Hundreds of people will migrate this year as the emirate continues to be an attractive destination for high-net-worth individuals, according to a study report by a global wealth intelligence firm. Around 250 millionaires will move from the UK to Dubai this year. This will make Dubai the third best destination for the ultra-rich from the European country.
The New World Wealth study includes billionaires with investable wealth of $1 million or more. The Henley Private Wealth Migration Report-2023 has predicted that 4,500 millionaires will move to the UAE this year. It is the second highest immigration after Australia.
It is estimated that 5,200 high net worth individuals will migrate to Dubai in 2022. Henley’s prediction was 4,000. This was the highest emigration of billionaires to a country in 2022.
Andrew Amoils, head of research at New World Wealth, says there are many reasons Britain’s millionaires are drawn to the UAE. Sectors that attract expatriates include the unique financial services available in Dubai, healthcare, oil and natural gas, real estate, technology, and travel and tourism.
Dubai’s emergence as a global high-tech city is also a major factor attracting the super-rich. Andrew Amoils pointed out that the UAE has some of the most competitive tax rates in the world, along with Bermuda and Monaco. There are high quality hospitals. Many foreigners also seek treatment in the city. Dubai is a safe haven due to its low crime rate. And there are beautiful beaches here – said Andrew Amoils.
The super rich are leaving the UK. In 2023, the most people from the UK went to Paris. 300 people. Monaco (250), Dubai (250), Amsterdam (200) and Sydney (200) are in the next positions.
New World Wealth also lays out the reasons why the super rich are leaving the UK. Reasons include the declining importance of the London Stock Exchange, Brexit, healthcare system failures, growing security concerns, higher tax and estate duty rates, and the increasing dominance of the US and Asia.