2025: Transition of wealth, technology and talent are driving the future of finance
Dubai’s economy is booming as evidenced by rising demand for real estate, a large influx of wealthy populations, and a boost in infrastructure spending. At DIFC, we remain committed to driving the future of finance and reinforcing Dubai’s position as a global destination for wealth and asset management, and leading hub for innovation and talent.
Arif Amiri
Published: 06/01/2025
5 min read
The transition of wealth to Dubai
Dubai remains a magnet for the world’s most affluent. Recent research from Henley & Partners identifies Dubai as having the highest concentration of wealth in any Middle Eastern city. The city is now home to 72,500 millionaires, 212 centi-millionaires and 15 billionaires.
Attracted by the prospects of living in one of the safest cities in the world, which offers access to enviable lifestyle options and a favourable tax regime, people are understandably moving to Dubai in large numbers.
Over 400 wealth and asset management firms have now set up in DIFC to help high-net-worth and ultra-high-net-worth individuals manage their affluence. They can help by offering over 10,000 funds that are being marketed in or from the Centre. Family businesses are also attracted to the Centre’s growth platform empowered with access to knowledge and expertise on structures, governance, wealth management, succession, and estate planning.
Diversification through innovation and technology
Dubai is positioning itself as the centre of emerging technologies, making it a leading destination for innovation. Among the many objectives of the Dubai Economic Agenda (D33) is the target to generate an annual contribution of AED 100bn from digital transformation projects to drive Dubai’s economy. The focus on emerging technologies like AI, Web3, cloud computing, data analytics and more, is pronounced even in financial services and capital markets.
Aligned with the Emirate’s objectives, DIFC continues to focus on innovation. More than 1,100 FinTech and innovation companies are based in the Centre. The Dubai AI Campus launched in 2024 is committed to the acceleration of AI adoption across all sectors and is already home to 120 AI companies. By 2028, the campus is expected to bring in more than 500 firms, create over 3,000 jobs, expand to over 100,000 sq. ft., and attract USD 300mn in total investment value. This was the first-of-its-kind initiative under the Dubai Universal Blueprint for AI, offering AI startups and innovators co-working spaces.
Although the AI Campus is designed to support adoption across all industries, AI has many use cases in our core financial services arena, and companies will begin to leverage AI for financial planning using customer data. Autonomous chatbots will diversify into more complex problem-solving mechanisms with additional capabilities. With automation of services in fraud detection, data entry, compliance, processing and more, organisations in financial services will look to enhance operational efficiencies.
The sector is also increasingly open to virtual assets with the world’s first digital asset law being created to enable virtual asset investment and transactions. This will propagate a regulated space for the crypto industry while reducing potential financial crime risks associated with these assets.
The Centre is also reinforcing Dubai’s position as a leading hub for entrepreneurship and technological advancement through Ignyte, a dynamic digital platform that empowers the next generation of start-ups and entrepreneurs on their journey toward global growth. Ignyte aims to support over 100,000 start-ups by creating collaboration and innovation opportunities for companies and founders within a comprehensive growth ecosystem. The platform is set to attract 5,000 VCs and investors, 5,000 vetted mentors and experts, over 500 corporate and government partners, and offer over 5,000 exclusive perks.
A vision for talent
Following the pandemic’s drastic changes to global workforce priorities, the workforce now places a significant emphasis on work-life balance. Safety, connectivity, and maximising spending power with favorable tax policies, have all together positioned Dubai as a magnet for global talent.
According to Decoding Global Talent 2024 by the Boston Consulting Group, The Network and The Stepstone Group, Dubai is among the top cities preferred by global talent. The report also states that in the next year, around 92 per cent of leaders of global employers expect attracting and retaining talent to be among their top three priorities.
As the leading financial centre in the region, DIFC plays a crucial role in attracting talent, with a vast ecosystem that has deep knowledge, in addition to a well-developed avenue for lifestyle and hospitality. By collaborating with world-renowned organisations, DIFC Academy has fulfilled the learning needs of over 32,000 graduates since inception, and remains committed to fostering career advancement, and bolstering Dubai’s reputation as a premier business destination.
As the country sees an inflow of millionaires, the benefits of these migrations are manifold, including employment opportunities, new streams of revenue, new business set up, and new equity in local stock markets, reflecting positively for the nation’s economy.
Dubai’s strategic vision will continue to attract and retain talent. It will also be a premise for continued migration of global wealth, with more high-net-worth investors choosing to live and work here. Dubai’s influence in the global economy will persevere and become more prominent in the near term, and DIFC will contribute to this position greatly, growing above an ecosystem trusted by more 6,150 active organisations and a 45,000-strong workforce.