Dubai has maintained its status as a top destination for High-Net-Worth-Individuals (HNWI) and the wealthy, a new report has revealed.
According to the Global Wealth Migration Report for 2019, Dubai attracted more than 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 in the region as well as a popular destination for the world’s wealthy elites.
Insights from the report further revealed that global wealth migration saw an acceleration in 2018, with 108,000 millionaires (HNWIs) migrating 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.
The Asian giant was closely followed by Russia, which saw an exodus of about 7000 millionaires.
Next on the list is India which saw an exodus of 5000 millionaires followed by Turkey with 4000 and while France and the United Kingdom tied at 3000 millionaires each.
The report reviewed the major factors that led to HNWIs moving outside their country to find a home that meets their needs.
These include security and safety, modern lifestyle, high standards of living, better educational opportunities and healthcare.
Approximately 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, according to the report.
Dubai International Airport (DXB) also 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.