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Dubai: Magnet for UK Millionaires’ Migration According to Wealth Reports

The emirate continues to attract a large number of high-net-worth individuals, with over 250 more likely to relocate this year alone, placing it among the top choices.

A recent report by New World Wealth highlighted Dubai’s enduring appeal for the ultra-wealthy, noting that approximately 1,500 millionaires migrated from the UK to Dubai over the past decade. 

The emirate continues to draw in high numbers of HNWIs, with around 250 more expected to relocate this year alone, ranking it among the top destinations attracting UK millionaires.

Factors Driving Migration:

New World Wealth’s analysis underscores Dubai’s diverse economy as a primary draw for UK millionaires. Sectors like financial services, healthcare, oil and gas, real estate, technology, and travel and tourism stand out, attracting foreign investors. 

Additionally, the UAE’s advantageous tax rates, outstanding healthcare system, and low crime rates contribute significantly to its appeal among the affluent.

Projected Trends and Influences:

The report forecasts a robust influx of HNWIs to the UAE in the coming years. Andrew Amoils, from New World Wealth, suggests Dubai’s potential growth in fund management and family office sectors. 

Encouraging major hi-tech firms to establish bases in the city could further enhance its appeal to attract more HNWIs in the future.

Global Migration Patterns Impacting UK:

The report also sheds light on the UK’s loss of approximately 12,500 HNWIs through migration from 2017 to 2022. 

Brexit, concerns over healthcare, safety issues in urban areas, high tax rates, and the global dominance of the US and Asia in the hi-tech space are cited as contributing factors. 

The UK is projected to lose an additional 3,200 HNWIs to migration in 2023.

The New World Wealth report identifies Paris, Monaco, Dubai, Amsterdam, and Sydney as the top destination cities for HNWIs leaving the UK in 2023, underlining the provisional figures for migration.

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