Is Dubai now the top choice for wealthy expats and migrants?

Is Dubai now the top choice for wealthy expats and migrants?

Friday 21 June 2024Wed 16 Feb
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Is Dubai now the top choice for wealthy expats and migrants?

Dubai has maintained itself as the world’s premier destination for all things luxury and has become the safe haven for investors and the wealthy from all around the world.

So, it comes as no surprise that the city is a hub for millionaires and people with accumulated wealth. Now, according to the Henley Private Wealth Migration Report 2024, the Emirates are set to welcome a record-breaking 6,700 new millionaires this year!

The numbers speak, but Dubai speaks louder!

For the third consecutive year, the UAE is projected to be the leading destination for millionaire migrants. The Henley report highlights that this year's net inflow of 6,700 millionaires significantly surpasses that of other countries, with the US trailing behind at 3,800.

The UAE's position as a top choice is further solidified by large inflows of millionaires and expats who are from the UK and Europe.

Economic impact and future prospects

The financial wealth generated by family offices and UHNWIs in the UAE is expected to contribute an additional $500 billion to the economy by 2026. This growth will likely spur the development of new projects catering to wealthy individuals and families, further driving forward Dubai's rep as a global hub for luxury living.

And there is more than just one reason why Dubai is an attractive hub for millionaires according to Henley’s report - which are:

The allure of Golden Visas and no taxation policies!

Ever since the UAE has announced Golden visas, which are long-term residency permits offered to investors, entrepreneurs, and other high-net-worth individuals, foreign investment has increased twice-fold. These visas have provided a sense of security and stability and have been an attractive pull towards bringing in wealthy migrants to reside in the UAE without the hassle of frequent renewals.

Followed by, no taxation, which is one of the most attractive features of the UAE is its zero-income tax policy. This is a significant draw for millionaires looking to preserve and grow their wealth without the burden of hefty taxes.

A strategic location and attractive lifestyle

The UAE's location serves as a bridge between the East and the West, making it an ideal hub for business and travel.

So, it’s no wonder why most businesses are looking to set their bases here and choose to invest in the city. The ease of access to major global markets is a key factor for wealthy individuals who often have business interests spread across continents.

A luxurious hub

From world-class dining and entertainment to high-end shopping and luxurious real estate, Dubai offers a lifestyle that is hard to match.

The allure of living in cities like Dubai and Abu Dhabi - known for their opulence and modern amenities has made it highly attractive for foreign investors and expats moving here.

A wealth management hub

Recently, the UAE has developed a robust regulatory framework that provides innovative solutions for wealth management, such as asset management programs, national bonds and a lot more. This plan has made Dubai a preferred destination for those looking to protect and enhance their assets, as well as feel more safe in investing here.

In comparison - the UAE vs. the world

According to the report, the UAE is not just attracting wealthy individuals but it is leading the global trend in wealth migration. Through this we can expect inflows of millionaires far surpassing those of other countries like the USA and Singapore, the UAE stands out as the top choice for millionaires.

In 2024, we can expect millionaires to grow by:

  • UAE: +6,700
  • USA: +3,800
  • Singapore: +3,500
  • Canada: +3,200
  • Australia: +2,500

Impressive, right?

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