Succession is often treated as a technical exercise. Families are advised on companies, foundations, trusts, shareholder agreements, and life insurance. The documents are signed and there is a sense that the plan is “done”. The real vulnerabilities lie in human dynamics, unspoken expectations, and unresolved questions of what the family is actually trying to preserve.

Survival mode and the residue it leaves behind

Many first-generation founders built their wealth under constant pressure. Business demands invariably came first, so emotional conversations at home were easy to postpone.

That does not necessarily make anyone a poor parent, but it can leave residue on the dynamics. From that point, even well drafted structures can strain. Decisions that appear to be about strategy or valuation often carry older emotional weight. A disagreement over governance is also a dispute about recognition. A debate about liquidity is also a conversation about trust.

Patterns that repeat across generations

Parents can sometimes confuse their own unmet needs with their children’s needs. A child who wants responsibility may receive only protection. Another who needs space may feel held in place by a structure designed to “keep the family together”. Over time, frustration can turn into mistrust or a quiet determination to prove a point.

Consider the splitting of a restaurant bill. When ten friends split a bill evenly, some will have eaten less or ordered modestly. Many still pay their share, but a few quietly feel that the split was unfair. Repeated often enough, that feeling hardens into resentment. Family enterprises replicate this dynamic at scale. By the time a formal transition arrives, perceptions may have already hardened.

Tools matter, but they are not the starting point

From a technical and structural perspective, cross-border families have many tools. We’re talking of holding structures to align assets with jurisdictions, vehicles to ring-fence wealth, agreements that separate management from control, and life insurance to create liquidity where most wealth is locked into operating businesses or property.

None of these can compensate for the absence of alignment. A structure designed to preserve capital will not satisfy heirs who believe the real objective should be independence. A governance charter will not resolve a decade of unspoken resentment about who carried the load. A cross-border life insurance policy can ease a liquidity crunch, but it cannot tell a family how to measure fairness.

The question that keeps the boat moving

After years of underperformance, a British rowing team adopted a simple filter before every decision: “Does this make the boat go faster?”

If the answer was yes, they did it. If the answer was no, they did not. Families need their own version of that question, while understanding that the specific answer may differ, but agreeing on one shared objective changes the conversation.

Once that principle is explicit, the role of advisors and structures becomes clearer. It’s important to remember that governance is designed to serve a purpose, not to compensate for the lack of one. Liquidity planning supports a chosen definition of fairness instead of trying to replace it, and cross-border complexity becomes a problem of implementation rather than identity.

The post Succession breaks where silence lives appeared first on International Finance.

“There’s an avalanche of people, for all the reasons that you would know, relocating to Saudi Arabia,” said Sir Ben Elliot, founder of global luxury concierge firm Quintessentially, in an interview with Arab News during TOURISE, the Saudi Ministry of Tourism-powered global summit held in Riyadh from November 11-13.

“For many new arrivals, the focus is on navigating practicalities: opening bank accounts, securing cars and drivers, hiring domestic staff, and finding schools for their children. You need real proactive help to sort stuff out,” Elliot said, while adding, “Some of that stuff is a minefield.”

Over the past 18 months, demand has not only increased but also evolved, prompting Quintessentially to enhance the quality and sophistication of its local operations.

Elliot explained that the company is merging international expertise with Saudi talent to ensure high service standards from the outset.

“We brought people from our offices around the world working with young, brilliant, talented Saudis so that the service that you can expect when you arrive is really ticked off,” he said.

Elliot noted that Quintessentially’s outbound support for Saudi members is also expanding, reflecting the growing global mobility of Saudi travellers.

“What we’re seeing from the Saudis themselves is huge. We have great people on the ground servicing that,” he added.

According to Elliot, the definition of luxury is shifting from material possessions to emotion-driven, experiential value — especially among younger consumers.

“If you think about the history of luxury, it has often been about things, materials. They want to experience, they want to feel,” he noted.

Elliot further emphasised that brands in hospitality, retail, and travel need to focus on “meaningful human touch and relationships.”

Saudi Arabia’s approach to merging sustainability with luxury will emerge as a key opportunity for the sector.

“The Kingdom of Saudi Arabia is at the forefront of trying to marry sustainable development alongside a kind of luxury experience,” the Quintessentially boss remarked.

To prove his point, Elliot cited Diriyah as an example of how cultural authenticity can coexist with modern hospitality and retail offerings.

