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Dubai emerges as premier hub for UK millionaires seeking Greener pastures

This migration surge is expected to continue, with approximately 250 more millionaires set to make the move in the current year alone, positioning Dubai as the third most preferred destination for affluent individuals departing the UK

Dubai, UAE: In a notable trend that underscores Dubai’s sustained allure as a magnet for high-net-worth individuals (HNWIs), a recent report by New World Wealth reveals that as many as 1,500 millionaires have chosen to relocate from the UK to the emirate over the past decade. 

This migration surge is expected to continue, with approximately 250 more millionaires set to make the move in the current year alone, positioning Dubai as the third most preferred destination for affluent individuals departing the UK.

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The study, which focused on individuals with investable wealth exceeding $1 million, sheds light on the multifaceted appeal of Dubai. Andrew Amoils, the head of research at New World Wealth, attributes this influx to Dubai’s robust and diversified economy. 

Sectors such as financial services, healthcare, oil and gas, real estate, technology, and travel and tourism have positioned the emirate as an attractive hub for foreign investment.

The Henley Private Wealth Migration Report 2023 further supports this narrative, projecting that a staggering 4,500 millionaires will choose the UAE as their new residence this year. 

This migration figure positions the UAE as the second-highest recipient of millionaire migrants, trailing only behind Australia.

Notably, the Emirates exceeded expectations in 2022, attracting 5,200 HNWIs—surpassing Henley’s forecast of 4,000. 

This achievement marked the highest migration of HNWIs to any country in the past year, further solidifying Dubai’s status as a global hotspot for wealth and prosperity.

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Dubai’s success in attracting UK millionaires is not solely based on its existing strengths but also on its potential for future growth. 

Amoils suggests that Dubai could bolster its appeal by expanding its fund management and family office sector. 

Additionally, attracting major high-tech firms to establish their presence in the city could contribute to the ongoing surge in millionaire migration.

According to New World Wealth, the top five cities set to welcome migrating HNWIs from the UK in 2023 include Paris (300), Monaco (250), Dubai (250), Amsterdam (200), and Sydney (200). These figures, though provisional, underscore the global scale of this migration trend.

The report also paints a concerning picture for the UK, which has experienced a net loss of approximately 12,500 HNWIs through migration from 2017 to 2022. 

The trend is predicted to persist, with an anticipated loss of another 3,200 HNWIs in 2023. Contributing factors include:

  • The diminishing significance of the London Stock Exchange.
  • The aftermath of Brexit.
  • Concerns about the healthcare system.
  • Escalating safety issues in major cities.
  • Exorbitant capital gain tax and estate duty rates.
  • The increasing dominance of the US and Asia in the global hi-tech landscape.

As Dubai continues to attract a wave of affluent individuals seeking a prosperous and dynamic lifestyle, the city-state is poised to solidify its status as a global haven for the world’s wealthy elite.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

Tariq Saeed

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