Approximately 1,500 millionaires have moved from the UK to Dubai over the past decade. According to a new report from New World Wealth, this trend is set to continue with an estimated 250 more high-net-worth individuals (HNWIs) planning to relocate to Dubai this year.
Dubai has emerged as the third most popular destination for British millionaires, attributed to its diversified economy and competitive tax rates. The emirate’s thriving sectors include financial services, healthcare, real estate, technology, and tourism.
The Henley Private Wealth Migration Report 2023 also highlighted the UAE’s growing allure, projecting an influx of 4,500 millionaires in 2023 alone, making it the second most favored destination for millionaire migrants globally, following Australia.
In 2022, the UAE exceeded expectations by attracting 5,200 HNWIs, the highest for any country that year. Andrew Amoils, head of research at New World Wealth, credits the UAE’s success to its top-class healthcare, low crime rate, and scenic beaches. He suggests further growth potential in Dubai’s fund management and tech sectors.
The report lists Paris, Monaco, Dubai, Amsterdam, and Sydney as the top destinations for UK millionaires seeking relocation in 2023. In contrast, the UK is experiencing a net loss of wealthy individuals, with an estimated 12,500 more millionaires leaving than arriving between 2017 and 2022. Factors driving this exodus include concerns over the London Stock Exchange, Brexit, a deteriorating healthcare system, safety issues, high taxes, and the rising dominance of the US and Asia in the tech industry.