Dubai’s DIFC Attracts Over 120 Super-Rich Families & Individuals

Dubai International Financial Centre (DIFC) has solidified its reputation as a premier financial hub in the Middle East, Africa, and South Asia (MEASA) region, attracting some of the world’s wealthiest families and individuals. Housing over 120 affluent families and individuals with a collective net worth exceeding $1 trillion, DIFC has propelled Dubai to the forefront of MEASA and secured its position among the top 22 cities globally in terms of wealthy populations.

The 2023 World’s Wealthiest Cities Report revealed that Dubai’s population includes more than 68,500 high-net-worth individuals (HNWIs) with liquid assets of at least $1 million, 206 centi-millionaires with a net worth of $100 million or more, and 15 billionaires.

DIFC’s growth as a leading financial center, positioned between London and Singapore, is reflected in its workforce of over 41,500 and more than 5,500 active registered companies. The center’s impressive 20-year growth trajectory, culminating in a record-breaking 2023, has further attracted significant wealth to both DIFC and Dubai.

In a significant move last year, DIFC introduced the world’s first Family Wealth Center, aimed at advancing global family wealth ecosystems and supporting family businesses in securing their growth and succession plans. To celebrate the first anniversary of this initiative, DIFC hosted an exclusive luncheon titled “A Legacy of Excellence,” attended by key figures including Abdullah bin Touq Al Marri, Minister of Economy; Essa Kazim, Governor of DIFC; and Arif Amiri, CEO of DIFC Authority.

Addressing the gathering, Al Marri highlighted the UAE’s longstanding role as the preferred destination for business and investment in the GCC and MENA regions. He noted the UAE’s ambition to become the regional center for family businesses, emphasizing Dubai’s pivotal role in fostering family wealth. He praised the swift impact of the DIFC Family Wealth Center in its first year, underscoring its contribution to the prosperity and security of future generations.

Essa Kazim remarked on the rapid ascent of Dubai and DIFC as global destinations for family businesses, pointing to the substantial growth and expertise developed within the center. He reflected on DIFC’s innovative 20-year journey and reaffirmed its commitment to providing top-tier resources that support lasting legacies and empower families for the future.

Arif Amiri attributed DIFC’s rise as a global hub for family wealth to its dedication to fostering a thriving ecosystem for the financial sector. He noted that DIFC’s transparency, regulatory framework, and focus on knowledge-building have garnered trust from 230 banks, including 27 of the world’s 29 globally systemic banks and over 350 prominent wealth and asset management firms. He also mentioned the growing interest from family businesses and related entities in DIFC’s offerings, particularly the innovative DIFC Family Wealth Center.

DIFC’s success in family wealth management is reflected in the increasing demand for prescribed companies—private entities established for specific purposes—leading to an 81% rise in single-family offices and a 12% increase in holding companies in 2023. To support this growth, DIFC released a comprehensive guide titled “Prosperity Across Generations: Unlocking the Power of DIFC for Families,” offering insights into structures, governance, wealth management, and succession planning.

Aligned with the UAE’s vision to maximize the economic contributions of family businesses, DIFC introduced the Family Arrangements Regulations on January 31, 2023. These regulations replaced the Single Family Office (SFO) Regulations, offering enhanced privacy and confidentiality through a private registry option. They also provide certification for family businesses in DIFC, aligning with incentives planned under the UAE Family Business Law.

The development of the DIFC Family Wealth Center has empowered families to preserve their wealth through tailored solutions such as asset allocation, portfolio management, governance, succession planning, Sharia compliance, will registration, and philanthropy. The Center’s collaboration with the Innovation Hub ensures that next-generation family members remain at the forefront of technological advancements.

DIFC’s internationally recognized legal system, based on English common law, offers family businesses direct access to accredited advisors, networking opportunities, educational programs, and a vibrant community featuring top dining, cultural, and lifestyle destinations. Recently, DIFC Family Wealth Center signed an MoU with STEP Arabia to enhance guidance for family businesses in achieving multi-generational success and to elevate the expertise of their advisors.

As a key mechanism for wealth distribution, the DIFC Family Wealth Center is also a boon for the local economy, with family businesses contributing 60% of the UAE’s GDP, 80% of its workforce, and 90% of its private companies.

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