Over the past decade, approximately 1,500 millionaires have relocated from the UK to Dubai, with an additional influx of hundreds expected this year, according to a report by New World Wealth.
The study, covering individuals with investable wealth exceeding $1 million, reveals that around 250 millionaires are projected to move from the UK to Dubai in 2023, making it the third top destination for High Net Worth Individuals (HNWIs) from the European country.
The UAE’s appeal is attributed to its diversified economy, competitive tax rates, strong sectors such as finance, healthcare, oil and gas, real estate, technology, and tourism, as well as its top-class healthcare system and low crime rate. The report suggests that Dubai could attract more HNWIs in the future by expanding its fund management and family office sector, and encouraging high-tech firms to establish themselves in the city.
The New World Wealth report also indicates that Dubai is among the top destination cities for migrating HNWIs leaving the UK in 2023.
In the five years from 2017 to 2022, the UK lost approximately 12,500 more HNWIs through migration, with an expected loss of another 3,200 in 2023, attributed to factors such as the diminishing importance of the London Stock Exchange, Brexit, healthcare system concerns, safety issues, high tax rates, and the global dominance of the US and Asia in the hi-tech industry.