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UAE: The Top Migration Destination for Millionaires in 2022
A significant drop in the number of millionaire expats in the year 2020 may have been witnessed in the country due to the pandemic as lockdowns were implemented to prevent its spread, but how the UAE handled the pandemic with the ensured and quick rollout of vaccines to the citizens, and the availability of PCR tests at a low price, migrations to the country have started gathering steam once more.Â
In less than one year, there was a significant rise in Dubai’s private wealth, and thousands of millionaire individuals have moved to Dubai– with another estimated 4,000 millionaire immigrants by the end of 2022.
Why is UAE the top destination for millionaires? Â
As the government continues to introduce new programs with numerous benefits and incentives to attract foreign and professional investors into the country, the UAE is now among the top countries with the most open economy globally and indicates increased growth in Gross Domestic Product (GDP) and has also retained its 9th most competitive country globally. Hence, Dubai and the UAE seems to be a magnet for the ultra-rich individuals.Â
Listed below are the top 5 countries where millionaires are moving to, with UAE as number one:
| Country | Expected net inflows of millionaire individuals in 2022 | % of millionaire individuals gained |
|---|---|---|
| UAE | 4,000 | 4% |
| Australia | 3,500 | 1% |
| Singapore | 2,800 | 1% |
| Israel | 2,500 | 2% |
| Switzerland | 2,200 | 1% |
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According to wealth analyst Andrew Amoils at New World Wealth, the reasons for Dubai’s ongoing appeal to the ultra-rich could be the top financial facilities, tax benefits, beaches, luxurious restaurants and shops, healthcare services, and safety. Hence, it is undeniable that many millionaires will continue to move to Dubai by the end of 2022 and in the following years.Â
Where are the millionaires coming from?
There are various reasons why high net worth individuals (HNWIs) move from particular countries. Since the pandemic, countries have resulted in measures that will prevent their top investors from fleeing and their economies from shrinking. But as new challenges like war and conflicts arise, it has become one of the top reasons why a significant number of emigrations in 2022 is seen so far.Â
Russia is projected to witness the highest outflow of HNWIs. On the other hand, Ukraine will have the most loss in terms of percentages, with 42% of millionaires exiting the country by the end of 2022. China will also experience a significant loss which may be damaging to the country as currently, there are declines in the growth of their wealth.  Â
| Country | Expected net Emigration of millionaire individuals in 2022 | % of the millionaire individuals lost |
|---|---|---|
| Russia | 15,000 | 15% |
| China | 10,000 | 1% |
| India | 8,000 | 2% |
| Hong Kong | 3,000 | 2% |
| Ukraine | 2,800 | 42% |
How Can Choose UAE Help
With UAE’s fantastic economy and continuous initiatives to attract foreign entrepreneurs like you, now’s the time to expand your operations in the UAE. Get the chance to obtain a UAE residence visa just by starting your own business in Dubai or anywhere in the UAE.Â
Our Company Formation Specialists can guide you through opening a branch of your foreign company in the UAE or starting a brand new business where you are granted 100% foreign ownership and freedom to trade locally and internationally. Get a hassle-free business setup like no other and start your own company in Dubai and the UAE. Schedule a free consultation today.Â
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