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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.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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