“Whenever I take friends who have never been to Saudi Arabia, to Diriyah, that to me is a physical manifestation of where culture (and) sustainability meets a pretty kind of modern experience. It feels absolutely real and authentic,” he said, while reiterating sustainability as a shared responsibility across industries and failing to prioritise environmental and social impact risks will result in the alienation of tourism industry players among younger generations.

The post Lifestyle management services: The new industry taking shape in Saudi Arabia appeared first on International Finance.

As of December 2025, the city had 81,200 millionaires. Together, they hold assets totalling $130.5 billion, a remarkable 98% jump in 10 years. A total of 142,000 HNWIs (high-net-worth individuals) are set to migrate globally this year. Even if Dubai secures just 5% of that number, it will gain 7,100 ultra-wealthy individuals and $7.1 billion in investments.

“Dubai has evolved into the globe’s most attractive plug-and-play hub for wealth. What has shifted is the purpose, which is that founders, operators, and multi-generational families are establishing roots here rather than merely visiting,” stated Louis Harding, CEO of Betterhomes.

Ticket sizes reveal a significant trend, specifically that HNWIs spend an average of AED11.4 million (USD 3.1 million) on each residential purchase, while UHNW (ultra-high-net-worth) families invest over AED134 million (USD 36.5 million-plus) in legacy villas, waterfront estates, and branded properties. These purchases focus on durability, professional services, and long-term planning rather than quick turnaround.

Market depth is expanding, specifically as Dubai’s high-end real estate market continues to establish new standards, with villa and townhouse sales year-to-date reaching AED147.2 billion (USD 40 billion), an impressive 41% increase from the previous year.

Ultra-prime communities are central to this trend, including Palm Jumeirah, which recorded 85 transactions valued at AED3.8 billion (USD 1 billion), while Emirates Hills experienced 30 deals amounting to AED1.9 billion (USD 517 million). At the highest end of the market, residences valued over AED35 million (USD 10 million) generated AED9.4 billion (USD 2.6 billion) in sales in the last six months, covering 146 deals.

How does Dubai transform flow into stock? Clear policies and the absence of personal income tax minimise obstacles for wealth generators. Security, contemporary infrastructure, top-notch healthcare and education, and a USD-linked currency benefit families intending to remain.

The DIFC environment, which includes private banking, trustees, and legal/accounting services, supports the expansion of family offices and capital-formation entities. The report states that these characteristics transform mobile inflows into lasting capital.

From status purchases to service layers, branded living has transformed from a symbol to a framework, specifically through concierge services, wellness offerings, club associations, and managed rental schemes unified under a single location. In a waterfront and villa market limited by supply, this service stack represents the new norm.

“This cycle is fuelled by actual users, not leverage. Global prosperity is centralising within branded ecosystems and established communities,” Harding stated.

As policy clarity and quality-of-life advantages accumulate, Dubai’s prime market is transitioning from cyclical trends to structural changes.

With the ongoing global migration supercycle, Betterhomes anticipates continued strength in prime and super-prime markets, expansion of family-office services, and developers intensifying their focus on concierge-level, club-associated offerings. As supply is limited in important sub-markets, high-quality inventory retains pricing power.

Established hubs (London, San Francisco, Hong Kong, Paris) encounter increasing tax and regulatory challenges. Dubai provides transparency, rapidity, and vastness, a unique blend for wealth generators who prioritise operational efficiency, reliable regulations, and worldwide access within a single flight. The report states that the outcome is a structural adjustment rather than a temporary fluctuation.

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When it comes to cross-generation wealth planning, trust is built quietly in the spaces between generations, where priorities shift, values diverge, and conversations can easily stall. A trusted advisor is an important figure in the room to help a family navigate those moments with empathy, clarity, and steadiness without taking sides.

Every generation thinks differently about money

One of the first steps in bridging generational gaps is recognising that each generation views money through a different lens. These differences are neither good nor bad, but they are real. Baby Boomers, particularly those shaped by scarcity or economic volatility, tend to value stability, preservation, and long-term guarantees. Financial security is often rooted in predictability. For many of them, insurance, real estate, and steady cash flows represent peace of mind.

By contrast, Gen X and Gen Z are coming of age in an entirely different environment, where flexibility, access, and value alignment matter just as much as returns. They’re more comfortable with volatility, more sceptical of traditional institutions, and often more focused on purpose-driven investing. Understanding this divide doesn’t mean simplifying people into stereotypes. An advisor recognises these distinctions, not to box people in, but to understand what questions and motivations are driving them and how each generation defines financial success.

