Dubai has defied a global downturn in the fortunes of the super rich after becoming a haven for Russian money.

The United Arab Emirates was the strongest growing market for private wealth in 2022, with assets under management hitting half a trillion dollars.

<a href="https://www.telegraph.co.uk/business/2023/01/16/russians-become-biggest-buyers-dubai-property-sanctions-drive/">The region was the biggest beneficiary of a rush of Russian assets</a> from Europe after sanctions were imposed on Vladimir Putin’s regime in the wake of the Ukraine war.

The UAE also attracted a wave of cash from elsewhere in the Middle East, Asia Pacific and Africa.

Financial wealth in the Emirates is expected to hit $800bn (£629bn) in 2027 with an annual growth rate of almost 10pc, according to a new report by Boston Consulting Group (BCG). The consultancy added that Russia was a particular source of this growth.

UAE was the strongest growing market for private wealth in 2022{ai:summary}<p>Dubai flourishes as Russian money pours in, making the United Arab Emirates the fastest growing market for private wealth in 2022. Assets under management have reached $500bn as the UAE becomes a haven for capital seeking refuge from Europe's post-Ukraine war sanctions. Other Middle Eastern, Asia Pacific and African sources of wealth have contributed to an estimated $800bn expected in 2027, with annual growth rates of approximately 10%. #economy</p>

Russian super-rich flock to booming Dubai

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