The UAE is expected to attract 4,500 new millionaires this year, according to a report by Henley & Partners, which tracks private wealth and investment migration trends worldwide.
The Emirates was ranked second behind Australia, which is expected to attract the highest net inflow of high-net-worth individuals globally at 5,200, Henley & Partners said in the report, which focuses on people with a net worth of $1 million or more.
Singapore was third with a projected net inflow of 3,200 HNWIs, its highest on record, followed by the US with an expected net influx of 2,100 millionaires, the report found.
Switzerland, which is expected to attract a net inflow of 1,800 millionaires, rounded off the top five globally.
“In general, wealth migration trends look set to revert to pre-pandemic patterns this year, with Australia reclaiming the top spot for net inflows as it did for five years prior to the Covid outbreak, and China seeing the biggest net outflows as it has each year for the past decade,” said Juerg Steffn, chief executive of Henley & Partners.
“The notable exceptions are former top wealth magnets, the UK and the US.”
The UAE, the Arab world’s second-largest economy, has undertaken several economic, legal and social reforms in recent years to strengthen its business environment, boost foreign direct investment and attract skilled workers.
In 2019, amendments were introduced to the golden visa initiative to simplify the eligibility criteria and expand the categories of beneficiaries.
The visas are valid for up to 10 years and aim to encourage exceptional workers and foreign investors to establish deeper roots in the country.
Dubai was ranked the 23rd-most popular city in the world last year for the super rich after it recorded an 18 per cent increase in HNWIs in the first six months of 2022, a separate report by New World Wealth found.
The study defined HNWIs as people with wealth of $1 million or more.
The city’s population of HNWIs rose to 67,900, up from 54,000 in June 2021, according to the study.
The number of HNWIs in the UAE is expected to rise 39 per cent by 2026 to more than 228,000 people, according to a report last year by consultancy Knight Frank.
Meanwhile, China is expected to record the biggest outflow of millionaires globally, at 13,500, followed by India at 6,500 and the UK at 3,200, according to the Henley & Partners report. Russia is set to record an outflow of 3,000 HNWIs.
“General wealth growth in China has been slowing over the past few years, which means that the recent outflows could be more damaging than usual,” Andrew Amoils, head of research at New World Wealth, said in the Henley & Partners report.
“China’s economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then [when measured in US-dollar terms].”
The UK’s expected HNWI flight is double that of last year, when it recorded an outflow of 1,600 millionaires, the report said.
The UK’s peak net outflow year for millionaires was in 2017, following the Brexit referendum in 2016. Before this, the country enjoyed net positive inflows of HNWIs.
The US is also less popular among migrating millionaires today than before the onset of Covid-19, perhaps due, in part, to the threat of higher taxes, the report said.
The country still attracts more HNWIs than it loses to emigration, with a net inflow of 2,100 projected for 2023, although this is a large drop from 2019 levels, which it had a net inflow of 10,800 millionaires, according to the research.
Henley & Partners also received a record number of investment migration programme inquiries in the first quarter of 2023, up 36 per cent compared with the fourth quarter of 2022.
The top two nationalities with the highest number of inquiries about migration programmes are Indians and Americans, the report found.
Portugal's golden residence permit programme is the most popular for HNWIs, with programmes launched by Austria and St Kitts & Nevis also registering strong interest.
Historically, many wealthy individuals acquired residence rights or citizenship without moving to those countries, said Dominic Volek, group head of private clients at Henley & Partners.
“Recent and persistent turmoil has caused a shift – more investors are considering relocating their families for a range of reasons, from safety and security, to education and health care, to climate change resilience and even crypto-friendliness,” he said.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
Chelsea 3 (Abraham 11', 17', 74')
Luton Town 1 (Clark 30')
Man of the match Abraham (Chelsea)
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Getting%20there%20and%20where%20to%20stay
%3Cp%3EEtihad%20Airways%20operates%20seasonal%20flights%20from%20Abu%20Dhabi%20to%20Nice%20C%C3%B4te%20d'Azur%20Airport.%20Services%20depart%20the%20UAE%20on%20Wednesdays%20and%20Sundays%20with%20outbound%20flights%20stopping%20briefly%20in%20Rome%2C%20return%20flights%20are%20non-stop.%20Fares%20start%20from%20Dh3%2C315%2C%20flights%20operate%20until%20September%2018%2C%202022.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20Radisson%20Blu%20Hotel%20Nice%20offers%20a%20western%20location%20right%20on%20Promenade%20des%20Anglais%20with%20rooms%20overlooking%20the%20Bay%20of%20Angels.%20Stays%20are%20priced%20from%20%E2%82%AC101%20(%24114)%2C%20including%20taxes.%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
Zayed Sustainability Prize
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
