Dubai International Financial Centre (DIFC) Celebrates Success as Global Hub for Family Wealth
Dubai International Financial Centre (DIFC) has solidified its position as a trusted global hub for many of the world’s wealthiest families and individuals, with a total net worth exceeding USD 1 trillion. The Centre, located in the heart of Dubai, is home to over 120 of the world’s wealthiest families and individuals, making it a key player in positioning Dubai as the number one city in the Middle East, Africa, and South Asia (MEASA) region.
According to the World’s Wealthiest Cities Report 2023, Dubai boasts a population of over 68,500 High Net Worth Individuals (HNWIs), 206 centi-millionaires, and 15 billionaires. This impressive wealth concentration has propelled Dubai to be among the top 22 cities globally in terms of the wealthiest populations.
DIFC’s status as a leading financial centre is underscored by its workforce of over 41,500 and more than 5,500 active registered companies. With 20 years of consistent growth and a record-breaking year in 2023, DIFC continues to attract wealth flows to the Centre and Dubai.
To celebrate the success and progress made in just over 12 months, industry leaders recently gathered to mark the 1-year anniversary of the DIFC Family Wealth Centre. His Excellency Abdulla bin Touq Al Marri, UAE Minister of Economy, along with other dignitaries, welcomed leading family businesses and advisors to an exclusive luncheon themed ‘A Legacy of Excellence’.
In his keynote address, Minister Al Marri highlighted the UAE’s position as a preferred destination for business and investment in the region. He emphasized Dubai’s pivotal role as a hub for family wealth, offering unparalleled opportunities for growth and preservation. The DIFC Family Wealth Centre has played a crucial role in nurturing this ecosystem, fostering prosperity and security for generations to come.
Governor of DIFC, Essa Kazim, commended Dubai and DIFC for rapidly establishing themselves as premier destinations for family businesses worldwide. The Centre’s exponential growth and expertise have shaped the landscape of family wealth, providing best-in-class resources to empower families for generations to come.
Arif Amiri, CEO of DIFC Authority, highlighted DIFC’s commitment to fostering a growth ecosystem for the financial sector. With a focus on transparency, regulation, and knowledge-building, DIFC has earned the trust of numerous banks and wealth management firms. The Centre’s lifestyle offerings and the DIFC Family Wealth Centre have attracted a surge of interest in family wealth management.
DIFC’s innovative approach is further exemplified by the introduction of the Family Arrangements Regulations, aimed at maximizing the contribution of family businesses to the economy. The regulations provide benefits such as a private registry option for families and their Ultimate Beneficial Owners (UBOs), ensuring the highest levels of privacy and confidentiality.
The DIFC Family Wealth Centre serves as a global knowledge hub for family wealth, offering tailored solutions for asset allocation, governance, succession planning, and philanthropy. Through partnerships with organizations like STEP Arabia, the Centre aims to guide family businesses towards multi-generational success.
As a key driver of the local economy, family businesses in the UAE play a significant role, contributing to 60% of the GDP, 80% of the workforce, and 90% of private companies. The DIFC Family Wealth Centre’s focus on empowering families and preserving legacies underscores its importance in shaping the future of finance in Dubai and beyond.
In conclusion, DIFC’s continued success as a global hub for family wealth reaffirms its position as a leading financial centre in the MEASA region. With a strong commitment to innovation, transparency, and growth, DIFC is poised to support the prosperity and security of families for generations to come.