Dubai, UAE — The United Arab Emirates will see the second biggest migration of high-net-worth individuals (HNWIs) in 2023 with a net inflow of 4,500 HNWIs, next only to Australia that is expected to receive 5,200 millionaires, according to the Henley Private Wealth Migration Report 2023.
The inflow of millionaires to the UAE this year will be higher than the previous year’s 4,000.
The UAE has been a popular destination for HNWIs in recent years, thanks to its stable economy, low taxes, and high quality of life. However, the country’s ranking in the Henley report has slipped from first place in 2022 to second place in 2023. This is likely due to a number of factors, including the ongoing COVID-19 pandemic, rising inflation, and the war in Ukraine.
Other countries in the top 10 include Singapore, the US, Switzerland, Canada, Greece, France, Portugal, and New Zealand. Singapore will be in third place in 2023, with a net inflow of 3,200 HNWIs, its highest on record, followed by the USA with an expected net inflow of 2,100 millionaires.
The migration of millionaires is being attributed to economic uncertainty, political instability, tax advantages offered by some countries and the quality of life.
The countries that are predicted to lose the most millionaires in 2023 include China (13,500),
India (8,00), UK (3,200) and Russia (3,000).
Dr Juerg Steffen, CEO of Henley & Partners, said there had been steady growth in millionaire migration over the past decade, with global figures for 2023 and 2024 expected to be 122,000 and 128,000, respectively.
“In general, wealth migration trends look set to revert to pre-pandemic patterns this year, with the notable exceptions of former top wealth magnets, the UK and the US,” Steffen said.