Financial advice is a translation exercise

Advisors offer more than technical expertise. They bring the ability to translate across not just financial products, but across generational languages. When a parent talks about “protecting the family’s future,” they may be thinking of estate planning and long-term wealth preservation. Their adult children may hear something entirely different, perhaps a lack of trust, or a reluctance to let go. Similarly, when younger clients speak of “freedom” or “access,” older family members may interpret that as impatience or risk-taking.

That’s where a trusted advisor makes the difference. Their job is to make sure everyone at the table understands what’s really being said and why it matters. Often, it’s not the financial plan that needs adjusting. It’s the conversation around it.

Wealth without dialogue is risky

Despite best intentions, many families struggle to talk openly about money. Cultural norms, discomfort, and fear of conflict often keep legacy conversations on hold. But silence around wealth rarely preserves peace. More often, it leads to assumptions, misunderstandings, and planning gaps.

That’s why so many families now lean on trusted advisors to create space for these discussions, especially in regions like the Middle East and the Indian subcontinent, where family dynamics and expectations play a central role. The most enduring legacies aren’t built through assets alone. They take shape in the quality of dialogue that precedes the transition when everyone has a seat at the table and a chance to be heard.

Continuity means engaging future generations now

Too often, financial plans are built around the needs of the current decision-maker. That makes sense in the short term, but it creates vulnerabilities over time. A plan that works well for one generation may not translate to the next, especially if the logic behind it was never shared.

Advisors take a wider view. That means anticipating how needs will shift, how roles within the family will evolve, and how to future-proof decisions without overcomplicating them. They also involve future beneficiaries in the process, not necessarily in the decision-making, but in the understanding. Without that engagement, there’s a risk that inherited plans feel imposed rather than inherited. Even the best-structured solutions can fail if they’re met with confusion or resistance.

The advisor’s role evolves with the family

As wealth moves from one generation to the next, so does the advisor’s role. It shifts from being the architect of wealth to the custodian of legacy, then to a mentor guiding new stakeholders. It also involves practical work like facilitating succession planning, adapting portfolios, revisiting insurance strategies, and adjusting to new career aspirations or life goals. That transition is rarely linear. Younger family members may not yet be ready to lead; older members may find it hard to let go. An advisor who can support both with empathy, respect, and flexibility helps ensure that the transition is both smooth and meaningful.

At the heart of an advisor’s work is a shift in mindset. Advisors help families decide what their wealth means and what it is for. When done right, financial planning becomes a conversation that connects generations. The best outcomes are seen not just in return on investment, but in the confidence of the next generation to carry the vision forward.

The post How a financial advisor bridges generational gaps appeared first on International Finance.

The uniqueness of Illio’s technology-heavy operations lies in the fact that its client can upload multiple portfolios online and the start-up will consolidate all positions across asset classes, geographies, currencies, sectors and custodians/brokers.

Knowing Things In Detail

Calling itself a product “Built by investors, For Investors,” Illio was the brainchild of Vanessa Gibson, who, after 35 years running her own award-winning hedge fund and a family office, realised that the wealth management industry was lagging big time, when it came to simplifying complex information in a digestible format.

Whether the clients held their wealth with a wealth firm or an online platform, they used to receive static reports using terminologies they didn’t understand. Key information about their wealth used to come in a backward-looking format. As an experienced fund manager, Vanessa Gibson knew it was also important to understand how portfolios of high-net-worth individuals (HNWIs) would likely behave in the future.

“Furthermore, given the rise of Alternatives in people’s allocations, she felt there needed to be a system capable of normalising analytics between listed and unlisted assets and then deliver the answers to the most important questions quickly. So, in 2019, with the help of Sarang Karkhanis (ex-Wharton fund manager) and Kenneth Sue (ex-Coutts MD), Illio was founded,” the venture stated further.

Illio has now emerged as a modular platform designed to support online platforms, wealth firms, family offices, asset or fund managers with time-saving analytics, user-friendly visualisation and call-to-action-driven Insights.

The venture’s team comprises finance experts and engineers, who are working together on creating an intuitive and powerful platform that leverages a proven investment process with a UX (User Experience) that benefits both the business managers and the end users.

Illio’s mission is to bring transparency and efficiency to wealth management, by sharing and applying the start-up’s collective know-how, and years of investment experience, with the ultimate goal of helping different stakeholders across the category.

