According to the Henley & Partners report, the expected inflow of HNWI in The UAE will have 6,700 dollar millionaires in 2024. The largest outflow of capital is observed from China and the UK.
Earlier, the Swiss bank UBS predicted a decrease in the number of HNWIs in UK by 17% by 2028. According to CNBC, Dubai has become the main hub for wealthy investors from the Kingdom.
Factors provoking migration include the prospect of higher taxes under the new Labour government in the UK. The Government of the Kingdom is gradually abolishing the “non-dom” status, which allowed wealthy residents not to pay British taxes on income earned abroad. Against this background, a significant part of HNWIs will seek to abandon their residence in the UK.
Dubai, in turn, attracts wealthy investors with a safe business environment and visa reforms that encourage migration.:
- low taxes (there is no personal income tax in Dubai, and corporate tax is lower than in alternative markets;
- transparent and affordable golden visa program.
In May 2024, the General Directorate of the UAE Migration Service reported on a record number of “golden visas” issued. In 2023, 158 thousand were issued in the UAE. “golden visas” is more than for the entire period from 2019 to 2022 (151 thousand visas).
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