According to the Global Wealth Migration Report for 2019, Dubai attracted more than 1,000 millionaires from outside the country in 2018, surpassing major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney. Dubai was a major beneficiary of changing global wealth trends in 2018.

The report showed that developed recently by AfrAsia Bank and New World Wealth, highlighted Dubai as the most prominent financial centre in the Middle East, and one of the safest cities in the region as well as a popular destination for high-net-worth-individuals (HNWIs) and wealthy expatriates. Besides, it said that Dubai is an example of the power that business incentives have in encouraging business formation.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said the UAE has been able to create a robust investment and economic environment due to the clear vision of the country’s leaders. Their keenness to ensure high levels of happiness for residents, visitors and investors, and create a supportive environment for ideas and innovation, have helped make the UAE a leading lifestyle and business destination.

Sheikh Hamdan said, “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 opportunity for talent and a magnet for investments that can benefit not only the region but all of humanity.This vision was transformed into reality through a clear strategy to ensure development efforts bring positive returns.”

As per the report, about 2,000 HNWIs, each with at least $1 million worth of net assets, moved into the UAE in 2018, boosting the local economy. The number of affluent migrants in the UAE rose by two per cent in 2018, compared to the previous year.

The 2019 Global Wealth Migration Report showed that global wealth migration saw an acceleration in 2018. Approximately 108,000 millionaires (HNWIs) migrated in 2018, compared to 95,000 in 2017. 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.Additively, India saw an exodus of 5,000 millionaires, while Turkey saw 4,000, and France and the UK 3,000 millionaires each.

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, modern lifestyle, high standards of living, better educational opportunities and healthcare.

Source: Trade Arabia

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