The United Arab Emirates (UAE) is projected to welcome 4,500 millionaires this year, as it has been named by the Henley Private Wealth Migration Report 2023 as one of the top global places for HNWIs.
Henley & Partners’ analysis, “Where and Why Millionaires are Migrating in 2023,” claims that the United Arab Emirates is the “foremost wealth hub” in the Middle East. The firm asserts that it was an early player in the market for residence and citizenship by investment around the globe. A total of about 1,000 HNWIs visited the United Arab Emirates per year previous to the outbreak, but that number could rise to an unprecedented 4,500 this year. In 2022, the UAE hosted a record-breaking number of 5200 HNWIs.
The United Arab Emirates (UAE) is home to a thriving economy thanks to its many diverse industries, including finance, medicine, oil and gas, real estate, technology, and tourism. The article continued with a discussion of the excellent healthcare available in the United Arab Emirates (UAE), its status as a luxury center with several shopping venues and dining options, and the year-round availability of its “beaches, water parks, and yachting marinas” for leisure activities.
The Dubai Economic Agenda, or D33, was authorized by the government in January with the aim of making Dubai one of the top three global cities by 2030. Among the 100 transformational initiatives on the agenda are the introduction of Dubai’s strategy for green and sustainable manufacturing, the employment of 65,000 young Emiratis, and the introduction of the Dubai Traders project. It also expects digital transformation projects to bring around Dh 100 billion annually.
According to the aforementioned report, UAE authorities are working to strengthen international alliances by introducing innovative economic systems. Comprehensive economic cooperation agreements (CEPAs) are being signed by the UAE government with nations in Asia, Africa, Latin America, and Europe. These agreements are similar to free trade agreements but have broader ramifications.
Due to its high standard of living and cutting-edge infrastructure, Dubai has earned a reputation as one of the world’s top investment destinations. It’s not hard to see why Dubai is a refuge for millionaires: the city offers an unlimited selection of high-quality dining options, a lavish lifestyle, magnificent beaches, superb transportation connectivity, and cutting-edge entertainment venues.
The city’s ongoing innovation and cultural advancements, in addition to the high quality of life, are rapidly luring wealthy individuals. Constant improvements draw people to live, work, and invest in Dubai because the city strikes a balance between environmental, economic, and social sustainability with a forward-looking vision. Dubai’s ultimate goal is to simplify every facet of daily life.
The country is still much more tax-friendly than the great majority of comparable countries, despite implementing a VAT levy of 5% in 2018 and a corporate tax beginning from 2023. Due to the emirate’s lack of annual property tax, income tax, or capital gains tax, once a property is purchased its owner will be responsible for paying only the one-time property transaction and registration fees. This is an attractive feature that encourages high-net-worth individuals to invest in Dubai real estate.