From London to Dubai: 1,500 millionaires move to the United Arab Emirates and hundreds more will arrive – News

Around 1,500 millionaires have moved from the UK to Dubai in the last 10 years, while hundreds more will move this year as the emirate continues to maintain its appeal as an attractive destination for high net worth individuals, according to a new report published on Wednesday.

According to the latest figures released by New World Wealth, around 250 millionaires will move from the UK to Dubai this year, making it the third top destination to attract HNWIs from the European country.

The global wealth intelligence firm’s study covered millionaires with investable wealth of $1 million (Dh3.67 million) or more.

The previously published Henley Private Wealth Migration Report 2023 projected that 4,500 millionaires will move to the UAE this year, the second highest migration after Australia.

In 2022, the Emirates attracted 5,200 high net worth individuals, exceeding Henley’s forecast of 4,000. It was the largest HNWI migration to any country in 2022.

Andrew Amoils, head of research at New World Wealth, said possible reasons why UK millionaires are attracted to the UAE is its diversified economy, as its financial services, healthcare, oil and gas, real estate, technology and travel and tourism are very strong. Sectors that attract foreigners.

Additionally, the United Arab Emirates also has the most competitive tax rates in the world along with Bermuda and Monaco. “The United Arab Emirates has a world-class healthcare system and many foreigners choose to receive treatment there. It is a safe haven as the crime rate is low and it also offers beautiful beaches,” Amoils said.

“In terms of attracting more HNWIs in the future, Dubai could continue to grow its fund management and family office sector. Additionally, it could encourage more large high-tech companies to set up shop in the city,” he added.

The New World Wealth said the top destination cities for migrating HNWIs leaving the UK in 2023 are Paris (300), Monaco (250), Dubai (250), Amsterdam (200) and Sydney (200). The above is provisional and is rounded to the nearest 50.

Over the five years between 2017 and 2022, the UK lost approximately 12,500 more HNWIs than it gained through migration and is expected to lose a further 3,200 HNWIs to migration in 2023.

The report cites the declining importance of the London Stock Exchange, Brexit, the deterioration of the healthcare system, growing security concerns, especially in large cities, very high capital gains taxes and taxes on real estate, and the growing dominance of the United States and Asia in the global high-tech space is one of the main reasons millionaires are moving to Dubai and other cities around the world.

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