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UAE Expected to Attract 4,500 New Millionaires This Year

  • Publish date: Thursday، 15 June 2023
UAE Expected to Attract 4,500 New Millionaires This Year

The UAE is predicted to attract 4,500 new billionaires this year, according to a survey by Henley & Partners, which studies global trends in private wealth and investment mobility.

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Australia, which is anticipated to draw the biggest net inflow of high-net-worth individuals internationally at 5,200, placed first, with the UAE coming in at number two, according to Henley & Partners' research, which also focuses on persons with a net worth of $1 million or more.

Singapore came third with a projected net inflow of 3,200 high-net-worth individuals (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 second-largest economy in the Arab world, the UAE, has recently implemented a number of economic, legal, and social reforms to improve its business climate, increase foreign direct investment, and draw in skilled labour.

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