Recent research has revealed that the UAE is predicted to draw 4,500 millionaires by the end of 2023, the second-highest number of any country worldwide.
Arab News reported that the expected growth will fall short of the record-breaking 4,000 millionaires in 2022, but it still gave the UAE its second place on Henley & Partners’ ranking.
The 2022 research stated that the UAE’s low tax structure, one of the fastest vaccination rates in the world, and Dubai’s hosting of the first World Expo in the post-COVID-19 era all contributed to the country’s increased appeal as a magnet for wealth.
This influx of extremely affluent people in 2022 was also facilitated by the country’s immigration laws, which are designed to draw in private money and foreign expertise.
According to British writer Misha Glenny, wealthy Russians wishing to flee the effects of the Western sanctions on their nation have started to relocate in significant numbers to the UAE and Israel.
In response to the findings, he stated: “Prior to the invasion of Ukraine, a pattern could already be seen.
“Long before sanctions were placed on the Russian banking system, there was a tsunami of capital leaving the country, largely due to President Vladimir Putin’s increasingly erratic leadership style and the demands he made of middle-class and wealthy Russians in terms of loyalty.”
Australia was the country with the highest number of millionaires moving there in 2023 (5,200, up from 3,800 in 2022), with whom it has 5,200 millionaires calling it home.
Singapore, which attracted a record-breaking 3,200 millionaires this year up from 2,900 the year before came in third place after the UAE.
China, on the other hand, saw the highest net migration of millionaires, with a withdrawal of 13,500 in 2023.
By the end of this year, almost 6,500 millionaires will leave India, compared to 3,200 in the UK.
The UK’s decline is a result of the country’s altered economic landscape following Brexit as well as a change in government policy that eliminated the permanent non-domiciled tax status.
According to the research, the total number of millionaires leaving the UK is forecast to double in 2023, whereas the year before saw an outflow of 1,600 from the country.
