More than 6,700 expatriate millionaires will settle in the United Arab Emirates this year, placing the UAE at the top of the list of countries attracting the largest number of high-net-worth individuals. According to a new study published on Tuesday 18 June by Henley & Partners, the UAE is set to take the top spot for the third consecutive year as the world’s leading magnet for wealth.
The massive influx of the wealthy: A lasting trend
The United Arab Emirates (UAE) is experiencing a a steady and growing number of visitors of high-net-worth individuals, mainly thanks to significant inflows from the United Kingdom and Europe. This trend is reinforced by a recent report which predicts that the UAE will attract nearly twice as many millionaires as its closest rival, the United States.
The origins of the influx of millionaires
The UAE is expected not only to welcome European and British millionaires, but also to benefit from a steady influx of wealthy individuals from:
- India
- The Middle East
- Russia
- Africa
This diverse mix of immigrants helps to bolster the Emirates’ dynamic economy.
An attractive regulatory framework
In less than five years, the UAE has established a robust regulatory framework, offering high-net-worth individuals a wide range of innovative solutions to protect, preserve and grow their wealth. This framework includes measures such as the attractive golden visa and a business-friendly environment.
Services offered to wealthy foreign nationals
Among the services offered to attract these high-net-worth individuals are:
- Extended golden visas
- A favourable tax environment
- Modern and luxurious facilities
- Easy access to new business opportunities
These incentives appeal to those seeking to maximise and safeguard their investments.
The local economic impact
According to Dominic Volek, Head of Private Clients at Henley & Partners, approximately twenty per cent the newcomers will be entrepreneurs and some company founders, which will create local jobs in their new country. For the centi-millionaires and billionaires, this percentage rises to over sixty per cent.
Job creation
The increased presence of these individuals contributes directly to the local economy through:
- The creation of new businesses
- Direct investment in local infrastructure
- High spending on luxury goods and services
These economic activities contribute to the development and ongoing modernisation of the UAE.
The UAE’s future aspirations
The Emirates have made no secret of their ambitions to become the the world’s leading financial centre. Current initiatives clearly show that they are making every effort to attract ever more millionaires.
Strategies for attracting customers
To achieve this admirable goal, they are implementing strategies that include:
- The ongoing improvement of infrastructure
- Strengthening legislation to protect cultural heritage
- Promoting security and political stability
- The establishment of new special economic zones
These strategic initiatives demonstrate the UAE’s firm commitment to attracting the very best of the international millionaire community.
The UAE is set to consolidate its status as a preferred destination for high-net-worth individuals thanks to a combination of favourable regulations, thriving business opportunities and a luxurious lifestyle. By continuing their efforts to attract wealthy investors, the Emirates are playing a crucial role in reshaping global wealth flows.
