March 30, 2017

UAE remains the magnet of super-wealthy :NWW

UAE remains the magnet of super-wealthy :NWW

Dubai: The UAE has yet again proves that it is a magnet for the super-wealthy, a latest intelligence data from a millionaire migration tracker said.

According to New World Wealth, the number of ultra-rich individuals opting to make the UAE as their home continued to increase last year, with approximately 5,000 millionaires migrating into the country in 2016, compared to 3,000 in 2015.

“The UAE has everything, be it safety, sophistication, fast global connectivity, leisure and super luxury facilities including iconic residential and recreational spots along with investor-friendly regulations to allure the world’s super rich in droves,” said a senior investment consultant.

“The UAE’s low tax rates and high safety levels make it particularly attractive to high-net-worth individuals (HNWIs). It also boasts several fast growing sectors including financial services, technology, healthcare and media,” said Andrew Amoils, a New World Wealth analyst.

The reports from the global wealth intelligence and market research company said that Australia is the most sought-after migration destinations for the year 2016, ahead of traditional destinations such as the United States and the United Kingdom (UK).

Of the 82,000 ultra rich people shifted overseas in 2016, compared to 64,000 in 2015, an estimated 11,000 millionaires moved to Australia, the report cited.

“Australia’s location makes it a good base for doing business in emerging Asian countries such as China, Hong Kong, Korea, Singapore, Vietnam and India. [The country is also] relatively immune to the turmoil in the Middle East and the related refugee crisis in Europe,” the company said.

Regarding India, the report said that its richest city remains Mumbai with total wealth around $820 billion, 46,000 millionaires and 28 billionaires. Two Kolkata localities – Ballygunge and Alipore — have emerged as among the most affluent in India. Surat is now the fastest growing city in India in terms of GDP growth, followed by Ahmedabad.

India recorded the second highest growth in overall wealth between the years 2015-16 – almost 12 per cent.

While Kolkata is home to 9600 millionaires, Hyderabad boasts of 9000 such high net worth individuals, Bangalore 7700, Pune 4500, Gurgaon 4000 and Chennai 6600 millionaires.

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