DUBAI: A MILLIONAIRE HUB

Dubai remains a hotspot for the wealthy, attracting high net worth individuals (HNWIs) from different countries who make the emirate their second home.

According to New World Wealth, Dubai is ranked 5th for second-home hotspots for HNWIs after New York, London, Hong Kong and Singapore. The UAE remains one of the biggest recipients of HNWIs, with over

Andrew Amoils, Head of research, New World Wealth

38,000 millionaires moving into the country over the past 20 years.

Andrew Amoils, head of research, New World Wealth, estimated that currently around 55,000 millionaires live in Dubai. In addition, around 33,000 HNWIs based in other countries have second homes in the city. The emirate is ranked 35th worldwide in terms of number of millionaires.

In 2017 alone, over 5,000 millionaires moved to the UAE with many of them coming from India, Turkey, Saudi Arabia,

Egypt, Nigeria, Iran and Lebanon. Analysts say the key reasons that attract millionaires to Dubai are the good lifestyle, safety and security and top-quality housing facilities at much more affordable rates than most other major cities.

“The reasons why wealthy second home owners may like the city is the top-end apartments and villas, first class healthcare system and yachting and beaches,” Amoils said.

Millionaires based in other countries have 2nd home in Dubai Millionaires moved into the UAE in past 20 years Millionaires live in Dubai Millionaires moved to UAE in 2017 High-income economy First-class healthcare system Low tax rates

Good international schools and universities New York Hong Kong Dubai London Singapore

Taimur Khan, Research manager, Knight Frank

International business hub Luxury hub with top-class shopping

Top-end apartments and villas Yachting and beaches