As the UAE continues to affirm its position as a global hub for business, a new report has found the country is set to attract the highest number of millionaires this year.
According to the newest Henley Global Citizens Report, published by Henley & Partners, over 4,000 millionaires are set to relocate to the UAE beating out countries including Australia, Canada, Switzerland, USA, UK, Singapore and more.
At present, per the report, the accumulated private wealth in the country is over $966 billion. This includes 92,600 millionaires with over $1 million net worth; 4,000 millionaires with over $10 million net worth; and 251 individuals with over $100 million net worth.
So, what exactly is attracting these high net worth individuals (HNWIs) to the UAE? Per the report, it’s down to a number of reasons including the success of Expo 2020 Dubai, the country’s handling of the COVID-19 pandemic, the many major changes to UAE visas and so on.
“The UAE has become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022, with 4,000 forecast – a dramatic increase of 208 per cent versus 2019’s net inflow of 1,300 and one of its largest on record,” the report states.
With a focus on attracting tourism and trade, the country has seen a major increase in its passport rankings and business acumen, all making it a hub for wealth individuals to relocate to.
It’s the UAE’s “agile approach” to adaptation, Philippe Amarante, Head of Henley & Partners’ Dubai office and managing partner, explains the increase in HNWI’s attraction to the UAE.
“The UAE has spearheaded this surge with its competitive, agile approach to adapting regulations and remains a powerful magnet for capital and talent. Investors from all over the world continue to relocate to the country either in a private capacity, with their businesses, or both,” he said.
“This seemed to have been a temporary effect due to the UAE leadership’s efficient pandemic management, but roots in the UAE are now becoming a must-have asset in every high-net-worth investor’s portfolio.”
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