Dubai: The city of Dubai has been known to act as a playground for millionaires – 42,000 of them, to be precise.
The number of millionaires living in Dubai have increased by five per cent in 2015, which indicates that as many as 2,000 people have moved to the emirate in the last year, according to the latest report of New World Wealth.
The report showed that Dubai witnessed strong inflows from Turkey and North Africa, which includes Egypt, Algeria, and Morocco; placing it at fourth place among the global destinations for millionaires to move to.
According to the report, Sydney was ranked as the first city with the highest number of millionaire inflow in 2015 with a migration of 4,000 people, followed by Melbourne and Tel Aviv who ranked at second and third place respectively.
Sydney, Melbourne and Perth all benefitted from millionaire inflows from China, Europe, the UK, US and South Africa. The report also discovered that other Australian areas such as the Gold Coast, Brisbane, Noosa and the Sunshine Coast also experienced inflows.
However, the report was not limited to cities but also extended to migration trends of countries and according to statistics, the UAE was ranked at fifth place for the highest inflow of millionaires in 2015.
The UAE saw an additional 3,000 millionaires who set up homes in the country during the last year, leading the total number of millionaires to reach 72,100 people, a rise by four per cent.
Australia ranked in first place with the largest inflow of millionaires with 8,000 people, followed by the US and Canada with 7,000 and 5,000 millionaires respectively. Israel achieved fourth place with a migration of 4,000 millionaires into the country.
Top 5 cities with highest millionaire inflow 2015
Sydney: 4,000, with a total of 95,400
Melbourne : 3,000, with a total of 66,800
Tel Aviv: 2,000, with a total of 29,000
Dubai: 2,000, with a total of 42,000
San Francisco: 2,000, with a total of 129,000