Number of millionaires moving to Dubai surpassed New York and Los Angeles
The world’s wealthy are increasingly on the move.
About 108,000 millionaires migrated across borders last year, a 14 per cent increase from the prior year, and more than double the level in 2013, according to Johannesburg-based New World Wealth. Australia, US and Canada are the top destinations, with the UAE a strong draw also, according to the research firm, while China and Russia are the biggest losers.
Wealth migration figures point to present conditions - such as crime, lack of business opportunities or religious tensions - but can also be a key future indicator, says Andrew Amoils, head of research at New World Wealth.
“It can be a sign of bad things to come as high-net-worth individuals are often the first people to leave - they have the means to leave unlike middle-class citizens,” he says.
The UAE is a top draw for the wealthy migrant, the New World Wealth report reveals. There are 240 centi-millionaires living in the UAE, each with net assets of $100m or more and 13 billionaires living in the UAE, each with net assets of $1bn or more.
Dubai was a major beneficiary of changing global wealth trends in 2018, attracting more than 1,000 millionaires from outside the country, surpassing major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.
The UAE is the largest wealth market in the Middle East and the 26th largest worldwide (in terms of total wealth held), according to New World Wealth. Notably, it ranks ahead of the likes of Poland, Turkey, Israel, South Africa, Portugal and New Zealand on this measure. People living in the UAE together hold $925bn in net assets (or wealth) and around $470bn (51 per cent) of this is held by HNWIs, the survey says.
The average person living in the UAE, meanwhile, has net assets of approximately $99,000 (wealth per capita). This is well above the worldwide average.
There are approximately 88,700 people living in the UAE, each with net assets of $1m or more and approximately 3,800 multi-millionaires living in the UAE, each with net assets of $10m or more, the report finds.
Approximately 2,000 HNWIs, each with at least $1m worth of net assets, moved into the UAE in 2018, boosting the local economy. The number of affluent migrants in the UAE rose by 2 per cent in 2018, compared to the previous year, according to the report.