As governments around the world increasingly count on wealthy residents to plug fiscal gaps, low-tax jurisdictions have become more attractive destinations for the rich. Add in a time zone conducive for trading most markets, airports that’re well connected to global hubs, some of the best restaurants, hotels and luxury housing — and it becomes clear why the United Arab Emirates has managed to leapfrog other countries.
A wave of high net worth individuals flocked to Dubai during the pandemic — the city shunned lockdowns for the most part and vaccinations were easily available — and the trend gathered pace when Russia invaded Ukraine. More recently, billionaires have flocked to Abu Dhabi, which has emerged as the world’s newest wealth haven.
Favorable government policies have also helped. “High net worth individuals like to operate in markets where they’re treated as partners,” Philippe Amarante, Henley & Partners’ Middle East Managing Partner told my colleague Joumanna Bercetche on Bloomberg TV. “So, it all comes together in as a perfect equation, and I’d say that’s the key instrument of attraction for the UAE.”
More than 6,700 millionaires are expected to move to the Gulf nation this year, according to a report from the firm. That’s up 70% since 2022 and means the country will take pole position for the third straight year.
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