The UAE has proven yet again that it is attractive for the super-rich, according to the latest intelligence data from a millionaire migration tracker. It has been reported that approximately 5,000 millionaires haved moved to the UAE in 2016 compared to 3,000 in 2015.
The UAE continued to beat out other destinations in the Gulf Cooperation Council (GCC) region, with Qatar – also a strong contender – attracting only 2,000 millionaires during the same period. A huge chunk of the millionaires moving to the UAE originated from Turkey, which saw a big outflow of super-rich residents, accounting for 6,000 millionaires, in 2016 due to all the problems in the country.
Globally, Australia remains the top country for millionaire inflows with an estimated 11,000 millionaires, ahead of traditional destinations such as the US with 10,000 and the UK with 3,000. Australia’s great healthcare systems, warmer climate relative to colder countries like the UK, superior growth rate and proximity to emerging Asian economies are proving attractive to millionaires.