Daijiworld Media Network - Dubai (SP)
Dubai, Apr 19: As per WAM New Agency report, Dubai overtook several major cities in the world like Miami, New York, San Francisco, Sydney, Los Angeles and Melbourne, in attracting millionaires. The report claims that over a thousand millionaires migrated to Dubai during the year 2018. This is as per 'Global Wealth Migration Report' for 2019 that was developed by AfrAsia Bank and New World Wealth.
The report hails Dubai as the most important financial centre in the Gulf region, it is one of the safest cities, and preferred destination for high net worth individuals and wealthy migrants. It also mentions that Dubai stands out as an example to the fact that business incentives encourage new business formations.
The report states that about 2,000 high net worth individuals with net assets of over a million dollars shifted into Unite Arab Emirates during the year 2018. This has boosted the economy there, and the number of affluent migrants there has gone up by two percent in 2018, the report mentions.
The report also states that global wealthy migration witnessed speed in 2018 as compared to earlier years. About 2,08,000 high net worth individuals migrated there in 2018, as compared to 95,000 in 2017.
Over 15,000 millionaires from China shifted out of their country in 2018, which is the highest as compared to other countries. This was followed by Russia, from where about 7,000 millionaires shifted with India accounting for about 5,000 millionaires. Turkey with 4,000, and France and UK with 3,000 each follow the rest.
The major factor in this exodus is to find a home that meets needs of these people. The other factors are security and safety, modern lifestyle, high standard of living, better educational facilities, and healthcare. Dubai boasts of global standard facilities in every sector and harmonious coexistence between different religious communities.
The country houses people belonging to about 200 nations and strong legal framework that provides high level of safety and security. Its infrastructure also facilitates quality tourism, entertainment, and service levels. High business incentives, strong foreign trade and international connectivity have made Dubai all the more sought-after city. It saw 16 million tourists in 2018 and there are plans to take this figure to 25 million by 2025.
The Dubai International Airport has retained its status as the busiest airport in the world. The airport handled 90 million passengers last year. It has sustained its position as the busiest airport for international travel since the last several years after snatching this position from Heathrow airport in 2014.