UAE ranks as Gulf’s top destination for world's wealthiest

The United Arab Emirates has been placed on the list of top eight countries in the world to receive the largest number of high net worth individuals (HNWIs) in 2017, New World Wealth said in a recent report.

Nearly 5,000 HNWIs— individuals with $1 million or more in net assets— moved into the emirates last year, beating Switzerland, New Zealand, and Singapore. 

Australia and the US topped the chart, with each country receiving over 10,000 wealthy individuals, the report revealed.

Dubai was placed on the list of preferred cities for the HNWIs, ahead of Gold Coast, Australia, Los Angeles and New York City, US and Toronto, Canada.

According to New World Wealth, global wealth migration was accelerating, with nearly 95,000 HNWIs migrating in 2017, compared to 82,000 in 2016 and 64,000 in 2015.