Dubai is considered to be a haven of the super-rich, saw an inflow of more than 2000 millionaires last year, says a new report on global millionaire migration.
Dubai is home to 42,000 high net-worth individuals (HNWIs), which saw strong inflows from Egypt, Turkey, Morocco, Algeria last year, so as to be ranked as world’s fourth most-preferred migrant destination for the wealthy, said a report by New World Wealth.
While Sydney and Melbourne grew to be the first and second most preferred migration destinations of the rich, with net inflow of 4000 and 3000 millionaires respectively, Tel Aviv, San Francisco, Vancouver, Seattle and Perth lured more than 1000 millionaires last year. San Francisco, Vancouver and Seattle experienced large inflow of millionaires from South East Asia and China.
‘The Wealth Report 2016’ by Knight Frank revealed that Dubai is the fifth most important city in the world for ultra-wealthy, or UHNWIs, classified as people with more than $30mn worth of net assets.
This year, Dubai jumped three slots from eighth place in its rankings, surpassing cities like Miami, Shanghai, and Paris.
According to Knight Frank Analyst Joseph Morris, Dubai has grown to be a global hub for logistics, financial services, hospitality and trade. The Dubai airport has surpassed London Heathrow as the busiest with international passenger numbers and DIFC being the lead financing hub in the region.
All these factors have fueled development of master communities and CBD and has drawn major investment from neighboring GCC nations and wider region, including China and India, Morris said.
The report further pointed out that more international corporations establish their regional headquarters and expand and consolidate their existing office space in Dubai. There will be improved focus on quality real estate across the emirate.
About 460,000 HNWIs with a combined wealth of $2.2 trillion are living in the Middle East, says a report by New World Wealth Research Company.
Since the year 2000 the number of HNWIs in Middle East have grown 136 percent, while HNWIs growth rate world-wide is 73 percent.
Cities with biggest outflow of millionaires in 2015 include Rome, Paris, Chicago and Athens recording outbound migration of 7000, 5000, 3000 and 2000 respectively, with majority of them having moved to UK, USA, Canada and Australia.
However, the outflows from India and China are not particularly of concern, as these countries continue to produce more new millionaires than what they lose. Moreover, when the standard of living here improves, several wealthy people are likely to move back.
