Millionaire Migration: 21% of Young and Wealthy from the UK and France Eye UAE as New Home

Millionaire Migration Trends: The UAE Emerges as a Leading Destination

A recent survey has revealed a significant shift in global wealth migration, with a notable number of millionaires from the UK and France considering relocating to new destinations. Commissioned by Arton Capital and involving 518 high-net-worth individuals (HNWIs), this survey highlights the UAE’s rising prominence, particularly among younger affluent populations.

Key Findings from the Affluence & Elections Survey

The Affluence & Elections Survey, which surveyed 256 French and 262 British millionaires with net assets of at least €1 million and £1 million respectively, has uncovered several critical insights. The survey was conducted in the wake of recent elections in both countries, where left-wing governments were elected. A striking 44% of respondents indicated that they are now more likely to relocate abroad than before the elections. This increased inclination to move is largely driven by concerns over potential tax increases and economic instability.

Among the younger cohort, aged 18 to 34, a noteworthy 21% identified the UAE as their top destination for relocation. This preference underscores a significant trend: the UAE is increasingly viewed as a desirable location for the next generation of wealth creators, offering a blend of economic opportunities and lifestyle benefits that appeal to younger millionaires.

The UAE’s Growing Appeal

The UAE’s attractiveness to wealthy individuals is multifaceted. Dubai and Abu Dhabi have firmly established themselves as prominent global financial hubs. The UAE offers several key advantages that contribute to its rising status:

• Favorable Tax Regimes: The UAE is renowned for its advantageous tax policies, including zero personal income tax and competitive corporate tax rates, which are highly appealing to high-net-worth individuals seeking to optimize their tax obligations.
• Robust Economic Opportunities: The UAE’s dynamic economy, supported by a diverse range of industries including finance, real estate, and technology, presents numerous opportunities for business and investment. The country’s strategic location also makes it a gateway to emerging markets in the Middle East, Africa, and Asia.
• High Quality of Life: The UAE offers a high standard of living, characterized by luxury amenities, world-class healthcare, and a safe and secure environment. This combination of factors makes it an attractive option for those seeking an enhanced lifestyle.

Armand Arton, Founder of Arton Capital, comments on the findings, “Our survey results suggest that a significant shift in European wealth is imminent. Europe is at a critical juncture, and nations like the UK and France must enhance their appeal to retain their wealthiest citizens. If they do not address these concerns, affluent individuals may seek better opportunities and living standards in alternative locations.”

Comparative Destinations

While the UAE is emerging as a favored destination, North America remains a prominent choice for many millionaires considering relocation. The USA and Canada are both highly favored:

• United States: With 31% of respondents expressing interest in relocating to the USA, the country’s expansive economy, technological innovation, and diverse investment opportunities continue to attract wealthy individuals. The USA’s status as a global economic powerhouse and its vibrant business environment contribute to its enduring appeal.
• Canada: Canada, with 32% of respondents expressing interest, is particularly favored by French millionaires due to the historical and cultural ties between the two countries. Canada’s reputation for high quality of life, strong social services, and stable political environment further enhance its attractiveness.

Motivations for Relocation

The survey identifies several key factors driving the decision to relocate:

• Economic Opportunities: Nearly half (48%) of respondents cited better economic prospects as a primary motivation for considering emigration. The desire to access new markets, investment opportunities, and favorable business conditions plays a crucial role.
• Quality of Life: A significant 66% of millionaires highlighted the prospect of an improved quality of life as a major motivating factor. This includes access to top-tier healthcare, education, and overall lifestyle benefits.
• Safety and Security: Recent political and social unrest in the UK and France has influenced migration decisions. A third (33%) of respondents noted safety and security as important considerations, reflecting concerns about stability and personal security in their current locations.

The Role of Golden Visas

Golden Visas and Citizenship by Investment programs have become increasingly popular among affluent individuals seeking new residences. More than a third (34%) of those surveyed indicated a strong likelihood of utilizing these programs to facilitate their relocation. These programs provide a streamlined path to residency and citizenship, further enhancing the attractiveness of countries like the UAE.

Conclusion

The findings from the Affluence & Elections Survey reflect a broader trend of high-net-worth individuals seeking stability, economic opportunity, and an enhanced quality of life beyond their current borders. The UAE’s favorable economic conditions, strategic position as a global business hub, and high quality of life make it an increasingly attractive destination for the wealthy.

As European countries grapple with internal challenges and uncertainties, the UAE’s appeal continues to grow. This shift in migration patterns is likely to have significant implications for both the UAE’s real estate sector and global wealth dynamics. The ongoing trend suggests a potential reshaping of the global landscape of high-net-worth individuals, with the UAE poised to play a pivotal role in this evolving narrative.