It has yet been proven that the UAE is a magnet for the extremely wealthy population. This is gleaned from the latest intelligence data from a millionaire migration tracker.
New World Wealth said in a statement on Tuesday that the number of ultra-rich individuals opting to make the UAE as their home continued to increase last year. This accounts for an approximately 5,000 millionaires migrating into the country in 2016, compared to 3,000 in 2015.
The UAE has continued to beat out other destinations in the Gulf Cooperation Council (GCC) region. Qatar follows right after with 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 news personals.
Report has it that the huge chunk of the millionaires are of Turkey nationals. Also saw a big outflow of super-rich residents, accounting for 6,000 millionaires in 2016 due to all the problems in the country.
Worldwide Australia is known to be the top country for millionaire inflows and it also ahead of the United States as well as the United Kingdom. According to New World Wealth, an estimated 11,000 millionaires moved to Australia in 2016, as compared to 10,000 that moved to the United States and 3,000 that transferred to the UK.