UAE Projected to Attract 4,500 Millionaires in 2023
A recent study conducted by Henley & Partners has indicated that the United Arab Emirates (UAE) is expected to welcome an additional 4,500 millionaires to its shores in the year 2023. The UAE's reputation as a haven for affluent individuals worldwide has positioned it as a preferred destination for wealthy individuals seeking new residences.
In the global ranking of capital migration, the UAE secured the second spot, following Australia. The study forecasts that a total of 122,000 high-net-worth individuals will relocate to different destinations in 2023, with this number anticipated to rise to 128,000 in the subsequent year.
The study primarily tracks the movements of individuals with assets amounting to one million US dollars or more. The largest capital outflow is currently recorded from China. Furthermore, the study predicts a reduction of 3,200 millionaires in the United Kingdom this year.
The top 10 countries attracting millionaire migrants are as follows:
- Australia (5,200)
- UAE (4,500)
- Singapore (3,200)
- USA (2,100)
- Switzerland (1,800)
- Canada (1,600)
- Greece (1,200)
- France (1,000)
- Portugal (800)
- New Zealand (700)
In the Middle East region, Saudi Arabia has emerged as the leader in terms of the number of billionaires, according to Wealth-X research. The region hosts a total of 187 billionaires, with Saudi Arabia alone accommodating 71 billionaires who collectively possess a wealth of US$ 205 billion.
Additionally, the UAE boasts 45 billionaires, amassing a combined wealth of US$ 200 billion. Within the UAE, 38 of these billionaires are known to reside in the Emirate of Dubai.
The research conducted by Wealth-X revealed a decrease in the number of billionaires in the Middle East; however, their collective wealth experienced a growth of 7.2%, reaching US$ 556 billion. The surge in wealth was primarily attributed to the escalation in energy prices. Furthermore, the city with the highest billionaire population is New York City