‘UAE to get 3,500 millionaires in 2016’

Dubai: The UAE will most likely add thousands of new millionaires to its existing wealthy population this year, as rising security tension in some markets have spurred a migration of affluent tycoons.

The UAE is one of the top destinations for moneyed citizens from various countries around the world, with 3,000 super-wealthy individuals (HNWIs) or 4 per cent added to the millionaire population in 2015. The country is ranked as the fifth favourite place among the well-heeled, while Australia occupies the first spot, followed by the United States and Canada in the top 3.

Given the migration patterns of millionaires and following the recent atrocities in other markets, some 3,500 new millionaires are expected to move to the UAE this year. These moguls will come from different countries, although many of them will be moving in from Turkey.

“For 2016 full year, our provisional forecast is that another 3,500 HNWIs will move to the UAE during the year, mainly from Turkey. Turkey has a lot of problems,” Andrew Amoils, head of research at New World Wealth, told Gulf News.

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