UAE now expat hub for thousands of millionaires

Published:  26 Jan at 6 PM
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Due to the arrival as expats of a huge number of millionaires, the UAE is now amongst the top residential destinations for the super-rich.

As of last year, the United Arab Emirates was placed in the top ten world countries with the largest number of millionaire residents. High net worth individuals flocked to the emirates, buying up luxury homes and living the famous Gulf State lifestyles. An estimated 5,000 of the planet’s mega-rich holding at least a million dollars migrated to the UAE, the third-highest total amongst the countries monitored and in excess of other millionaire hotspots including Singapore, Switzerland and the Caribbean.

As a result of the moneyed migration, the total of private fortunes held by UAE banks increased by 10 per cent to an impressive $925 billion, a gain over the past 10 years of 60 per cent. Australia topped the charts for the most millionaire arrivals at 10,000 followed by the USA with 9,000, and Canada took third place with the same amount as the UAE - a healthy 5,000.

Caribbean hotspots attracted 3,000 of the world’s mega-rich, with Israel in sixth place with 2,000 new millionaire arrivals. Switzerland and Singapore, formerly all-time favourites for big spenders, only managed to attract 2,000 and 1,000 respectively, and New Zealand had to be content with just a thousand ultra-wealthy expats. According to South Africa-based New World Wealth, the UAE can expect even more interest from the fabulously rich, as the emirates ticks all the boxes as regards luxury and high society living. The ultra-rich are busy buying new mansions all across the world, with some 95,000 moving to fresh pastures during 2017.
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