UAE top 3 countries for African millionaire immigration: Report – News

One of the main factors that encourage high net worth individuals to immigrate to the country is the low and very competitive tax rates that facilitate the establishment of new businesses

Over the past 10 years, the UAE has ranked among the top three countries to which most African millionaires have relocated.

According to the “Africa Wealth Report 2023” published by New World Wealth and Henley & Partners, between 2012 and 2022, about 18,500 high-net-worth individuals will leave Africa, most of whom will move to the United Kingdom, the United States and the United Arab Emirates.

The UAE, and especially Dubai, is a strong contender to attract global millionaires in the post-pandemic era. The Henley Global Citizenship Report, released last year, predicts that 4,000 millionaires will immigrate to the UAE in 2022 alone – the most in the world and ahead of Australia, Singapore, Israel, Switzerland, the US, Canada, New Zealand and others Great powers, Great Britain, India, etc.

The Africa Wealth Report 2023 said that one of the main factors encouraging African millionaires to immigrate to the UAE is the low and very competitive tax rate, which helps to start new businesses in the country.

This has attracted several African companies to set up bases in Dubai. According to the Dubai Chamber of Commerce, more than 1,600 new African member companies have registered with the Chamber between October 2021 and June 2022, reaching 26,420, an increase of 6.5%.

In addition, Gitex Africa was launched by Dubai World Trade Center to organize large-scale technology on the African continent, which will further promote the development of Dubai and the UAE.