UAE: Why the world’s millionaires are moving to the country – News

Here’s what Emirates is doing to boost its reputation as the best place to live

According to the recently released Henley Private Wealth Migration Report 2023, the UAE is expected to welcome 4,500 millionaires this year, making it one of the top destinations for high net worth individuals (HNWI) globally.

An article on the Henley & Partners website titled “Where and Why Millionaire Migration in 2023” examines what makes the UAE the “most important wealth center” in the Middle East. The company positions itself as a global leader in residency and citizenship by investment.

It noted that before the pandemic, the UAE traditionally had a net inflow of around 1,000 HNWIs a year, while this year it is expected to see an inflow of around 4,500 millionaires, one of the highest levels on record. In 2022, the UAE will attract 5,200 high net worth individuals, ranking first in the world.

The article cited above lays out some of the key “reasons why millionaires are attracted to the UAE”.

It spoke of the UAE’s highly diversified economy, with strong financial services, healthcare, oil and gas, real estate, technology, and travel and tourism.

“…along with Bermuda and Monaco, the UAE has some of the most competitive tax rates in the world,” it added.

Next, the article examines the UAE’s top-notch healthcare system and the country’s status as a luxury center with shopping destinations and restaurants, while noting that the country offers year-round leisure activities thanks to its “beaches, water parks and yacht marinas”. .

Finally, the article mentions the “high-end apartments and luxury villas” that dot the country and highlights that “there are more than 200 international schools in the UAE” – factors that make the UAE an attractive destination for high-net-worth individuals.

Another article on the Henley & Partners website titled “UAE Moves to Enhance Regional Position and Global Status” highlights that the UAE government has taken a series of measures over the past few years to steer the country towards greater economic growth and development. It went on to highlight the following points in the UAE’s success story.

It is a series of development and economic projects aimed at accelerating the development of the UAE and transforming the country into an “integrated hub in all sectors and establishing its position as a desirable destination for talent and investors”.

The government approved the Dubai Economic Agenda (D33) in January, which aims to double the size of the economy within the next decade and make it one of the world’s top three cities.

The agenda features 100 transformational projects, including the launch of Dubai’s green and sustainable manufacturing programme, integrating 65,000 young Emiratis into the job market, and launching the Dubai Traders Project to empower a new generation of traders in key industries.

The goals of D33 also include increasing foreign trade, government spending and private sector investment. It also plans to generate an annual contribution of AED 100 billion from digital transformation projects.

According to the article cited above, policymakers in the UAE are strengthening international partnerships through new economic mechanisms. “The UAE government is in the process of signing a comprehensive economic partnership agreement (CEPA) with countries in Asia, Africa, Latin America and Europe – similar to a free trade agreement but with broader implications.”