Gulf News-UAE’s resident base of millionaires is rising - and creating more growth dynamics

The UAE is set to attract 4,000 plus millionaires this year, as per the latest reports on global immigration and wealth shift trends.

The Middle East as such is witnessing a solid and sizeable focus shift from oil to non–oil based projects. Led by Saudi Arabia and the UAE, these countries are trying to woo capital and talent into other oil sectors.

In UAE’s case, special efforts and laws have come up to make the country truly investor-friendly. The passage of multiple rules in the social, economic, and legal sectors to boost investor confidence has seen the global elite flocking to Dubai and Abu Dhabi.

While significant law amendments have been going on since pre-Covid times, the efforts are now starting to bear fruit at a holistic level. This is visible in the form of an increased expat population base, a rising real estate demand, and growth in the millionaire population here. As of 2022, Dubai ranked 20th in the world for HNWIs (registering a 68 per cent year-on-year- growth).

The numbers will likely be one of the highest growth rates globally by year end…

In UAE’s case, special efforts and laws have come up to make the country truly investor-friendly. The passage of multiple rules in the social, economic, and legal sectors to boost investor confidence has seen the global elite flocking to Dubai and Abu Dhabi.

While significant law amendments have been going on since pre-Covid times, the efforts are now starting to bear fruit at a holistic level. This is visible in the form of an increased expat population base, a rising real estate demand, and growth in the millionaire population here. As of 2022, Dubai ranked 20th in the world for HNWIs (registering a 68 per cent year-on-year- growth).

The numbers will likely be one of the highest growth rates globally by year end…

In UAE’s case, special efforts and laws have come up to make the country truly investor-friendly. The passage of multiple rules in the social, economic, and legal sectors to boost investor confidence has seen the global elite flocking to Dubai and Abu Dhabi.

While significant law amendments have been going on since pre-Covid times, the efforts are now starting to bear fruit at a holistic level. This is visible in the form of an increased expat population base, a rising real estate demand, and growth in the millionaire population here. As of 2022, Dubai ranked 20th in the world for HNWIs (registering a 68 per cent year-on-year- growth).

The numbers will likely be one of the highest growth rates globally by year end…