According to a Henley Private Wealth Migration report released in June, the UAE is expected to witness a record net inflow of 6,700 millionaires from around the world by 2024, largely driven by significant inflows from the UK and Europe.
This figure is nearly double that of the second-ranked country on the list, the US, which is anticipated to see a net inflow of 3,800 millionaires within the same period.
For the third consecutive year, the UAE has been ranked first in attracting high-net-worth (HNW) individuals, according to Henley and Partners.
“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has firmly established itself as the world’s number one destination for migrating millionaires,” the report stated.
A UBS Global Wealth Report forecasts that 17 percent of millionaires in the UK will leave the country by 2028, with the population expected to decrease from 3,061,553 in 2023 to 2,542,464 by 2028. The UK has the third-largest millionaire population, which includes many foreign residents from Russia and the Middle East.
The UK government is phasing out its “non-dom status,” which previously allowed wealthy and often foreign residents to avoid paying British taxes on overseas income.
Currently ranked 14th globally, the UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires.
Source : arnnewscentre.ae
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