5,000 millionaires move to UAE in 2016

UAE continue to beat out other destinations in the race to becoming a haven for the rich

Dubai: The UAE has proven yet again that it is a magnet for the super-wealthy, as can be gleaned from the latest intelligence data from a millionaire migration tracker.

New World Wealth told Gulf News on Tuesday that the number of ultra-rich individuals opting to make the UAE as their home continued to increase last year, with approximately 5,000 millionaires migrating into the country in 2016, compared to 3,000 in 2015.

The UAE continued to beat out other destinations in the Gulf Cooperation Council (GCC) region, with Qatar – also a strong contender – attracting only 2,000 millionaires during the same period.

“The UAE’s low tax rates and high safety levels make it particularly attractive to high-net-worth individuals (HNWIs). It also boasts several fast growing sectors including financial services, technology, healthcare and media,” Andrew Amoils, New World Wealth analyst, told Gulf News.

A huge chunk of the millionaires moving to the UAE originated from Turkey, which saw a big outflow of...Read more...

Source: gulfnews.com