A record 6,700 millionaires are expected to call the UAE their new home by the end of this year, a survey by international investment migration advisory firm Henley & Partners has found.
The luxury lifestyle, golden visas and low tax environment that the UAE offers have helped to enshrine its place as the world's wealth magnet for the third year running.
The country is poised to attract nearly twice as many millionaires as its nearest rival, the US, which is forecast to see 3,800 millionaires settle there by the end of 2024.
Henley & Partners' Private Wealth Migration Report 2024 places Singapore in third place, with net inflows of 3,500, while Canada and Australia take fourth and fifth places respectively.
The report into where the world’s super-rich are choosing to migrate to and invest "clearly shows the rise and rise of Dubai and the popularity of locations such as Italy, Switzerland and Greece", according to Rosy Khalastchy, director at the high-end property company, Beauchamp Estates.
"The migration of wealthy African families, out of places such as Nigeria and South Africa, looking at homes in Dubai and London, has also been significant," she told The National.
"Cities like London, Manhattan, Paris and Berlin have grown over 200 years. In contrast, Dubai has seen the same level of growth in just 20 years. The pace of development has been remarkable," she added.
The continued clinching of the 'wealth magnet crown' by the UAE is befitting for Peter Wetherell, the founder and executive chairman of Wetherell, a prime London estate agent based in upmarket Mayfair, which has seen a rise in clients wanting to buy luxury homes in Dubai.
"Now many of our wealthy clients look at just five key locations for owning luxury homes: Dubai, London, Mumbai, the South of France and either Los Angeles or Miami," he told The National.
"Whereas a client might have historically looked at a pied-a-terre in Paris, this has now been replaced by owning a holiday home in Dubai."
'Voting with their feet'
Global wealth is on the move like never before according to Dominic Volek, group head of private clients at Henley & Partners.
“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023," he said.
"As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.
"In many respects, this great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”
Winners and losers
However, wealth migration is a zero-sum game and where there are winners there are also losers.
The report showed China taking the top slot on the number of millionaires migrating out of a country, with 15,200 predicted to leave this year, up from 123,800 in 2023.
Meanwhile, the UK has moved into second place on the losers chart, with 9,500 millionaires expected to leave the country this year, more than double the 4,200 that left last year.
The millionaire migration from the UK came as little surprise to Dr Hannah White, the chief executive of the independent think tank the Institute for Government in London, who blamed low economic growth and a certain amount of political instability in recent years, coupled with the uncertainty over the tax status of the so-called non-doms and the prospect of VAT being applied to private school fees.
“The outflow already generated by the economic and political turmoil in Britain risks being accelerated by further unwelcome policy decisions ahead of the election," she said.
"On top of the 40 per cent duty already imposed on estates above a £325,000 threshold, the Conservative government has adopted the thrust of the Labour opposition’s policy of ending the UK’s non-dom tax regime from 2025.
"And for those educating their children in the UK’s well-regarded private school sector, Labour’s commitment to remove their exemption from 20 per cent VAT is a further unwelcome development.”
India's millionaire losses are predicted to come in at 4,300 this year, while South Korea is expected to lose 1,200 High Net Worth Individuals (HNWIs) in 2024, a rise from 800 in 2023.
Wealth-attracting countries see benefits far beyond the purchase of expensive properties and spending in high-end local shops, according to Andrew Amoils, head of research at New World Wealth.
“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country," he said.
"Also, around 20 per cent of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60 per cent for centi-millionaires and billionaires.”
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Zayed Sustainability Prize
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Empty Words
By Mario Levrero
(Coffee House Press)
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
info-box
COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
More from Rashmee Roshan Lall
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
Company%20profile
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'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
MATCH INFO
Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports
