According to Spear’s Magazine and leading wealth consultancy company WealthInsight, the United Arab Emirates is the leading country in the Gulf with the highest percentage of millionaires per head of the population.
The study reported: Dubai (11) and Abu Dhabi (13) both make places among top 20 lists of millionaires per head. Other Gulf cities in the top 20 list include Doha (3) and Riyadh (20).
In 2015, 10 UAE residents have made it to the Forbes’ 2015 Billionaires List, with a combined net worth of a whopping $34.1 billion (Dh125 billion).
Considering the migration patterns of millionaires around the world and following the recent atrocities in other markets, some 3,500 new millionaires are expected to move to the UAE within the year. These moguls will come from different countries, although many of them will be moving in from Turkey.
Turkey used to be the number one destination for migrating super-wealthy individuals or HNWIs, with some 98,000 millionaires living there is the end of 2014.
According to New World Wealth, an agency that provides information on the global wealth sector, millionaire migration out of Turkey is likely to increase, as it is “suffering from serious political and economic problems.”
Andrew Amoils, head of research at New World Wealth, told Gulf News that Dubai or the UAE remains attractive to millionaires because of its tax-free regime and low crime rate, among many other factors. The influx of new millionaires will positively impact the economy, as HNWIs will “add to the spending pool” and most likely start their own business that will consequently lead to more job creation.
