- Over the past decade, 1,500 millionaires have moved from the UK to Dubai, with an additional 250 expected to relocate this year, making Dubai the third top destination for High Net Worth Individuals (HNWIs) from the UK.
- A report by New World Wealth attributes this trend to Dubai’s diversified economy, competitive tax rates, robust sectors such as finance, healthcare, oil, gas, real estate, technology, and tourism.
- The Henley Private Wealth Migration Report 2023 predicts 4,500 millionaires will move to the UAE this year, ranking second after Australia.
- In 2022, the UAE attracted 5,200 HNWIs, exceeding forecasts. Andrew Amoils, head of research at New World Wealth, highlights Dubai’s potential for future growth in fund management, family offices, and the attraction of high-tech firms.
- The UK has faced a net loss of approximately 12,500 HNWIs from 2017 to 2022, with an expected loss of 3,200 more in 2023, attributed to factors like Brexit, declining healthcare, safety concerns, high taxes, and the global dominance of the US and Asia in the hi-tech sector.
- The top destinations for migrating HNWIs from the UK in 2023 include Paris, Monaco, Dubai, Amsterdam, and Sydney.
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