The Middle East, home to a growing number of millionaires and billionaires, boasts a world of invitation-only credit cards offering unparalleled perks, astronomical spending limits, and service levels that exceed mere financial transactions. Unlike typical credit cards, these symbols of wealth are crafted from precious metals, adorned with gemstones, and highly personalized to suit the lavish lifestyles of the ultra-rich.
American Express Centurion Card
Commonly known as the ‘Black Card,’ the American Express Centurion card is available through invite-only and is one of the most exclusive cards among the wealthy. Prospective cardholders must reportedly have an annual spending of $400,000 to $1,000,000 on existing American Express cards, along with a $7,500 initiation fee and a $2,500 annual fee. The card’s limit can extend up to millions of dollars, with benefits including a dedicated concierge service, VIP services at high-profile events, and exclusive travel perks.
J.P. Morgan Reserve Card
Crafted from palladium and 24-karat gold, the J.P. Morgan Reserve card is another invitation-only card for the elite. Clients must have millions in assets managed by the private bank. The card, with an annual fee of $595, offers benefits such as a round-the-clock concierge service, lounge access, and travel credits. There are reportedly 5,000 J.P. Morgan Reserve cardholders worldwide.
Billionaire x Insignia Card
Billionaire and Insignia launched this limited-edition card in Dubai in collaboration with luxury watch designer Jacob & Co. To qualify, clients need a minimum spend of $500,000 and a net worth of around $30 million. The card, valued between $28,000 to $100,000 depending on the number of precious stones and metals, offers benefits like 24/7 personal assistance, access to global invite-only events, and exclusive F1 access. The spending limit on this card can reach millions, with typical clients spending about one to two million on a quarterly basis.
Dubai First Royale Card
The Dubai First Royale card features a diamond at its center and is trimmed with gold. Reserved for members of the royal family and ultra-high-net-worth individuals, this invitation-only card has a joining fee of AED 7,000 and a renewal fee of AED 7,000 annually. The card offers bespoke services, including preferential rates on luxury car rentals and fast-track immigration services at Dubai International Airport.
UAE Attracting More Millionaires
The Henley Private Wealth Migration Report 2024 reveals that more millionaires will move to the UAE this year than to any other country, with over 6,700 millionaires expected to arrive.Factors driving this migration include golden visas, low taxes, an enviable lifestyle, and a strategic location. The influx is primarily from the UK and Europe, and migrating millionaires are a vital source of forex revenue, with many being entrepreneurs who contribute to job creation and local economic growth.