“Illio was born to give investors premier analytics to help them manage wealth to the best of their ability. With that in mind, our customers’ satisfaction is core to what makes us tick. We believe in being open to getting feedback, ideas and suggestions from anyone. We encourage all employees to take part in the full Illio journey and share their perspectives,” the venture explained its operational values in the following words.

Here are the Key Products

Talking about Illio’s wealth management-related products, let’s start with “Illio Platform,” which helps its users improve advisor productivity and increase stakeholder transparency. It is an all-inclusive wealth platform, carrying instrument-level and portfolio-level insights. The tool analyses performance, risk and ESG (Environmental, Social, and Governance) for listed, unlisted and digital assets.

The insights part of the “Illio Platform” helps both clients and advisors quickly learn what matters most about their portfolios and instruments. These individuals can also generate performance reports on demand via PDF on client portfolios. Another feature of the “Illio Platform” is the “What If Scenarios,” under which client portfolios can be tweaked or compared to showcase what could have happened under different market scenarios. The whole platform has been drawn up from the client’s point of view, so that the latter can remain engaged with a simplified view of what he/she owns, visualised with insights.

“Illio Platform” brings its clients’ listed, unlisted and digital assets into one platform, followed by performing an analysis of these assets and using the insights to give clients and advisors quick answers on their assets’ performance. The platform also offers its clients their own view of their assets’ performance to create better engagement through transparency.

“Illio Platform” is suitable for asset managers, as it normalises portfolio analytics across listed and unlisted assets. Wealth firms can use the tool to increase their advisor productivity and client engagement activities. Family offices, on the other hand, can consolidate all investments and improve stakeholder reporting, while the platform also presents an opportunity for fund managers to enhance investor reporting with a dynamic interactive tool.

Next in Illio’s product line-up is “What-If Tool,” which generates new assets under management (AUM) scenarios by showcasing better client outcomes with full transparency.

Through this tool, wealth firms can upsell their new investment ideas to clients, family offices can test how a new private asset affects their portfolios, asset managers can showcase how their investments affect investors’ overall portfolios and last but not least, fund managers can illustrate how the addition of the clients’ funds enhances an existing multi-fund portfolio.

An Ocean Of Opportunities

We have already made a mention about Illio’s “Insight” services. Let’s explain things further. The “Insights Data & Widget” has earned its name in the wealth management circle for making its users confident to research new instruments and ideas to trade.

The tool, tailor-made for wealth management sector players, can be seamlessly integrated into their digital platforms as a widget or can be taken as a data feed. The mechanism also comes with a clear CTA (Call to Action) protocol that helps its users understand opportunities and risks for a more informed trading experience.

It also helps the users discover new instruments to trade. Using 20-plus filters traditionally used by professional traders, the discovery section within “Insight” allows wealth management players and their clients to uncover new financial instruments, without getting entangled in multiple charts and analytics.

In fact, through its “Insight” services, Illio is moving the wealth management industry away from disengaged analytics towards personalised, data-driven Insights.

Insight has a dedicated dashboard, which is basically a landing page for wealth managers to access all of the insights in one place, summarised with concise headlines. The “Insight” covers two aspects of the wealth management game: portfolio and instrument. Portfolio one flags whether the five largest positions in the portfolio are contributing a suitable amount of P&L (Profit and Loss). Whereas the instrument part points out the potential asymmetric relationship of how an instrument reacts when markets move up or down.

The “Insights” solution also helps its users in enterprise reporting activities, by performing crucial functions like performance and risk reporting of clients’ assets, with the help of risk statistics enriched with Illio’s “Proprietary Insights.”

Talking about risk and scenario analysis, Illio provides a multi-dimensional view of an asset’s risk. The “Risk Analytics Dashboard,” using elements like risk statistics, drawdown and scenario analysis, performs its functions.

Image Credits: Illio

The post Start-up of the Week: Meet Illio, the comprehensive investment intelligence platform appeared first on International Finance.

According to global data and intelligence platform Statista, the Philippines has emerged as a hub for the ultra-rich seeking robust wealth management solutions with the population of UHNWIs estimated to increase from 313 individuals in 2021 to 441 by 2026. HNWIs, on the other hand, are projected to grow from 18,000 in 2021 to 32,000 by 2026. Positioned at the forefront of this evolving landscape, BPI is reshaping the Philippines’ wealth management game with its innovative spectrum of new services and solutions dubbed under the ‘BPI Private Wealth Signature Experience’.

