The UAE has become a preferred destination for high-net-worth individuals (HNWIs) with an expected influx of 4,500 millionaires this year, according to the Henley Private Wealth Migration Report 2023.
The country has traditionally seen around 1,000 HNWIs per year, but the number has surged, with 5,200 HNWIs attracted in 2022, the highest globally. The UAE’s appeal lies in its highly diversified economy, encompassing strong sectors such as financial services, healthcare, oil and gas, real estate, technology, and travel and tourism. In addition, the country boasts competitive tax rates, making it an attractive option for wealth management.
The UAE’s top-notch healthcare system and its reputation as a luxury hub with renowned shopping destinations and restaurants further attract HNWIs. The country’s abundance of leisure activities, including beaches, water parks, and yachting marinas, provides year-round entertainment.
Attracting Wealth: Why HNWIs Flock to the UAE
Presently, HNWIs appreciate the availability of upscale apartments and luxurious villas throughout the UAE. Furthermore, the country offers over 200 international schools, making it an appealing destination for those with families, according to Khaleej Times. The UAE government has taken significant steps to enhance its economic growth and development. Initiatives such as “The Project of the 50” aim to accelerate the country’s development and establish it as a comprehensive hub in all sectors.
The Dubai Economic Agenda (D33) focuses on doubling the size of Dubai’s economy over the next decade and positioning it as one of the top global cities. This agenda includes transformational projects in green manufacturing, youth employment, and digital transformation.
The UAE is also strengthening international partnerships through comprehensive economic partnership agreements (CEPAs) with countries across Asia, Africa, Latin America, and Europe. These agreements expand beyond traditional free trade agreements and have broader implications for economic cooperation.
These factors collectively contribute to the UAE’s attractiveness as a destination for HNWIs, with its thriving economy, luxurious lifestyle offerings, and strategic initiatives for growth and development.
