Wealth manager Dhruba Jyoti Sengupta says the world's super-rich are moving their wealth from emerging markets to one city in particular.
The growth prospects of countries like India and South Korea have seen many investors and big-name banks turn bullish on emerging markets this year. One wealth manager, however, said his super-rich clients are focused elsewhere. "A lot of wealth, especially from ultra-high-net-worth individuals, is moving to Dubai ," Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East, told CNBC Pro on May 31.
64% year-to-date but up more than 10% in the last 12 months. What makes Dubai attractive to the super-rich, according to Sengupta, is the ease of doing business and investing there, its tax-free policies, and access to other markets. "We don't see wealth movement in totality," he said. "In fact, the super-wealthy do a lot of diversification and invest in different geographies and assets using Dubai as a gateway.
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