Why Millionaires flock to Dubai
Business Dubai Investing UAE

Why millionaires are starting to move to the UAE

More than 1,500 HNWIs, each with at least $1 million worth of net assets, moved into the UAE in 2018.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, aimed to make Dubai and the UAE a land of opportunities and an attraction for investments, he further commented in the context of a new report that shows that Dubai as a major beneficiary of changing global wealth trends in 2018.

The ‘Global Wealth Migration Report’ for 2019, developed recently by AfrAsia Bank and New World Wealth, said that Dubai attracted over 1,000 millionaires from outside the country, surpassing major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.

The report showed Dubai as one of the most prominent financial centres in the Middle East, and one of the safest cities as well as a popular destination for High-Net-Worth-Individuals (HNWIs). Approximately 2,000 HNWIs, each with at least $1 million worth of net assets, moved into the UAE in 2018. The number of affluent migrants in the UAE rose by two per cent in 2018, compared to the previous year, according to the report.

The report reviewed the major factors that led to HNWIs moving outside their country to find a home that meets their needs. Key elements driving their relocation included security and safety, high standards of living, better education and healthcare.

Dubai attracted over 15 million tourists in 2018 and has the ambitious target of welcoming 25 million tourists by 2025. Dubai International Airport (DXB) has retained its position as the world’s busiest airport with the number of travellers passing through its terminals hitting nearly 90 million last year, up by one per cent from the previous year.

Krishnan Ramachandran, CEO of Barjeel Geojit, said: “The unique advantage of Dubai is its diversity and its ability to satisfy the financial needs and requirements of investors from all over the world. Dubai offers a state of art infrastructure which includes a wide range of iconic business, lifestyle and leisure choices for investors to choose from.”

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