The world’s wealthiest are streaming into Dubai and the rest of the United Arab Emirates (UAE).
The UAE remains the destination of choice for millionaires, a new report show, with the world’s mega-rich lured by the country’s safety, business-friendly environment and quality infrastructure.
Approximately 2,000 high-net-worth individuals (HNWIs), each with at least $1 million (Dh3.6 million) worth of net assets, including property, cash, equities and business interests, streamed into the UAE in 2018, delivering a much-needed investment boost to the local economy. The majority of them, estimated to be more than 1,000, settled in Dubai.
The number of affluent migrants in the UAE has risen by two per cent in 2018, compared to the previous year, according to the Global Wealth Migration Review of AfrAsia Bank and New World Wealth that tracks global fortunes and wealth migration trends over the past ten years.
The UAE emerged in the top five list of destinations that lured the biggest wealth inflows last year, ranking fifth, just behind Switzerland.
Millionaires around the world are moving into new places and in 2018 alone, approximately 108,000 of them migrated, up from 95,000 in 2017.
The movement of wealthy individuals – where they’re setting up a new home or which places they are leaving – is being tracked regularly, as wealth migration figures are a very important gauge of the health of an economy.
If a country or city is seeing a large number of millionaires leaving, for example, it could indicate some serious underlying problems in the country. It could be that there’s lack of business opportunities, the crime rate is high or there are other issues that discourage people to stay.