Dubai can officially be called the 'home of millionaires'
- Thousands of millionaires moved to the UAE last year, a new report has revealed
- The report also noted that among the cities worldwide, Dubai is one of the top destinations attracting very large millionaire inflows
- Around 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
- Globally, 108,000 millionaires migrated in 2018, compared to 95,000 in 2017
There's now definitive proof that the UAE is the official home of the world's millionaires. According to new research, about 2,000 high net-worth individuals (HNWIs), each with at least $1 million worth of net assets, moved into the UAE in 2018.
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.
Dubai is already on the radar of luxury tourists and high net worth individuals with its swanky high-rises and even swankier lifestyle and experiences. But research now suggests that Dubai alone attracted more than 1,000 millionaires from outside the country last year,and overtook major cities including Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.
Commenting on the research, 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.
However, good news for Dubai was bad for other emerging markets with countries seeing large exodus of its wealthy.
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.
The country is is already home to people of more than 200 nationalities, and with the country continuing to grow its offerings, we're sure that number is only set to increase.
Countries with highest millionaire inflows in 2018:
United States: 10,000
United Arab Emirates: 2,000
New Zealand: 1,000