Why millionaires love the Uae
The UAE continues to attract the rich and the famous. A new report says the number of millionaires moving to the country rose by 2 per cent from 2017. The report also had a word of praise for Dubai that lures talent and investments in all sectors.
2,000 people worth at least $1 million moved to the UAE last year.
Dubai attracted more than 1,000 millionaires from outside the country.
This is higher than Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.
108,000 millionaires
migrated in 2018, compared to 95,000 in 2017 across the world.
15,000 millionaires
left China last year, the highest number.
7,000 millionaires
left Russia.
India saw 5,000 millionaires leave the country, while Turkey had 4,000 exiting. France and the UK both saw 3,000 leave last year.
You are secure in the UAE
200 nationalities call the UAE home.
Safety and security.
Excellent infrastructure has benefited all sectors.
Business-friendly environment and great connectivity.
Dubai, a star attraction
16 million tourists visited the city in 2018. That number could touch 25 million by 2025.
Dubai International Airport (DXB) is the world’s busiest with
90 million passengers passing through it last year, an increase of one per cent from 2017.
dubai — To prioritise its residents’ and citizens’ happiness is part of the UAE’s policies, making it a global hub for businesses, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, sought to make Dubai and the UAE a land of opportunities and a magnet for investments, Sheikh Hamdan further commented on a new report that shows 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 described Dubai as the most prominent financial centre 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.
Sultan Ali Rashed Lootah, chairman and managing director, co-founder, Relam Investment, said: “The ease of business doing and favourable policies encourages businesses to not only invest in Dubai, but also to make it their main and premium location for their operations.”
Vijay Valecha, chief market analyst, Century Financial, said: “Millionaires flock to Dubai due to a range of exceptional business incentives, robust foreign trade and international connectivity. This primarily being supported by a zero-tax environment and a low rate of tax for financial and oil companies.”
Dubai attracted over 16 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.”
Millionaires flock to Dubai due to a range of business incentives, robust foreign trade and global connectivity.” Vijay Valecha, chief market analyst, Century Financial