Why millionaires are moving to Dubai

The city emerges as the go-to abode for millionaires this year

15 Jul 2022, words by Aneesha Rai in The Market

UAE

According to the Q2 2022 Henley Global Citizens Report, the UAE is expected to receive up to 4,000 HNWIs (with a networth greater than US$ 1 million) by the end of the year - making it the country for millionaires to operate from. The country's quick reaction to COVID-19 through its vaccination drives, its overall stable weather, great diplomatic relations, peace, a robust economy, a positive business environment, and low crime rates was among the many factors that millionaires are choosing to make Dubai their new home. Other factors include success in numerous key sectors including financial services, oil and gas, real estate, travel and tourism, technology, and healthcare, with a first-class healthcare system. In terms of lifestyle, the UAE also offers top-end apartments and villas and world-class shopping malls and restaurants. For those with children, there are excellent international schools, and many beaches with water sports, and other leisure activities. It's not uncommon for multi-millionaires to have their yachts parked at various locations such as Jumeira Bay and Dubai Marina. The projected increase in millionaires is currently estimated at about 4%. 

The UAE is expected to have 92,600 UHNWIs in the country by the end of the year. Based on the report, there are 4,000 multi-millionaires (with a networth greater than US$10 million), 251 centi-millionnaires (with a networth greater than US$100 million), and 14 billionaires based in the country as of 2021.

Millionaire migration

2023 is set to be the year with the highest number of UHNWI migrations, most of them being millennials. The UAE's digital nomad visa in addition to its investor programs offers a tempting incentive to those looking to make this country their home, in addition to competitive tax rates and no taxes on personal income. 

Most of the millionaires coming to the UAE hail from Russia, India, Africa, and the rest of the Middle East, according to the report. Before the pandemic, the UAE reportedly attracted around 1,000 millionaires per year - this amount has increased four-fold.