World's millionaires are moving to Dubai for safety, luxury and tax benefits

2,000 millionaires move to Dubai in less than a year despite COVID-19

  
The iconic Ain Dubai, the world's tallest and largest observation wheel, will open on October 21. Ain Dubai will contribute to enriching Dubai’s offerings as a global tourism and leisure destination. Image courtesy Dubai Media Office Twitter handle.

The iconic Ain Dubai, the world's tallest and largest observation wheel, will open on October 21. Ain Dubai will contribute to enriching Dubai’s offerings as a global tourism and leisure destination. Image courtesy Dubai Media Office Twitter handle.

Dubai, the richest city in the Middle East and Africa (MEA) and the 29th wealthiest in the world, is seeing an influx of millionaires.

According to New World Wealth, a research firm that tracks the wealth and the movements of millionaires, multi-millionaires and billionaires globally, Dubai’s population of high-net-worth individuals (HNWIs), rose to 54,000 in June 2021, up by 3.8 percent from 52,000 last December.  

The number of multi-millionaires, or individuals with fortunes worth at least $10 million, increased to 2,480 from 2,430 over the same period, while the centi-millionaire population, those with wealth of $100 million, expanded to 165, up by 8.5 percent from 152 at the end of last year. 

“Possible reasons for Dubai’s continued appeal to millionaires [are] safety, healthcare services, luxury shops and restaurants, beaches, tax benefits and a top financial centre,” Andrew Amoils, wealth analyst at New World Wealth, told Zawya. 

Total private wealth held in Dubai rose by $13 billion in less than a year as more than 2,000 HNWIs are believed to have moved to the city despite the coronavirus pandemic. 

As of June 2021, the combined wealth of all Dubai residents with at least $1 million in property, cash, equities and business interests stood at $530 billion, up by 2.5 percent compared to December 2020, New World Wealth said.  

At least two individuals with wealth of at least $1 billion have also joined the ranks of billionaires in the emirate. 

Other rich destinations 

The research firm also found that the second-wealthiest city in the MEA region this year is Tel Aviv in Israel, which has a combined private wealth of $312 billion. 

Johannesburg in Africa came second, with total wealth held estimated to be $235 billion, followed by Istanbul ($180 billion) and Cape Town ($130 billion). 

Globally, New York City topped the list with total wealth held reaching $2.9 trillion as of June 2021, followed by San Francisco Bay area ($2.6 trillion), Tokyo ($2.5 trillion), London $2.3 trillion), Beijing ($2 trillion), Shanghai ($1.8 trillion), Los Angeles ($1.3 trillion), Sydney ($1.1 trillion), Chicago ($1 trillion) and Mumbai ($970 billion) - all in the top ten. 

(Reporting by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021


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