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RIYADH: The UAE is anticipated to draw 4,500 millionaires by the tip of 2023 — the second most of any nation globally, a brand new report claims.
Though this projected enhance shall be fewer than the record-breaking 4,000 millionaires in 2022, it nonetheless secured the UAE its second place on Henley & Companions’ record.
The 2022 report indicated that the UAE’s low tax regime, one of many world’s quickest vaccination charges, and Dubai’s position in internet hosting the primary World Expo of the post-COVID-19 period helped enhance the enchantment of the nation as a wealth hub.
Its immigration insurance policies, that are tailor-made to draw personal wealth and worldwide expertise, additionally helped induce this inflow of ultra-wealthy individuals in 2022.
Prosperous Russians in search of to flee the impression of the Western sanctions on their nation have began to maneuver to the UAE and Israel in massive numbers, in keeping with British journalist Misha Glenny.
Commenting on the report, he mentioned: “An underlying sample was already detectable prematurely of the invasion of Ukraine.
“Nicely earlier than the imposition of sanctions on the Russian banking system, there was a tsunami of capital leaving the nation, largely prompted by the more and more capricious governing type of President Vladimir Putin and his calls for of loyalty made on middle-class and rich Russians.”
Within the 2023 report, Henley & Companions CEO Juerg Steffen mentioned high-net-worth people’ migration was a rising development over the previous decade, regardless of the dips in 2020 and 2021 because of the pandemic.
He added that international figures for 2023 and 2024 are anticipated to achieve 122,000 and 128,000, respectively.
The report famous: “Whereas web losses dropped barely between 2017 and 2019, the 2023 forecast signifies a much more important millionaire exit is at present underway.”
Topping the millionaire migration record in 2023 was Australia, with 5,200 millionaires around the globe calling it house — up from 3,800 in 2022.
Coming third after the UAE was Singapore, attracting a file breaking 3,200 millionaires this yr — up from 2,900 the yr prior.
However, the nation witnessing the most important web exodus of millionaires was China, with an outflow of 13,500 in 2023.
India will see an outflow of over 6,500 millionaires by the tip of this yr, whereas the UK will drop by 3,200.
The UK’s plunge comes because of the nation’s post-Brexit financial ecosystem and the federal government coverage change that has eliminated everlasting non-domiciled tax standing.
The report famous that the mixture variety of millionaires exiting the UK is forecast to double in 2023, whereas the yr earlier than noticed an outflow of 1,600 from the nation.
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