The UAE has emerged as the leading wealth hub in the Middle East, according to Henley & Partners, a global leader in residence and citizenship by investment.
A net inflow of approximately 4,500 millionaires is expected in the UAE in 2023 — one of the highest on record. Pre-pandemic, the UAE traditionally saw net inflows of around 1,000 high-net-worths per year.
Most incoming millionaires in 2023 are expected to come from India, with large numbers also coming from the UK, Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China.
The many reasons millionaires are drawn to the Emirates include its safe haven status and the country’s highly diversified economy. The UAE is considered a safe haven in the volatile Middle East and Africa region.
The Emirates is strong in many key sectors including financial services, healthcare, oil and gas, real estate, technology, and travel and tourism.
Low tax rates is another big attraction. Along with Bermuda and Monaco, the UAE has the most competitive tax rates in the world.
In addition, the UAE has a top-class healthcare system, and many foreigners opt to be treated there. The Emirates offers top-class shopping and restaurants.
The country’s prime real estate attracts a lot of investment. It has top-end apartments and luxurious villas available throughout the country.
The other factors include good international schools — there are over 200 international schools in the emirates—and year round leisure activities. The UAE offers a wide choice of beaches, water parks, and yachting marinas.
Also published on Medium.
