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The Global Wealth Migration Report for 2019, developed by AfrAsia Bank and New World Wealth, disclosed its wealth migration figures for the UAE recently. The report found that nearly 2,000 high net-worth individuals (HNWIs) – with assets worth at least US$1 million – moved to the UAE in 2018, representing a 2% increase compared to 2017. Dubai alone attracted over 1,000 of these individuals, surpassing other major cities like Los Angeles, Melbourne, Miami, New York, Sand Francisco and Sydney.
Speaking about the influx, 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.
For many businesses, Dubai remained the most prominent financial centre in the Middle East, the report found. The wealth migration illustrates Dubai’s position as a safe and popular destination for HNWIs and wealthy expatriates.
Globally, approximately 108,000 millionaires migrated in 2018, compared to 95,000 in 2017, indicating an acceleration in wealth migration. Security and safety remained the primary drivers for migration, followed by the need for a modern lifestyle, high standards of living, better educational opportunities and healthcare, according to the report.
The most significant migration was from China, where 15,000 millionaires left in 2018, followed by Russia, with 7,000 millionaires migrating. India and Turkey lost 5,000 and 4,000 millionaires respectively, while France and the UK lost 3,000 millionaires each.
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Siddhi Sainani
Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
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Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing
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