The grant will be awarded to researchers with a strong track record in the domains of precision medicine and drug discovery
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Millionaire migration is set to become the norm rather than the exception. Interestingly, it is projected that UK will witness 17 per cent plunge in its millionaire population by 2028. China is forecast to see an estimated 15,200 millionaires exit the country in 2024 while Britain may see almost 9,500 millionaires invest their wealth elsewhere in 2024. India is estimated to see the exit of 4,300 millionaires in 2024 along with South Africa and Nigeria who will experience a notable exodus of millionaires in 2024. Projections indicate that South Africa will lose approximately 600 HNWIs while Nigeria is likely to see 300 millionaires depart.
The UAE is set to retain its top spot as the world’s leading wealth magnet for the third consecutive year, bolstered by solid inflow from high-net-worth individuals (HNWIs) from UK, India, and Europe. Dubai occupies the 20th position as per the World’s Wealthiest Cities Report 2023 and is home to almost 68,000 millionaires, 200+ centimillionaires and 15 billionaires. The UAE is estimated to see an influx of 6,700 high net worth individuals by end of 2024 and projections expect the country may add 30,000 millionaires over the next five years.
The above figures reinforce a surge in wealth in the UAE which was reported to grow at a CAGR of 16 per cent between 2000 and 2010 and four per cent between 2010 and 2023. As wealthy migrants prefer Dubai over London and New York to set up family offices and businesses; foreign ownership in Dubai's housing market is reaching unprecedented heights.
The UAE and more specifically Dubai with its steady and high yielding Return On Investments (ROI) potentials from property driven investments is a huge draw for high-net worth investors from across the globe. Dubai cinched the top spot for selling homes worth more than USD$10 million in 2023 and is estimated to have sold 80 per cent more such homes than London. Selling more than 105 homes worth more than USD$10 million in Q1 2024, Dubai reported 19 per cent increase compared to the same period in 2023.
Diverse factors drawing Indians and global investors to Dubai skylines
Foreign-owned residential real estate in the UAE grew by 20 per cent — amounting to $23 billion — between the beginning of 2020 and early 2022. Foreign ownership in Dubai's housing market reached an estimated $160 billion in 2022. Diverse foreign nationals have demonstrated inclination to invest in the UAE’s property market. Leading from the front are British, Indian and Russian investors, closely followed by nationals from Italy, Lebanon, Egypt, Turkey, France, China, and the UAE.
Indian investors are exponentially driving the boom in UAE’s luxury real estate sector leveraging the benefits of progressive visa reforms and regulations, long term residency options for investors, high ROI investment avenues, luxury living and world class amenities, strategic geographical positioning and plethora of global business opportunities.
Complementing the demand, UAE based developers offer flexible payment plans, post-handover payment options and partnerships with Indian banks to match the Indian real estate buyer’s preferences. Upscale apartments and villas in gated communities are a preferred choice among Indian buyers owing to high rental returns and the appeal of a global lifestyle. It is estimated the Dubai housing market earned approximately Dh16 billion from sale to Indians in 2023 — amounting to double of what the Dubai market netted in 2021 — Dh9 billion.
Further, British nationals are also constituting the country’s real estate landscape. British nationals accounted for a staggering 21.2 per cent of all international property transactions that took place in Dubai in 2023. The demographics of the investor pool in the UAE real estate is reflective of the country’s global appeal among high net worth citizens across the world.
The figures clearly indicate that the groundbreaking era of millionaire migration is here to stay. Only destinations that can offer opportunities, safety, tax efficiency, an unrivaled lifestyle, and top-notch infrastructure will become the preferred choices. The UAE meets these criteria on nearly every front and will need to elevate its luxury real estate sector to new heights to keep pace with the increasing influx of millionaire migrants.
— James Mathew is the CEO and Managing Partner at UHY James.
The grant will be awarded to researchers with a strong track record in the domains of precision medicine and drug discovery
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