Wealthy millennials eye UAE to avoid political disturbance back home
Young British and French millionaires are flocking to the UAE for its stability and opportunity.
London: A recent survey has revealed a growing trend among young millionaires from Britain and France, who are increasingly considering the United Arab Emirates (UAE) as their next home. This shift in sentiment is largely attributed to the political changes that have taken place in their respective countries.
The Affluence & Elections Survey, commissioned by Arton Capital, surveyed 256 French and 262 British residents, all with net assets of at least €1 million or £1 million. Notably, 26% of respondents had a net worth exceeding €5 million or £5 million.
The survey, conducted after recent elections in France and the UK, found that 44% of these wealthy millennials are now more inclined to relocate. Among them, 21% have pinpointed the UAE as their top choice for emigration, trailing behind Canada (32%) and the USA (31%).
Why the UAE?
Political uncertainty and potential tax hikes in their home countries have driven many affluent young Europeans to seek more stable and appealing environments.
Armand Arton, founder of Arton Capital, is quoted by a publication, "The UAE stands out as a global entrepreneurial hub. With Dubai now on par with financial giants like New York and London, its favorable tax policies and investor-friendly environment make it a top pick for the wealthy."
The country is set to welcome a record 6,700 millionaires by the end of 2024, driven by its zero income tax, golden visas, and luxurious lifestyle.
Migration trends
The survey also reveals that 80% of respondents believe relocating offers better economic opportunities and quality of life.
Over a third (34%) are highly likely to use Golden Visas or Citizenship by Investment programs to facilitate their move. Dubai's recent easing of its 10-year Golden Visa restrictions has further boosted its appeal, attracting significant capital and expatriates.