“Guided by its brand promise to enable clients to live a signature life, this comprehensive suite encompasses exclusive banking solutions, first-in-market investment products, bespoke wealth planning services, and curated lifestyle privileges, all anchored on four fundamental pillars: banking, investing, planning, and living. Situated within BPI’s ecosystem of seasoned relationship managers and investment professionals, BPI Private Wealth is committed to delivering pioneering solutions tailored to the unique needs of its Private Wealth clients,” the venture told International Finance.

Seamless Banking Experience

At the core of ‘BPI Private Wealth’ lies an unwavering commitment to unparalleled banking excellence. Clients benefit from a comprehensive suite of banking solutions meticulously aligned with their financial aspirations. In 2023, ‘BPI Private Wealth’ introduced ‘Wealth Loans’, offering clients exclusive and instant access to liquidity without compromising their long-term investment strategies. The product empowers its clients to seize new opportunities, weather unforeseen circumstances, or diversify their portfolios without the need to liquidate assets.

“With a dedicated relationship manager assigned to each client, personalised attention and seamless execution of banking needs are guaranteed, ensuring utmost convenience and peace of mind,” the venture continued further.

Investing Beyond Borders

Talking about ‘BPI Private Wealth’, the financial tool is helping its clients to make informed decisions, aided by a world-class team of investment experts, who offer insights and strategies to maximise returns while mitigating market risks. Exclusive reports, accessible through quarterly publications like Wealth Insights, further aid clients in navigating the market complexities.

Additionally, the introduction of “Discretionary Model Portfolios” has enabled BPI’s clients to tailor investments based on specific objectives, such as capital growth, income generation, and wealth preservation.

“Our clients can leverage our investment expertise and resources, including access to onshore and offshore solutions, to maximise their returns and enjoy the convenience of investing through our Discretionary Model Portfolios. We manage their portfolio while they set the rules, freeing up their precious time so that they can spend it on what matters more to them like pursuing their passions,” shared Maria Theresa D. Marcial, President and CEO of BPI Wealth, while interacting with the business publication.

Planning A Long-Term Legacy

In 2023, ‘BPI Wealth’ unveiled its groundbreaking ‘Multi-Family Office solution’, which now lies at the cornerstone of the ‘BPI Private Wealth Signature Experience’. Talking about the product, the innovative offering grants its clients access to a team of expert wealth planners proficient in navigating various aspects of family governance, including investment management, legal advisory, and comprehensive planning.

With a focus on trust, transparency, and personalised solutions, the Multi-Family Office team helps its clients address their estate planning, business succession, legal, and property management needs.

BPI wants its HNWI and UHNWI clients to live a “Signature Life”. To fulfil the motto, the venture is constantly sharpening its wealth management game. Private Wealth recently launched the inaugural ‘Wealth Elite Academy’, a comprehensive internship programme exclusively offered to NextGen Private Wealth clients. The academy has been created with a vision to provide an unparalleled learning experience for the next generation of business leaders to prepare and enable them to take over their family’s financial legacy.

“Throughout the programme, participants were immersed in an enriching and dynamic environment, fostering their growth, leadership skills, and financial acumen. The curriculum was carefully crafted to cover a wide spectrum of subjects including financial,” BPI concluded.

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Australia has emerged as the most preferred destination for the HNWIs, with 5,200 millionaires around the globe choosing it as their home, according to the same report.

The net HNWI inflow to the UAE in 2023 will surpass the 2022 tally, which saw 4,000 arrivals, the Henley Private Wealth Migration Report 2023 said.

Moreover, the crisis-ridden United Kingdom, whose economy has been performing poorly among its G7 peers, will see a larger net exodus of millionaires than Russia in 2023 as HNWIs are warry about the European country’s post-Brexit economic landscape as well as a government policy change that has removed permanent non-domicile tax status.

Almost 3,200 millionaires are expected to leave the UK this year, while 3,000 are expected to exit Russia. Growth engines of Asia, China and India too will see departures of HNWIs, with net losses of 13,500 and 8,000 millionaires respectively.

The total number of millionaires leaving the UK is expected to double, as 1,600 left in 2022, the Henley Private Wealth Migration Report said.

The study has placed Singapore in the third rank (in terms of millionaires’ arrivals), with a net inflow of 3,200 HNWIs, its highest on record, followed by the USA with an expected net inflow of 2,100 millionaires.

