Dubai standing out: 21% of the young and wealthy from UK, France want to move to UAE

A survey of British and French millionaires aged 18-34 revealed that 44 percent of them are more likely to leave their countries than they were before the recent elections in their countries, with 21 percent of young millionaires naming the United Arab Emirates (UAE) as the country they were most interested in emigrating to, according to ‘The Affluence & Elections Survey’ published by Arton Capital on Tuesday.

The UAE followed closely behind Canada (32%) and USA (31), as the preferred destination to relocate to, following a survey of 256 French residents with net assets of at least €1 million and 262 UK residents with net assets of at least £1 million, added the global financial advisory firm.

Of these, 26 percent of respondents had a net worth of more than £/€5 million.

The survey was conducted following elections in France and the UK, in which left-wing governments were elected in both countries.

The survey uncovered the extent to which wealthy British and French citizens are concerned about potential tax rises and the future of their economies.

“The UAE is firmly established as a global entrepreneurial hub, with Dubai now on par with financial heavyweights such as New York, Singapore, Tokyo, and London,” Armand Arton, founder of Arton Capital, was quoted as saying.

“With friendly tax regimes, favourable regulations, and a culture that empowers investors to realise their dreams, it is no surprise that the UAE is so popular amongst the affluent.”

Notably, a recent report also placed the UAE as an attractive location for wealth migration – coming in second behind Australia, according to the Henley Private Wealth Migration Dashboard 2023.

The UAE is projected to attract a record-breaking 6,700 millionaires who are expected to make the country home by the end of 2024.

The UAE’s zero income tax, golden visas, luxury lifestyle, and strategic location have solidified its position as the top destination for migrating millionaires.

The survey also pointed out the USA and Canada as providing better economic opportunities for those relocating, with 90 percent of the 518 millionaires surveyed saying they were concerned about tax increases under their new governments.

Around 80% of those surveyed said they believed it beneficial to moving abroad, citing better economic opportunities, quality of life as well as security.

Golden Visas and Citizenship by Investment programmes were also cited as the most popular avenue for emigration among the millionaires surveyed, with more than a third (34 percent) saying they were “very likely” to use these programmes.

Dubai’s easing of restrictions regarding its popular 10-year Golden Visa, have attracted expats and businesses and plenty capital over the last few years.