The UAE has emerged as the second most popular destination for millionaires and wealthy families looking to relocate in 2023. The country’s reputation as a haven for wealth preservation has attracted high-net-worth individuals (HNWIs) from India, the U.K., Russia, Lebanon, Pakistan, and other Asian and African countries.
According to the Henley Private Wealth Migration Report 2023, 4,500 millionaires are expected to relocate to the UAE this year, with Australia attracting the highest number of HNWIs at 5,200. Singapore, the U.S., Switzerland, and Canada also feature on the list of popular destinations for millionaires.
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The report covers individuals with investable wealth of $1 million or more and predicts that 128,000 millionaires will relocate globally this year, up from 122,000 in 2022.
The UAE’s popularity as a destination for HNWIs is not new. In 2022, the country attracted 5,200 high-net-worth individuals, surpassing its forecast of 4,000 and topping the global list. The UAE is currently home to 109,900 millionaires with investable assets of $1 million or more, 298 centi-millionaires with assets of $100 million or more, and 20 billionaires.
The report also highlights countries that will see the highest exodus of rich families in 2023, including China, India, the U.K., Russia, Brazil, Hong Kong, South Korea, Mexico, South Africa, and Japan.
Overall, the report suggests that the UAE’s reputation as a haven for wealth preservation is continuing to attract high-net-worth individuals from across the globe, with the country cementing its position as a prime location for those seeking to relocate and invest.
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