The UAE is expected to attract 4,500 millionaires in 2023, surpassing Singapore, America and Switzerland.

The UAE is expected to attract 4,500 new millionaires this year, according to a report by Henley & Partners, which tracks wealth trends and investment migration around the world.

The UAE ranked second after Australia, which is expected to attract the largest number of high-net-worth individuals globally at 5,200, according to Henley in the report, which focuses on the wealthy with net worths of $1 million or more.

Singapore came in third; It is expected to attract 3,200 millionaires this year, followed by the United States in fourth place with 2,100 millionaires, while Switzerland is expected to attract up to 1,800 millionaires, which puts it in fifth place in the world.

The UAE has carried out many economic, legal and social reforms in recent years. To enhance its business environment, promote foreign direct investment and attract skilled labour. In 2019, amendments were made to the Golden Visa initiative; To simplify eligibility criteria, and broaden the categories of beneficiaries.

Millionaires Exodus

Meanwhile, China is expected to record the largest emigration of millionaires from the country in the world with 13,500 millionaires, followed by India with 6,500, then the United Kingdom with 3,200 people, according to Henley.
Dubai and Singapore remain favorite destinations for wealthy Indian families. Dubai is seen as particularly attractive thanks to its “Golden Visa” program for global investors, favorable tax environment, strong business system and safe environment.

the cities

Dubai ranked 23rd among the most popular cities for the wealthy, having recorded an 18% increase in the number of the wealthy in the first six months of 2022, according to a separate report issued by New World Wealth, and the city’s population of the wealthy rose to 67,900 people. , up from 54,000 people in June 2021, according to the study.
The number of wealthy individuals in the UAE is expected to increase by 39% by 2026 to more than 228,000 people, according to a report issued last year by the consulting firm Knight Frank.