Thousands of millionaires flocked to UAE in 2018, wealth report reveals

Global report shows number of millionaires moving to the UAE increased by 2 per cent in 2018

The Coca-Cola Arena opened in Dubai on June 6. AP

Thousands of millionaires relocated to the UAE last year, a new global wealth report has revealed.

The 2019 Global Wealth Migration Report says the number of millionaires moving to the UAE increased by 2 per cent from 2017.

The report, published by AfrAsia Bank and New World Wealth, says Dubai was one of the most popular locations and attracted more than 1,000 millionaires from outside the country.

It surpassed major cities including 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 in the region, as well as a popular destination for wealthy expatriates.

It said Dubai was an example of the power that business incentives have in encouraging business formation.

About 2,000 people with at least $1 million worth of net assets moved into the UAE in 2018, boosting the local economy.

Globally, 108,000 millionaires migrated in 2018, compared to 95,000 in 2017.

China had 15,000 millionaires leave the country last year, more than anywhere else in the world, followed by Russia, with about 7,000.

India had 5,000 millionaires leave, while Turkey had 4,000 and France and the UK 3,000 each.

The report reviewed the major factors that led to millionaires moving outside their country to find a home that met their needs.

Key factors included security and safety, modern lifestyle, high standards of living, better education opportunities and health care.

Driven by its success as a focal point for global trade, and an important transport centre, Dubai has built a global reputation as a city with a highly developed infrastructure and world-class standards in every sector.

Based on an ethos of peaceful coexistence and tolerance, the UAE has become a worldwide model for harmony between people of different religions and ethnicities.

The country is home to people of more than 200 nationalities.

Its strong legislative framework provides high levels of safety and security, while its exceptional infrastructure provides high-quality tourism facilities, service and entertainment.

The city offers many advantages that make it a haven for the world's wealthy including exceptional business incentives, robust foreign trade and international connectivity.

Dubai attracted more than 16 million tourists in 2018 and is aiming to make that 25 million by 2025.

Dubai International Airport has held its position as the world’s busiest airport, with the number of travellers passing through at 90 million last year, up one per cent from 2017.

It has been named the world's busiest centre for international travel since it outranked London Heathrow in 2014.