East Way: Elite Diaspora by Choice

In post pandemic years, there has been a notable trend of the world's wealthy quietly moving eastward. From the bustling cities of Asia to the emerging markets of the Middle East, affluent individuals and families are finding new opportunities and advantages in the East. Let's explore the key reasons why the global elite have chosen to relocate to these regions, backed by data showcasing economic growth, investment trends, and cultural shifts.

1

Economic Growth and Investment Opportunities

The East has witnessed remarkable economic growth, attracting the attention of the world's wealthy. According to the International Monetary Fund (IMF), Asia is projected to be the fastest-growing region globally, with a growth rate of 6.5% in 2023. China, India, and Southeast Asian nations like Vietnam, Indonesia, and Malaysia have experienced significant economic expansion. For example, China's GDP grew by 18.3% in the first quarter of 2021, showcasing its resilience and attractiveness as an investment destination. These robust growth figures demonstrate the region's potential for wealth creation and investment opportunities.

2

Emerging Markets and Untapped Potential

The East is home to emerging markets with vast untapped potential. McKinsey Global Institute estimates that by 2030, more than 45% of the world's middle-class consumption will come from China and India alone. This growing middle class represents a significant market for luxury goods, services, and innovative products, enticing wealthy individuals to establish businesses or invest in these markets. Moreover, the World Economic Forum's Global Competitiveness Report highlights the rise of Southeast Asian economies, including Singapore, Malaysia, and Thailand, as attractive destinations for investment, with improved infrastructure and business-friendly policies.

3

Favorable Business Environment and Regulations

Eastern countries have implemented business-friendly policies and regulations to attract investment and foster entrepreneurship. The World Bank's Ease of Doing Business Index ranks several Eastern nations highly. For example, Singapore consistently secures a top position for its ease of doing business, regulatory efficiency, and strong legal framework. Furthermore, the Heritage Foundation's Index of Economic Freedom rates countries like Hong Kong, Taiwan, and South Korea highly, citing their favorable business environments, low corruption, and commitment to open markets.

4

Technological Advancements and Innovation Hubs

The East has become a global hub for technological advancements and innovation. China leads the world in areas such as e-commerce, fintech, and artificial intelligence. In 2020, China accounted for over 50% of global patent filings. Japan is renowned for its technological prowess, particularly in robotics and electronics. South Korea is at the forefront of telecommunications and semiconductor manufacturing. These advancements create attractive ecosystems for entrepreneurs and investors looking to leverage cutting-edge research and collaborate with top-tier experts.

5

Quality of Life and Cultural Experiences

Cities in the East offer a high standard of living and diverse cultural experiences. The Mercer Quality of Living Survey consistently ranks cities like Dubai, Tokyo, Singapore, and Hong Kong among the top cities in terms of quality of life. These cities boast excellent infrastructure, healthcare systems, and educational institutions. Furthermore, the World Tourism Organization's data shows that Asia is the fastest-growing region for international tourism, offering a rich blend of ancient traditions, modern architecture, and diverse culinary experiences, appealing to the cultural sensibilities of the affluent.

The Case of Dubai

Notably, Dubai, within the UAE, has become a prominent destination and a Haven for the Global Elite. Data from Knight Frank's Wealth Report 2021 ranked Dubai as the fourth most important city for ultra-high-net-worth individuals (UHNWIs). Its tax advantages, business-friendly environment, and exceptional infrastructure make it an attractive location. Dubai's reputation as a safe and secure city is further supported by its ranking as the 11th safest city globally, according to the Safe Cities Index 2021 by the Economist Intelligence Unit (EIU)