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UAE sees surge in high net worth individuals

UAE millionaires_GBO_Image

Dubai recorded the highest with 49,500 millionaires, 2,300 multimillionaires and nine billionaires

The UAE continues is seeing a surge in its net worth individuals (HNWIs), as 1,300 fresh millionaires were registered in the Emirates in 2019. The reports are produced by New World Wealth.

It is reported that the Emirates has been listed under the top 10 nations which have witnessed a surge in millionaire’s inflow. The Emirates has also been ranked the wealthiest nation in the region followed by Israel, Kingdom of Saudi Arabia and Turkey.

Andrew Amoils, head of research at New World Wealth, told the media, “Over the past 20 years, the UAE has been one of the world’s biggest recipients of migrating millionaires. We estimate that over 25,000 HNWIs have moved to the UAE over the past decade [2010 to 2020]. Many of these individuals have come from India, the Middle East and Africa.”

The reports indicated that the UAE has 79,000 millionaires and 3,400 multimillionaires as of June with wealth of over $10 million and 12 billionaires.

Dubai recorded the highest with 49,500 millionaires, 2,300 multimillionaires and nine billionaires. The combined wealth of these personals is $490 billion. The city ranked among the top five cities which witnessed HNWIs in 2019.

It is reported that Sydney topped the list of millionaires in 2019 followed by Geneva, Melbourne, Singapore and Dubai. The lowest outflows in 2019 were witnessed by India, China, the UK, Brazil, Kingdom of Saudi Arabia, Indonesia and Turkey.

The UAE is expected witness more millionaires and billionaires in the coming years as it has become a hub for business for global entrepreneurs

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