The United Arab Emirates is poised to maintain its status as the world’s leading destination for wealthy individuals, solidifying its position as a top wealth magnet for the third consecutive year, according to recent research.

Meanwhile, the United Kingdom is witnessing a significant decline in its millionaire population, which is expected to decrease by 17% by 2028, as projected by Swiss bank UBS. This trend is largely attributed to increasing costs and taxes, driving many high-net-worth individuals to seek more favorable environments, such as the UAE.

The shift is likely to gain momentum following the UK Labour Party's sweeping election victory in June. Many financial experts believe this will prompt even more affluent individuals to consider relocation.

UAE: A Top Destination for Wealthy Migrants

The UAE, particularly Dubai, has become a prime destination for millionaires looking to relocate. The country’s appeal lies in its zero income tax, luxurious lifestyle, and strategic location, as well as recent visa reforms that encourage migration. According to the Henley Private Wealth Migration Report, the UAE is expected to see a record net inflow of 6,700 millionaires by the end of 2024, nearly double the influx expected in the United States.

Factors driving this migration include the UAE's reputation for safety, modern infrastructure, and a robust wealth management ecosystem as well as UAE's innovative regulatory framework, which has been developed over the past five years, for providing the wealthy with comprehensive solutions to protect and grow their assets.

Growing Interest from the UK and Europe

While many millionaires migrating to the UAE originate from regions such as India, the Middle East, Russia, and Africa, an increasing number of British and European citizens are expected to make the move as well. The phasing out of the UK’s “non-dom” status, which previously allowed wealthy residents to avoid British taxes on overseas income, is accelerating this trend. The Labour government’s plans to introduce additional taxes, such as a 20% VAT on private school tuition, further contribute to the UK’s outflow of millionaires.

In contrast, the UAE offers a tax-free environment, a world-class international school system, and various investment incentives, making it an attractive destination for high-net-worth individuals from around the globe.

A Secure Future in the UAE

As the UAE continues to refine its wealth management services and enhance its living standards, it remains a leading choice for those seeking financial growth and security. With the UK facing political and economic challenges, more affluent individuals are likely to consider relocating to the UAE, where they can enjoy a favorable tax regime, a high quality of life, and a welcoming environment for international business.

For businesses and individuals looking to establish themselves in the UAE, Affinitas DMCC provides expert guidance in business setup, tax consultancy, and wealth management, ensuring a smooth transition and a prosperous future in this thriving region.

Affinitas DMCC: Your Partner in Success

Affinitas DMCC offers a wide range of services to help you make the most of your opportunities in the UAE:

  • Compliance Support: Ensure your business adheres to all Emiratisation regulations and documentation requirements.
  • Accounting Services​ Tax consultancy and accounting services are what we do best. We provide tax consultancy and accounting services throughout the UAE to individuals, small & medium sized businesses and corporate entities.
  • Tax Advisory: Tax Minimization across multiple jurisdictions
  • Private Equity Advisory Service​: Mergers, Acquisitions, and Investments in International and Emerging Markets are Cornerstones of Affinitas’ Expertise