(DUBAI, UAE) -- As markets in Europe and the US stay dormant, newer and developing markets in Asia Pacific, the BRIC countries, and the Middle East are driving interest in Cityscape Global 2010, due to take place at the Dubai World Trade Centre from October 4-7.
That's the view of Cityscape Group Director Chris Speller who's planning for the world's biggest gathering of investors and developers. "With the exception of Japan, Asia-Pacific will grow twice the global rate raising its share of global wealth from 15 percent last year to 20 percent within four years; include India and Brazil into the equation and the economic decoupling theory is alive and well and a more equitable share of wealth may be emerging," Speller explained.
He pointed to the recent Global Wealth report from Boston Consulting Group that finds "three of the six densest millionaire populations are in the Middle East, with Kuwait, Qatar and the UAE in fourth, fifth and sixth place respectively."
The US has the most millionaires at 4.7 million, followed by Japan, China, United Kingdom, and Germany. Singapore saw the highest growth in millionaires, up 35 percent, followed by 33 percent for Malaysia, and 31 percent for China. Switzerland has the highest concentration of millionaires in Europe and the third-highest overall at 8.4 percent.
Of course, there are also the huge amounts of money concentrated in Gulf sovereign wealth funds that are estimated to reach more than $1.3 trillion.
Dubai, located at the crossroads of Europe, Africa and Asia, is conveniently situated for international real estate professionals. "It is interesting that many of the world's capital and emerging markets, with the exception of the Americas and the Far East, are only an eight-hour direct flight from Dubai," Speller said.
2010 will see the ninth Cityscape event in Dubai. This year's exhibition has already confirmed participation from 23 countries, including the UAE, Qatar, Saudi Arabia, Bahrain, Jordan, Egypt, Morocco, China, Malaysia, Japan, South Korea, Australia, Poland, France, UK, Italy, Russia, Canada, US, and many more.
Last year more than 25 percent of registered participants at Cityscape Dubai came from outside the GCC meaning almost 10,000 people from 115 countries. Cityscape Global is working to broaden that trend and reach 50 percent international participation over the next three years.