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More than 2,000 millionaires migrated to Dubai in 2015, bringing the total in the city up to 42,000, a five per cent increase in the past year, according to a new wealth report.
Dubai is the fourth highest city to see millionaire inflows in 2015, according to the Millionaire Migrations report by New World wealth, which provides analysis on the global wealth sector.
Sydney saw the highest influx – at 4,000, followed by Melbourne, Tel Aviv and Dubai.
The study classed individuals with net assets of S$1 million as millionaires.
“Sydney, Melbourne and Perth all benefitted from millionaire inflows from China, Europe, UK, USA and South Africa,” according to the report.
“Tel Aviv had large inflows from Europe, especially France, while Dubai saw strong inflows from the North Africa region, particularly Egypt, Algeria, Morocco and Turkey,” the report read.
As a country, the UAE ranked fifth for highest number of migrated millionaires, with a total of 3,000 migrating to the country last year, bringing the total number to 72,100.
The convenience of travel being a central location is the biggest driving factor for most millionaires to migrate to Dubai according to Hamzah Shalchi, regional head, Guardian Wealth Management.
“Dubai is a rising jurisdiction for all kinds of businesses and most of the millionaires moving here would be from business backgrounds,” Shalchi told 7DAYS.
“Easy travel is key for most of these businessmen and Dubai is one such central location where you could fly in and out at convenience, like have a day’s meeting in another country and fly back,” he added.
“The lifestyle and the fact that this is a very contemporary place to live is an added benefit,” said Shalchi.
Political instability elsewhere could be an important driver.
“There is a lot of political instability in North Africa which is not good for businesses. Dubai is a very safe place as compared to those countries,” added Shalchi.
Dabai – Home of world millionaires..
“A lot of wealthy Syrians and Libyans would definitely choose to run their business from Dubai due to the business stability the city offers,” added Shalchi.
– By Mahak Mannan (mahak@7days.ae)
Dubai – Home of world millionaires.
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