World’s millionaires are shifting to Dubai for security, luxurious and tax advantages
Dubai, the richest city in the Middle East and Africa (MEA) and the 29th richest city in the world, is seeing an influx of millionaires.
According to New World Wealth, a research firm that tracks the fortunes and movements of millionaires, multimillionaires and billionaires around the world, the number of high net worth individuals (HNWIs) in Dubai rose to 54,000 in June 2021, up 3.8 percent from 52,000 im last december.
The number of multimillionaires, or those with assets of $ 10 million or more, rose from 2,430 to 2,480 over the same period, while the number of centi-millionaires with assets of $ 100 million rose to 165, an increase of 8, 5 percent from 152 at the end of last year.
“Possible reasons for Dubai’s continued attraction to millionaires” [are] Safety, health services, luxury shops and restaurants, beaches, tax breaks and a world class financial center, ”Andrew Amoils, wealth analyst at New World Wealth, told Zawya.
Total personal wealth held in Dubai rose $ 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 net worth of all Dubai residents with at least $ 1 million in real estate, cash, stocks and business interests was $ 530 billion, up 2.5 percent from December 2020, New World Wealth said.
At least two people with assets of at least $ 1 billion have also joined the ranks of billionaires in the emirate.
Other rich travel destinations
The research firm also found that Tel Aviv in Israel this year is the second richest city in the MEA region, which has combined private assets of $ 312 billion.
Johannesburg in Africa ranked second with an estimated total wealth of $ 235 billion, followed by Istanbul ($ 180 billion) and Cape Town ($ 130 billion).
Globally, New York City topped the list with total assets of $ 2.9 trillion in June 2021, followed by the 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) Dollars), Chicago ($ 1 trillion), and Mumbai ($ 970 million) – all in the top ten.
(Reporting by Cleofe Maceda; Editing by Seban Scaria)
Cleofe.maceda@refinitiv.com
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© ZAWYA 2021
