A recent report by Henley & Partners sheds light on the United Arab Emirates’ (UAE) growing prominence as an attractive destination for wealthy individuals. By the end of 2023, it is projected that approximately 4,500 millionaires will have migrated to the UAE, positioning it second globally in terms of millionaire migration. While this number is slightly lower than the record-breaking influx of 4,000 millionaires in 2022, it nonetheless solidifies the UAE’s standing on the global stage.
The report identifies several factors that contribute to the UAE’s appeal as a hub for wealth. Firstly, the country’s low tax regime is a significant draw for individuals seeking to preserve and grow their fortunes. Furthermore, the UAE’s rapid vaccination rate, which is among the highest in the world, showcases its commitment to public health and safety, bolstering its appeal to affluent individuals.
The report also highlights the role of Dubai, particularly as the host of the first World Expo in the post-COVID-19 era. This event not only implies a significant milestone in global recovery but also underscores Dubai’s reputation as a cosmopolitan and forward-thinking city. Additionally, the UAE’s immigration policies, tailored to attract private wealth and international talent, have proven instrumental in attracting affluent individuals to the country.
Interestingly, the report reveals a notable influx of affluent Russians who are seeking to escape the repercussions of Western sanctions imposed on their country. Many of these individuals have opted to relocate to the UAE in substantial numbers.
Juerg Steffen, CEO of Henley & Partners, emphasizes that the migration of high-net-worth individuals has been a steadily increasing trend over the past decade, despite temporary declines in 2020 and 2021 due to the global pandemic. Looking ahead, global figures for millionaire migration are anticipated to reach 122,000 in 2023 and 128,000 in 2024.
The UAE’s success in attracting millionaires stands as a testament to its allure as a wealth hub and its ability to adapt to evolving global conditions. With its attractive low tax regime and tailored immigration policies, the UAE is well-positioned to continue attracting high-net-worth individuals from around the world.