Number of millionaires migrating to UAE third highest in the world

Dubai: Thousands of millionaires from around the world continue to move to the UAE and as of last year, the emirate was among the top ten destinations for high-net-worth individuals (HNWIs).

According to New Worth Wealth, an estimated 5,000 individuals holding assets worth at least $1 million migrated to the country. The number of migrating millionaires was the third-highest among the markets monitored and there were more ultra-rich individuals moving to the UAE than in other hotspots like the Caribbean, Switzerland or Singapore.

As a result, total private fortunes held in the UAE went up by 10 per cent to $925 billion (Dh3.4 billion) last year and by a whopping 60 per cent over the past decade, between 2007 and 2017.

Australia: 10,000 United States: 9,000 Canada: 5,000 UAE: 5,000 Caribbean: 3,000 Israel: 2,000 Switzerland: 2,000 New Zealand: 1,000 Singapore: 1,000

The Dh3.4 trillion total private wealth includes all the assets held in the country by all people – poor, middle class and millionaires - living in the UAE. It takes into account flats, villas, cars, collectibles, cash, equities, business interests held by individuals. The figure, however, does not include government funds.

Why the country’s private wealth is on the rise

The size of UAE households’ holding assets has been growing mainly because millionaires are moving to the country in droves. In 2016, around 5,000 millionaires also transferred to the UAE.

“We expect wealthy people to continue to move there,” Andrew Amoils, analyst at South Africa- based New World Wealth, told Gulf News.

Rich people have been moving and getting new residences around the world, and in 2017 alone, a total of 95,000 millionaires packed their bags and left.

Among the countries rich individuals have moved to, the UAE has been a top favourite. As of 2017, the country - along with Canada- attracted the third-highest number of migrating millionaires, just behind Australia, which drew in 10,000 HNWIs and United States, which accounted for 9,000 rich migrants.

There were more millionaires moving to the UAE last year than to other wealth hotspots like the Caribbean, Switzerland or Singapore.