In one year, UAE pulls in 3,000 millionaires, the sixth highest in the world
Dubai: Thousands of millionaires around the world are on the move, and migrating to more accommodating destinations, including the UAE.
A new report by a global wealth intelligence and market research company, which examined the migration flows of the wealthy, showed that 3,000 individuals with net assets of $1 million (Dh3.6 million) or more shifted base to the UAE in 2015.
As a hotspot for the rich, the UAE far outpaced several destinations, with the number of millionaires migrating into the country ranked as the sixth highest in the world.
Last year alone, the UAE attracted a large chunk of wealthy individuals from Turkey, where a recent failed coup attempt heightened security fears of residents and holidaymakers. The country also pulled in a significant number of wealthy Indians during the same period.
The large inflows of rich individuals expanded the UAE’s millionaire population to 72,100 in 2015. According to financial experts, the UAE’s position as a favourite hub for the ultra-wealthy is improving, thanks to the country’s favourable business and tax environment.
“The emirates’ favourable tax regime, robust foreign trade, international fiscal relations and legal framework that permits foreigners 100 per cent business ownership, its global position as a travel hub, are just a few of the reasons that make the UAE an ideal destination for the super-rich,” said Andrew Prince, financial planner at DeVere Acuma.
“Other destinations can tick one, or possible two of the above, but only the UAE can tick them all,” he added.
Overall, Australia recorded the highest number of ultra-rich immigrants, estimated to be around 8,000 in 2015 alone.
The United States came in second place, with...Read more...