30/07/2024
“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the has entrenched itself as the world’s number one destination for migrating millionaires,” the report said. The UAE’s is a long-term residence visa that allows foreign residents to live, work or study in the UAE.
While the millionaires migrating to the most commonly come from , the wider , , and , a larger number of and are expected to move to the glitzy desert emirate as well, it added.
Development and reforms in the UAE’s “wealth management ecosystem” are to thank for much of this, said Sunita Singh-Dalal, partner at the Hourani Private Wealth & Family Offices in .
“In less than five years, the has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth,” she said.
Factors such as and a robust international school system, geographical connectivity, low crime, no income tax, the and a number of also help attract the wealthy to .
, by contrast, is set to see its millionaire population drop from 3,061,553 last year to 2,542,464 by 2028, the UBS Global Wealth Report, which came out in June, forecast. But it’s important to note that the ’s large millionaire population – the third-highest in the world – includes many foreign residents from places like , the and elsewhere.