Dubai is one of the top 5 favourite cities for millionaires
Nowadays the whole world faces vast capital and human movements around the globe. It also largely applies to the wealthy persons who are looking for stability, safety, and economic prospective. For this reason, UAE has been chosen by more and more wealthy individuals from various countries of the globe.
As according to the data per the end of the previous year, the number of millionaires migrating to Dubai had increased by 2,000. Today, the Emirate is the home for more than 42,000 millionaires.
Owing to such indicators, the Emirate of Dubai holds the highest positions in different world rankings.
The country ranks fifth worldwide regarding net inflows of high-net-worth individuals (HNWIs):
- Australia — 8,000;
- The United States — 7,000;
- Canada — 5,000;
- Israel — 4,000;
- The UAE — 3000.
Dubai holds the fourth position regarding the number of migrating millionaires:
- Tel Aviv;
Dubai's overall population continues to rise alongside with the number of HNWIs. The previous year has been marked by the 4% increase in the segment of the millionaire population. In general, the country has attracted 3,000 wealthy people.
When do millionaires change a country of residence?
Millionaire population is considered an important sector of society of any developed country. Being effective entrepreneurs and company owners, they create jobs for a large proportion of citizens.
Wealthy people spend considerable amount of money on various goods and services provided by local private and state-owned enterprises. This has a positive impact on the national economy due to the tax revenues for the Treasury. However, when the tax rates become irrationally high, the forward-looking millionaires start leaving the country.
In fact, an outflow of millionaires means an outflow of intellectuals. Highly skilled and well-educated innovators start to move in the countries, which offer more comfortable conditions and more favourable environments for implementing and developing of their know-how projects.
Those people who possess certain amount of available funds are usually more flexible comparing with average earners. That is the reason why they do not hesitate to change a place of living when it comes to the question of their economic stability and growth.
Millionaires leave a country with all their savings, which can negatively affect the national currency, the stock market, property market and national economy in general.
All the above-mentioned facts prove that the governments should be interested in attracting high-net-worth individuals and create the conditions, favourable for their residing in a country.
When seeing the data on the UAE you can clearly notice that this country has succeeded with attracting wealthy entrepreneurs means is the solid and attractive place for business and living.