According to a new global wealth report, thousands of millionaires moved to the UAE last year. The 2019 Global Wealth Migration Report showed that the number of millionaires who moved to the UAE has soared by 2% from 2017.
The report, which was published by AfrAsia Bank and New World Wealth, stated that Dubai as one of the most popular destination and it lured over 1,000 millionaires from outside the nation. It outstripped major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.
The report stated Dubai as the most outstanding financial centre in the Middle East, and one of the safest cities in the region, as well as a famous stop for wealthy migrants.
It also mentioned Dubai was a model of the power that business incentives have in motivating business formation.
In 2018, about 2,000 people with at least $1 million worth of net assets have moved into the UAE and strengthen the local economy. Universally, 108,000 millionaires migrated in 2018, compared to 95,000 in 2017.
The report evaluated the major aspects that led to millionaires moving outside their nation to find a home that met their needs. Important factors consisted of high standards of living, security and safety, better education opportunities, modern lifestyle, and improved health care. Depending on the ethos of peaceful coexistence and tolerance, the UAE has become a worldwide example of goodwill between people of different religions and ethnicities.