The United Arab Emirates is set to attract 4,500 new millionaires in 2023, according to a report by Henley & Partners, which tracks private wealth and investment migration trends globally. The UAE ranked second, just behind Australia, which is expected to draw the highest net inflow of high-net-worth individuals (HNWIs) worldwide, at 5,200. The report focuses on individuals with a net worth of $1 million or more. The UAE’s ability to attract HNWIs can be attributed to various factors, including its thriving economy, legal reforms, social changes, and the Golden Visa program, which encourages exceptional workers and foreign investors to establish roots in the country.
Dubai, in particular, has been a magnet for HNWIs, recording an 18 percent increase in its HNWI population in the first half of 2022. The city’s dynamic business environment and lifestyle offerings have further fueled its appeal. With its continuous efforts to bolster the economy and enhance living conditions, the UAE is poised to see a 39 percent increase in its HNWI population by 2026, according to a report by Knight Frank. This projection solidifies the UAE’s position as an attractive destination for wealthy individuals looking for opportunities and an exceptional quality of life. The country’s ongoing initiatives to welcome investors and talent from around the world are likely to continue driving this trend in the years to come.
