UAE to attract 4,500 millionaires in 2023, mostly from India, UK, Russia, Pakistan

Emirates is currently home to 109,900 millionaires with $1 million-plus wealth, 298 centi-millionaires with $100 million-plus assets and 20 billionaires

Waheed Abbas

Published: Tue 13 Jun 2023, 7:00 PM

The UAE is the second most popular destination where millionaires and wealthy families will relocate to this year as the country has built a strong reputation for not only being a safe haven but also for preserving wealth.

According to Henley & Partners’ latest report, most of the millionaires or high net worth individuals (HNWIs) will largely relocate to the UAE from India and then good numbers from the UK, Russia, Lebanon, Pakistan and other Asian and African countries as well.

This year, Australia will attract 5,200 HNWIs, the highest in the world, followed by the UAE, Singapore, USA, Switzerland, Canada, Greece, France, Portugal, New Zealand, Italy, Germany, Monaco, Spain, Malta, Mauritius, Netherlands, Luxembourg and Morocco.

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The Henley Private Wealth Migration Report 2023 projected that 4,500 millionaires will relocate to the UAE this year. In 2022, the UAE attracted 5,200 high net worth individuals, surpassing its forecast of 4,000, the highest globally.

Meanwhile, China, India, the UK, Russia, Brazil, Hong Kong, South Korea, Mexico, South Africa and Japan are the top 10 countries which would see the highest exodus of rich families this year.

The report covers millionaires or HNWs with an investable wealth of $1 million or more. In total, 128,000 millionaires will relocate this year, which is 6,000 more than last year.

The UAE is currently home to 109,900 millionaires with $1 million-plus wealth, 298 centi-millionaires with $100 million-plus assets and 20 billionaires.

Where are millionaires coming from?

Andrew Amoils, head of research at New World Wealth, said a net inflow of approximately 4,500 millionaires to UAE in 2023 is one of the highest on record.

“Pre-pandemic, the UAE traditionally saw net inflows of around 1,000 high-net-worths per year. Most incoming millionaires in 2023 are expected to come from India, with large numbers also coming from the UK, Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China,” he said.

Why relocating to UAE?

Amoils added that wealthy people are drawn to the UAE for its safe haven status, highly diversified economy, Low tax rates, first-class healthcare system, luxury hub for its top-class shopping and restaurants, prime residential property market, good international schools and all-year-round leisure activities.

Dr Juerg Steffen, CEO of Henley & Partners, said the UAE, Singapore and Switzerland have all built their reputations on the premise of being safe havens not only for living but also for preserving wealth.

“They have also established themselves as highly attractive business hubs where companies can thrive in fiscally advantageous jurisdictions with favourable corporate tax rates as well as zero wealth and inheritance taxes,” said Steffen.

Misha Glenny, the Rector of the Institute for Human Sciences in Vienna, the obvious beneficiary of the Russian emigration, in particular, is the UAE, which has long been a favourite destination of HNWIs from around the world for its zero income tax; highly developed infrastructure; low levels of street crime; a great deal of sun; affordable apartments aplenty; and increasingly cultural attractions such as the Louvre in Abu Dhabi and the Dubai International Book Festival that boasts some of the world’s top-selling authors.

“As a hub for the wealthy and business from all corners of the world, the opportunities to expand one’s professional activities are significant,” he said.

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