Middle East: the super-rich pick Istanbul
(by Virginia Di Marco) - ROME - If your dream is to meet an Arab billionaire, the right place for you is Istanbul.
The Turkish city is the destination of choice among the so-called Middle Eastern 'high net-worth individuals' (HNMI).
The term, borrowed from finance, refers to individuals with a significant net worth usually exceeding a billion dollars in assets, without real estate properties. The ultra rich in the Middle East are a small army - over 460,000 people, prospering and growing: over the past year, they have increased 136% (while in the rest of the world their percentage slightly exceeds 79%).
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