In five years, the UAE will welcome nearly 6,000 new millionaires annually due to its increasing appeal to high-net-worth individuals from around the world.
The number of millionaires with assets over $1 million will rise by nearly 29,866, or 15%, from 202,201 in 2023 to 232,067 in 2028, according to the Global Wealth Report published by Swiss bank UBS. The UAE is expected to receive the largest number of millionaires of any country this year 6,700 according to a recent forecast by Henley and Partners.
Due in large part to substantial inflows from the UK, India, and Europe, the UAE appears poised to take the top spot as the world’s leading wealth magnet for a third consecutive year.
The United Arab Emirates has solidified its position as the top destination for millionaires looking to migrate abroad thanks to its golden visas, zero income tax, opulent lifestyle, and advantageous location.The Emirates is expected to attract nearly twice as many millionaires as its closest competitor, the US, which is predicted to benefit from a net inflow of 3,800 millionaires in 2024. According to Henley and Partners, this is due to the country’s consistently high inflows from Russia, Africa, the wider Middle East region, and India.
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