UAE is set to add 6000 millionaires every year for the next 5 years. This owes to the country’s growing appeal among high-net-worth individuals. The number of millionaires with assets over $1 million will rise by almost 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.
For the third year running UAE is looking to be in the first place as the world’s leading wealth magnet, all thanks to a steady inflow from UK, India, and Europe.
“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires… With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Brits and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024,” said Henley and Partners.
“Wealth needs careful stewardship and managing it properly needs time, dedication and passion. As the world’s only truly global wealth manager, we understand the shifts and changes in global and local wealth and translate this into opportunities and outcomes for our clients,” said Iqbal Khan, co-president of UBS Global Wealth Management.