A new report highlights a significant trend among young millionaires in the UK and France, with 21% of them eyeing the UAE as their top destination for relocation. The survey, conducted by Arton Capital, sheds light on the growing desire among the affluent to seek better economic opportunities and an enhanced quality of life outside their home countries.
The Affluence & Elections Survey, which included responses from 518 high-net-worth individuals—256 from France and 262 from the UK—found that 44% of the respondents are more inclined to relocate following recent elections that brought left-wing governments to power in both countries. Among those surveyed, 26% had a net worth exceeding £/€5 million, reflecting the deep concerns of the wealthy about the economic future of their nations.
Armand Arton, Founder of Arton Capital, expressed his views on the findings: “The results of our survey show that a European wealth exodus is now a strong possibility.
Europe is at a crossroads. Nations like the UK and France must do more to retain their attractiveness to the wealthiest in society. If they fail to do so, wealthy citizens would leave in their thousands in search of the American Dream or Canada’s high standards of living.”
North America remains a highly attractive option for those considering relocation, with 31% of respondents naming the United States and 32% choosing Canada as their preferred destinations. French millionaires, in particular, are drawn to Canada due to long-standing cultural ties, while the USA appeals with its robust economy and thriving tech sector.
However, the UAE has emerged as a standout choice among younger millionaires aged 18-34. The nation’s appeal lies in its status as a global entrepreneurial hub, with Dubai now comparable to financial powerhouses such as New York, Singapore, Tokyo, and London.
Friendly tax policies, investor-friendly regulations, and a culture that fosters business growth make the UAE a prime destination for the wealthy.
Arton further emphasized the UAE’s growing allure: “Further afield, the UAE is firmly established as a global entrepreneurial hub, with Dubai now on par with financial heavyweights such as New York, Singapore, Tokyo, and London. With friendly tax regimes, favourable regulations, and a culture that empowers investors to realise their dreams, it is no surprise that the UAE is so popular amongst the affluent.”
The survey also revealed that 90% of respondents are concerned about potential tax increases under their new governments, with many fearing changes that could negatively impact their businesses. Additionally, 79% of those surveyed see significant advantages in moving abroad, primarily for economic opportunities and an improved quality of life.
Golden Visas and Citizenship by Investment programs have gained popularity among these wealthy individuals, with over a third indicating a strong likelihood of utilizing these avenues for emigration. The motivations behind these potential moves are varied, with 48% citing economic opportunities, 66% prioritizing quality of life, and 33% considering safety and security amid recent unrest in the UK and France.
