Dubai is becoming more and more popular as a second home for an increasing number of the richest people.
According to the New World Wealth report, Dubai is strengthening its position as the preferred place to buy second homes among multi-millionaires from around the world, including those whose fortunes are $ 10 million or more.
The study showed, that the emirate has higher results than international centers such as Paris, Zurich, Los Angeles, Rio de Janeiro and Sydney.
The most rich people in the world choose Dubai, because most of the world records in many areas are concentrated here – from the highest towers, the most spacious parks to the most expensive, most exclusive apartments and the best medical care.
Abu Dhabi is also recognized as gaining popularity among the richest people of the planet with a city of more than 500 millionaires who have acquired a second home here.
According to the UBS Confidence Index study, the United Arab Emirates, which sharply increased the investment appeal for super-rich people in recent years, have become the second most important market for millionaires.
Over 5,400 millionaires with investment assets in excess of US $ 1 million were surveyed. According to the results, they have stable reasons to be confident in the prospects for the development of the UAE market. Of the 55,000 millionaires residing in the UAE (according to data for 2016), 77% of them are confident in the prospects for the development of the market, and only 5% are pessimistic. It should be noted that in the world as a whole, these figures are 62% and 11%, respectively.
Recently, 5,000 rich people with a fortune of more than US $ 1 million have migrated to the UAE. Thus, according to this indicator, the Arab Emirates has overtaken the countries of the Caribbean, Switzerland and Singapore. In total in the UAE today is US $ 925 billion of private capital, which is 60% more than in the period from 2007 to 2017.
By 2030, the total assets of the richest people of the United Arab Emirates will reach $ 530 billion. The steady economic growth of the UAE is a weighty reason for the growth in the number of millionaires. It is expected that the number of millionaires in the UAE will grow at a high rate of 8.5% per year and by 2030 will reach more than 142 000 people with a total capital of $ 533 billion.
The UAE has a status as a safe place to do business and store capital and attracts a lot of people with high and ultra-high levels of capital appreciation who move their assets to the UAE from more troubled countries.
Construction, entertainment, health care and education are those sectors in which huge growth will continue.