Millionaire machine: Wealthy migrants flock to the UAE
It must be the season, because millionaires from around the world have begun flocking to the UAE, and there is no surprise why.
Dubai’s property market has been performing at its all-time-highest, with the city being ranked 8th globally to live in, the first regionally as the best city to work in and of course one of the world's safest cities to be in.
This has only increased the number of wealthy migrants who intend to shift to the city, and we’ve got all the details on it…
The many of many accolades on the list…
According to the Affluence & Elections Survey commissioned by Arton Capital, there were 518 millionaires surveyed out of which 21% of wealthy individuals aged 18-34 from France and the UK chose the UAE as their top relocation choice.
From this list, 26% of them have a net worth higher than €5 million and 44% of them are more likely to leave their countries now following the recent elections in their countries.
This shift and relocation preference has been largely driven by the concerns over potential tax increases and the desire for better economic opportunities and quality of life.
Why UAE?
It is common knowledge that the UAE's appeal lies in the fact that it has turned into a global entrepreneurial hub, particularly Dubai. With its favourable tax-free income, investor-friendly regulations, and a culture that promotes business growth, the UAE offers an attractive alternative to the more traditional financial centres like New York, Singapore, and London.
This has created a rise in relocations and a shift in market movement as more foreign investors have come into the UAE property market. the city saw the highest rates of tourism traffic in H1 2024.
Naturally seeing this, young millionaires are acting on the right choice when it comes to investing their money and looking at the UAE, particularly the Dubai property market.
Plus, the country’s strategic location is known for connecting East and West within the easy proximity of a 3-hour distance and this further adds to its allure, making it a convenient base for global business operations.
Economic and political concerns abroad
The survey highlights that 44% of millionaires from the UK and France are more likely to leave their countries than they were before the recent elections took place, and this is after we saw left-wing governments come to power.
The primary concern for these wealthy individuals is the fact that there can be a potential rise for higher taxes and stricter regulations, which could impact their personal finances and businesses significantly.
In fact, 90% of the respondents expressed concerns about tax increases under their new governments, with 40% worried about regulatory changes that could negatively affect their ventures. Plus, the uncertainty in Europe is prompting many to look beyond their borders for more stable and prosperous environments.
Hence, the UAE’s strong economic performance, coupled with its reputation for safety and security makes it an increasingly attractive option.
The future of wealth migration
As Europe faces potential economic challenges and political shifts, the trend of wealth migration is likely to continue.
The UAE with its business-friendly environment and luxurious lifestyle is very well-positioned to attract a significant portion of this migrating wealth. For property developers, investors, and businesses in the UAE as well, this presents a golden opportunity to cater to the needs of these newcomers.
Plus to fuel this further, Golden Visas and Citizenship by Investment programs are becoming popular among millionaires looking to relocate and Dubai has capitalised on building more schemes to include all kinds of foreign crowds.
These programs offer the dual benefits of economic opportunities and enhanced quality of life, which are key motivators for the wealthy. The survey found that 34% of respondents are ‘very likely’ to use these programs as a pathway to emigration, with 66% citing quality of life and 48% pointing to economic opportunities as their primary reasons for considering a move.
Impressive, isn’t it?
Planning to relocate to the city of dreams? You could reach out to our in-house experts who can help you with your sale from the comfort of your own home and help you secure the Golden Visa.