The number of ultra high net worth individuals (UHNWIs) in the Middle East is likely to increase 35 per cent in the next 10 years, a new study has said.

The region's UHNWI population,  people who have more than $30 million in net assets, will increase from 7,052 in 2013 to 9,498 in 2024, said the Knight Frank Wealth Report, an annual analysis of wealth flows and property investment around the world.

Globally, the UHNWI population is expected to increase 28 per cent from 167,669 to 215,113, it said.

The number of UHNWIs across the world rose by three per cent last year, despite continued economic turbulence.  Data prepared for the report shows that the number is set to grow by nearly 30 per cent over the next decade.

The report said New York will overtake London as the most important city for the ultra-wealthy by 2024.

The report shows that three of the top five most important cities by 2024 will be in Asia, knocking Geneva from the top of the charts. The Asian cities are: Hong Kong, Singapore and Shanghai.

Over the last year, the global response to the financial crisis continued to boost property markets in many parts of the world. The latest results from The Wealth Report’s Prime International Residential Index (PIRI) confirm that Asian markets, led by Jakarta, experienced the biggest price growth in 2013, followed by Auckland, Bali, Christchurch and Dublin.
 
Liam Bailey said: “History, location and their long-established wealth mean that London and New York’s positions look unassailable, at least for now. It is further down our leader board that the real city wars are being waged. The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region’s alpha urban hub.

By region, the Middle East top five includes Istanbul and Abu Dhabi, two centres from the report's “hotspots” list – cities that are set to rapidly increase their influence on Ultra High Net Worth Individuals (UHWNIs) – close behind Dubai in prime position.

One legacy of the Arab Spring is the enhanced status of Turkey as a safe haven location for investors from the Gulf and North Africa, it said.

In terms of property performance, locations that were hardest hit by the downturn, like Dubai, Dublin and now Madrid, are also bouncing back strongly.

“The growth of UHNWIs in China and India coupled with an eye-catching 144 per cent increase in Indonesia and a stellar 166 per cent hike in Vietnam will help push the total number of UHWNIs up by 43 per cent t0 2023,” explained Liam Bailey.