Approximately 2,000 High-Net-Worth-Individuals, each with at least $1 million worth of net assets, moved into the UAE in 2018 alone, Khaleej Times reports.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, sought to make Dubai and the UAE a land of opportunities and a magnet for investments, he further commented in the context of a new report that shows that Dubai as a major beneficiary of changing global wealth trends in 2018.
The ‘Global Wealth Migration Report’ for 2019, developed recently by AfrAsia Bank and New World Wealth, said that Dubai attracted over 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 as well as a popular destination for High-Net-Worth-Individuals (HNWIs). Approximately 2,000 HNWIs, each with at least $1 million worth of net assets, moved into the UAE in 2018. The number of affluent migrants in the UAE rose by two per cent in 2018, compared to the previous year, according to the report.
The report reviewed the major factors that led to HNWIs moving outside their country to find a home that meets their needs. Key elements driving their relocation included security and safety, high standards of living, better education and healthcare.
Sultan Ali Rashed Lootah, chairman and managing director, co-founder, Relam Investment, said: “The ease of business doing and favourable policies encourages businesses to not only invest in Dubai, but also to make it their main and premium location for their operations.”
Dubai attracted over 16 million tourists in 2018 and has the ambitious target of welcoming 25 million tourists by 2025. Dubai International Airport (DXB) has 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.