In the last ten years, almost 3,500 millionaires—or 350 each year on average have moved to the United Arab Emirates from Africa. According to Andrew Amoils, head of research at New World Wealth, the majority of these people migrated from Tanzania and Algeria, in addition to the Big 3 wealth markets in Africa: South Africa, Egypt, and Nigeria.
There are several potential causes for migration from Africa to the United Arab Emirates, including economic prospects due to Dubai’s status as one of the world’s leading financial and business hubs; worries about safety and security in Africa, and reduced tax rates in the UAE,”
Amoils reports that 18,700 affluent people departed Africa in 2023, primarily relocating to the US, UK, Australia, and the UAE. A sizable population has also relocated to Israel, Canada, New Zealand, France, Switzerland, Monaco, Portugal, and New Zealand.
Henley & Partners reports that there are 116,500 millionaires, 308 centi-millionaires (worth $100 million) and 20 billionaires in the United Arab Emirates. The wealthiest individuals in the BRICS countries saw the most growth in wealth, rising by 77% between 2013 and 2023. In contrast, Dubai is home to 15 billionaires, 212 cent millionaires, and 72,500 millionaires.
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