The other popular destinations for HNWIs in 2023 will be Switzerland, Canada, Greece, France, Portugal and New Zealand. Israel is predicted to fall out of the top 10 with its net inflow of millionaires to 600, compared to 1,100 in 2022.

Dr Juerg Steffen, CEO of Henley & Partners, told Zawya that there had been steady growth in millionaire migration over the past decade, with global figures for 2023 and 2024 expected to be 122,000 and 128,000, respectively.

“In general, wealth migration trends look set to revert to pre-pandemic patterns this year, with the notable exceptions of former top wealth magnets, the UK and the US,” the official said.

Steffen said the UK’s peak net HNWI outflow was 2017, following the Brexit referendum, when the European country voted to leave the European Union (EU) in 2016.

“While net losses dropped slightly between 2017 and 2019, the 2023 forecast indicates a far more significant millionaire exit is currently underway,” the report said.

Brexit and a government policy to remove permanent non-domiciled taxpayer status had made the UK less hospitable and welcoming to HNWIs.

Sunita Singh-Dalal, partner, private wealth and family offices at law firm Hourani & Partners told the media that unprecedented political volatility, rising debt, a dysfunctional healthcare system, high crime rates, and a general sense of lingering malaise, had “clearly tarnished the lustre of London” for millionaires.

The United States has also been less popular for migrating millionaires than pre-Covid, owing in part to the threat of higher taxes, the Henley Private Wealth Migration Report said.

However, the world’s largest economy is still attracting more HNWIs than it loses to emigration, with a net inflow of 2,100 projected for 2023, although the figure has dropped from a net inflow of 10,800 in 2019.

The remainder of the top 10 countries that will lose the most millionaires in 2023 are Brazil, Hong Kong, South Korea, Mexico, South Africa and Japan.

UAE’s Non-Oil Sector Outperforms GCC Peers

Listed companies in Dubai and Abu Dhabi have recorded over 50% jump in net profits year-on-year in the 2023 first quarter, outperforming their Gulf Cooperation Council (GCC) peers, whose quarterly profits declined on the back of a fall in energy and commodity prices.

Dubai-listed companies saw their net profits jump by 51.2% to reach USD 4.8 billion, compared to USD 3.2 billion in the 2022 first quarter. Kamco Invest, in its ‘GCC Corporate Earnings Report Q1-2023′ reports, said that the growth was primarily driven by earnings growth in the banking, real estate and capital goods sectors.

Also, Forbes’ latest list shows that four of the top ten listed companies in the Middle East are from the UAE.

As per Forbes’s flagship ranking of the Middle East’s top 100 listed companies for 2023, UAE’s International Holding Company (IHC) jumped from 12th place in 2022 to the fifth spot, followed by the First Abu Dhabi Bank, Emirates NBD and Taqa, who are positioned in the tally at the eighth, ninth and tenth spots respectively.

The post ‘Growth machine’ UAE emerges as millionaires’ preferred investment destination appeared first on International Finance.

Meanwhile, according to The Global Wealth and Lifestyle Report, Dubai has moved up to the seventh most expensive city for high-net-worth individuals (HNWIs), surpassing Zurich, which is now ranked 14th.

By examining the cost of a variety of purchases and services, ranging from residential real estate to legal services to fast-moving consumer goods like designer handbags, Julius Baer’s Lifestyle Index ranks the world’s 25 most expensive cities.

Singapore was the most costly city of the 25 cities surveyed, followed by Shanghai, Hong Kong, London, and New York.

Dubai was ranked number seven, while the other cities in the top 10 were Monaco, Taipei in Taiwan, Sao Paulo in Brazil—the first city from Latin America to make the list—and Miami.

Last year, Paris ranked as the tenth most expensive city, but it is currently ranked thirteenth.

Europe the Middle East and Africa (EMEA) is the region where it is most affordable to live well, the report stated.

According to Julius Baer’s executive director of investment advisory in Dubai, Fawad Abdullah, European cities are falling down the rankings over the past few years.

The report also stated that the prices have increased significantly across the board in various categories, including business class flights by 10.13%, whisky by 16.15%, wine by 17.23%, and hotel suites by 9.26%.

While in Asia, the cost of hotels increased by 39.1%, that of flights by 32.9%, and automobiles by 25.1%.

Wine, whisky, and a degustation dinner saw the most price hikes in the EMEA region, at 37.1%, 29.6%, and 23.1%, respectively.

In the Middle East, spending priorities have changed; according to a study of 61% HNWIs, more money was spent on real estate last year than the year before.

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