Led by Dubai, the UAE continues to be a magnet for the high net worth individuals (HNWIs) in 2017 with more than 5,000 millionaires mainly from India, Turkey, Saudi Arabia and Nigeria making the emirate as their second home.
Andrew Amoils, head of research at New World Wealth, revealed that the total wealth held in the UAE is $925 billion (Dh3.4 trillion) by private individuals - this includes everyone living there i.e. poor, middle class and wealthy together, an increase of 10
According to New World Wealth's report, Dubai was among the world's top 14 - and only one from the GCC - cities where more than 1,000 HNWIs migrated to in 2017.
The study also rated the UAE among the safest country in the Middle East region.
High net worth individuals are generally categorised people having at least $1 million in assets.
Amoils revealed that these UAE-based HNWIs are generating their income from financial services (banks), professional services (law firms, consultancies), real estate, construction and transport industries.
Anita Yadav, head of fixed income research at Emirates NBD Research, said much of the earnings of HNWIs come from business income or investment income.
She said the wealth of the UAE-based HNWIs is mainly invested in their own businesses.
"Dubai has a high number of small and medium businesses involved in
Akber Naqvi, executive director and head of asset management, Al Masah Capital, sees family-owned businesses as one of the main income sources for these millionaires.
"We see a lot of multi-generational family offices that were established either here in the region or in the surrounding areas like sub-continent and Africa; their evolution is similar to the evolution of the global economies - many have gone from being purely manufacturing to a more diversified portfolio of investments in various sectors of manufacturing and services.
"Their wealth investments have also evolved and from being conservative and one-asset dimensional they have started to build more diversified, dynamic
Andrew Amoils said the UAE is very popular for migrating millionaires mainly due to the low crime rate, first-class healthcare system and low tax rates.
Akber Naqvi believes lifestyle, quality of services, modern infrastructure, ease of doing business,
However, cost-of-living needs to be managed as that could become a key deterrent, he added.
Anita Yadav of Emirates NBD Research said UAE - especially Dubai - is attractive to high net worth individuals due to tax-free income, globally central location, low crime rate, good school education,
Compared to other GCC jurisdictions, she said Dubai's laws and regulations are more international investor-friendly and the level of transparency is relatively high and implementation of