Why HNW Private Clients Are Choosing the UAE

According to a recent survey, the UAE is set to attract more millionaires in 2024 than any other country in the world. This will be the third year in a row the UAE has been the leading wealth magnet globally and with no signs of a slow down in momentum, we wanted to take a look at why it is such a popular destination for international HNW private clients and what makes it stand out for those looking for the right environment in which to live.

Facts and Figures

It seems that everyone is talking about the recently released Henley Private Wealth Migration Report 2024 and its crowning of the UAE as the global leader in attracting HNW private clients. According to their results, 2024 will see 6,700 new millionaires entering the country, almost twice as many as its nearest rivals Singapore, Canada and the US. The nation’s combination of enviable business, residency and lifestyle features appears to be especially appealing to HNW private clients from the UK, Europe, India and Africa. In the report, these individuals are defined as those who have a liquid investable wealth of at least $1 million and they are making quite the impression with their spending power. In the world of real estate a report from Knight Frank revealed that the global elite were on track to invest $4.4 billion into Dubai residential market in 2024, an increase of 76% on 2023. Andrew Amoils, Head of Research at New World Wealth also underscored their input to forex revenue as they bring money and assets with them when they move, adding that “around 20% are entrepreneurs and company founders who may start new businesses and therefore create local jobs.”

Top Reasons for HNW Private Clients to Move to the UAE

So, what are the deciding factors for HNW private clients when it comes to migration and what make the UAE such an appealing destination?

1. Location. The UAE is undoubtably a winner in terms of location. Its geographical positioning has long made it a convenient base from which to access key markets, both mature and emerging. Perfectly positioned as a trade hub between the East and West, it is the ideal conduit to take advantage of not only the booming Middle East market, but also those of the wider MENA region as well as Europe, the US and South America.
2. Stability. Whilst the UAE’s ambition and economic vision has been evident since its inception, its reputation as a stable and secure financial environment has been supercharged in recent years. Its swift and comprehensive action taken around the pandemic and subsequent global upheaval has spoken volumes about its ability to weather storms and the reliability of its first-class infrastructure.
   1. & Safety. The overall safety of the UAE is also a huge contributing factor. With such low conflict and crime rates, the nation not only draws in HNW private clients concerned for their family and assets, it provides a favourable outlook that attracts higher rates of foreign direct investment thanks to confidence in the nation’s security and longevity.
3. Lifestyle. The lifestyle on offer in the UAE is not only unique, it is hard to compete with. As well as the year-round sunshine, it is one of the most diverse and inclusive countries in the world. Specifically designed to welcome new arrivals, the country has long been home to an overwhelming number of expatriates. This melting pot of cultures, talents and ideas has been a huge catalyst for innovation and opportunity, as well as ensuring that its landscape is a rich blend of traditions, activities and flavours.
   1. & Value. Yes, value for money is a big feature to life in the UAE. Though it is well known for its luxury extras, particularly in Dubai, the cost of living is relatively reasonable when tied to salary and you get a lot for your money. Incoming residents are often quick to highlight the quality they receive for their investment, especially when it comes to real estate, schooling and overall lifestyle. It is also one of the most affordable countries for expatriates in terms of securing residency and setting up a business, with many affordable options available at far lower rates than in other places, especially major international cities.
4. The UAE is consistent in demonstrating its commitment to growth, innovation and opportunity. It has created one of the world’s most business-friendly environments and fostered a reputation as a destination that truly values talent and contribution. With its evolutions in technology, incentivised tax programmes, wide market access and generous government initiatives, there can be few places in the world better when it comes to finding professional success. Sunita Singh-Dalal, Partner at Hourani, shared how much the UAE had done to improve conditions for HNW private clients, “The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth.”
5. Flexibility. It is one thing to feel drawn to a new location, but what the UAE does exceedingly well is also make it relatively easy for people to actually come here and make the country their new home. There are multiple residency options available to suit the individual needs of HNW private clients and their families including the various Golden Visa categories and incentivised business set up solutions, as well as expert and stable asset management options and one of the world’s fastest growing luxury real estate markets.

If you would like to discuss options regarding residency, immigration, relocation or visas in the UAE for you or your HNW private clients, please get in touch with one of our expert team on info@eerme.com or +971 (0)4 421 1819.