UAE attracts about 2,000 millionaires as wealth migration grows

Global Wealth Migration Report for 2019 says Dubai alone attracted more than 1,000 millionaires, more than Los Angeles, Melbourne, Miami, New York, San Francisco or Sydney

About 2,000 high net-worth individuals (HNWIs), each with at least $1 million worth of net assets, moved into the UAE in 2018, according to new research.

The Global Wealth Migration Report for 2019, developed by AfrAsia Bank and New World Wealth, said the number of wealthy migrants in the UAE rose by two percent in 2018, compared to the previous year.

The research added that Dubai alone attracted more than 1,000 millionaires from outside the country last year, surpassing major cities including Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.

Speaking about the influx, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said that the UAE has been able to create a robust investment and economic environment, making it a leading lifestyle and business destination.

The report described Dubai as the most prominent financial centre in the Middle East, and one of the safest cities in the region as well as a popular destination for HNWIs and wealthy expatriates.

It also said that Dubai is an example of the power that business incentives have in encouraging business formation.

Globally, the report said that wealth migration saw an acceleration in 2018. Approximately 108,000 millionaires migrated in 2018, compared to 95,000 in 2017.

China saw a mass exodus of 15,000 millionaires in 2018, the most significant of any country in the world, followed by Russia, which saw an exodus of about 7,000 millionaires. India saw an exodus of 5,000 millionaires, while Turkey saw 4,000, and France and the United Kingdom 3,000 millionaires each.

Key elements driving their relocation included security and safety, modern lifestyle, high standards of living, better educational opportunities and healthcare, the report noted.

The report said Dubai offers many advantages that make it a haven for the world’s wealthy. Millionaires flock to the emirate due to a range of exceptional business incentives, robust foreign trade and international connectivity, it added.

 

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Source: Arabian Business