UAE To Add Nearly 30,000 Millionaires In Next 5 Years: Report (image@Pixabay)
Impressed by the country’s growing appeal among the high net worth individuals from across the globe, UAE will add nearly 6,000 millionaires every year in next five years. As per a report, bolstered by the large inflows from UK, India and Europe, UAE is all poised to take up the first place as the world’s leading wealth magnet, for a third year.
The country will see higher migration of millionaires than Germany, Hungary, Qatar, Singapore, Spain, Portugal, Italy, China, Greece, Netherlands and the UK.
At the same times, Taiwan, Turkey, Kazakhstan, Indonesia and Japan will lead with higher percentage growth of millionaires between 2023 and 2028.
Read also: India Received $120 Billion Expatriate Remittance; USA Surpassed UAE: World Bank
UAE was also ranked among the 15 countries with the highest average growth in wealth per adult from 2022 to 2023 in local currency. Wealth in the gulf country grew at a 16 per cent annual compound growth rate between 2000 and 2010 and 4 per cent between 2010 and 2023.
The growth in the country can clearly be visible in the luxury property prices which have skyrocketed due to the inflow of high-net-worth individuals after the Covid-19 pandemic.
Reportedly, the number of prime home listings in the second quarter of 2024 dropped by nearly half to 2,851 as compared to the same period last year.
Read also: Indian Millionaires Are Migrating To This Country And The Number Is Too High
According to Swiss bank, the number of millionaires in Saudi Arabia will also increase by 15 percent in 5 years, reaching 403,8784 in 2028 as compared to 351,855 in 2023. On global level, wealth growth recovered 4.2 percent in 2023 compared to a 3 percent slip in the previous year.
The 42. Percent jump back cleared the loss from 2022, regardless of whether it is expressed in US dollar or local currencies, and was driven by growth in Europe, the Middle East and Africa (EMEA) at 4.8 per cent, as well as Asia-Pacific (APAC) at 4.4 per cent, as per a report.
