of Family Arrangements Regulations aligns with the UAE's vision to enhance family businesses' contribution to the economy. These regulations provide a private registry for families' Ultimate Beneficial Ownership (UBOs), ensuring high levels of privacy and confidentiality.
The DIFC Family Wealth Centre serves as a global knowledge hub, offering bespoke solutions for asset allocation, portfolio management, governance, succession planning, Sharia compliance, Will registration, and philanthropy. Collaborating with the Innovation Hub, it ensures next-generation owners are equipped with cutting-edge technological advancements.
Family businesses are the backbone of the UAE's economy, contributing to 60% of its GDP and employing 80% of its workforce. The DIFC Family Wealth Centre plays a crucial role in promoting wealth distribution and economic growth within the region. Its efforts underscore Dubai's position as a premier destination for family businesses worldwide, fostering prosperity and security for generations to come.
With inputs from WAM
Sign in with Google