UAE is a magnet for millionaires

The UAE is on course to witness an exponential growth in the number of millionaires living in the country by 2025.

The UAE leads the Gulf countries with the highest percentage of millionaires per head of the population, according to a latest report.

Dubai (11) and Abu Dhabi (13) both make places among top 20 list of millionaires per head, according to Spear's Magazine and leading wealth consultancy company WealthInsight. Other Gulf cities in the top 20 list include Doha (3) and Riyadh (20).

Another study, published by New World Wealth, mentioned that the UAE is on course to witness an exponential growth in the number of millionaires living in the country by 2025.

The UAE, hosting a total of 72,000 high net worth individuals (HNWIs) as of 2015, will record the fourth fastest growth in millionaire population in the Middle East at 50 per cent to 108,000 by 2025. Qatar and Saudi Arabia had 28,000 and 54,000 HNWIs in 2015 respectively.

The joint survey - Spear's Magazine & WealthInsight - was commissioned by the Elite Traveler luxury media group. It shows that both Hong Kong and Singapore have the highest percentage of high net worth individuals in Asia, with almost three in every one hundred inhabitants classed as a millionaire.

Commenting on the findings, Oliver Williams of WealthInsight said: "For years, Singapore and Hong Kong have coaxed Asia's millionaires to their city-states. Today they are very much rivals, with both promising the same financial might and quality of life. While many millionaires throughout Asia are attracted to these global cities, many more remain in their local regions: Cities such as Hangzhou and Kyoto have a higher density of millionaires then their respective capitals."

Credit Suisse's Wealth Report forecast said the UAE would see a 62 per cent increase in the number of its millionaire population over the next five years. In the last edition of its Wealth Report, Credit Suisse said the number of millionaires in the UAE, currently ranked 16th globally, is set to increase from 59,000 in 2015 to 96,000 in 2020.

- abdulbasit@khaleejtimes.com