UAE witness high influx of millionaires and affluent investors, reaches top 10 list of HNWI

New Delhi:

The United Arab Emirates is turning out to be the key interest of focus among affluent investors. It is expecting to see a rise in the net influx of HNWIs globally in 2022. 

By contrast, the UAE has become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022, with 4,000 forecast — a dramatic increase of 208% versus 2019’s net inflow of 1,300 and one of its largest on record. 

The reason being zero tax rates, convenient accessibility between Asia and Europe, rocketing revenues from oil and gas, and luxury facilities that the nation provides. 

The Henley Global Citizens Report 2022 Q2 projects that 4,000 millionaires is expected to move to UAE in this year. This will help the UAE to become one of the top 10 countries which is going to witness the inflow of high-net-worth-individuals (HNWI). 

As an impact of the Ukraine-Russia crisis, the West has rolled out multiple sanctions on Russia. As a result, these HNWIs are trying to establish themselves in UAE and to Israel which has already taken the 4th place in the list. Israel has already witnessed the influx of 2,500 HNWI, in large numbers. 

This mirrors the country’s remarkable rise in the Henley Passport Index rankings over the past decade as it focused on attracting tourism and trade by implementing a succession of mutually reciprocated visa waivers. 

The UAE is now doing the same with its competitive, agile approach to adapting immigration regulations to attract private wealth, capital, and talent. 

Glenny says affluent Russians seeking to escape the impact of the devastating Western sanctions on their country have started to move to the UAE and Israel in large numbers. “An underlying pattern was already detectable in advance of the invasion of Ukraine. Well before the imposition of sanctions on the Russian banking system, there was a tsunami of capital leaving the country, largely prompted by the increasingly capricious governing style of President Vladimir Putin and his demands of loyalty made on middle-class and wealthy Russians. They have now come under further pressure from many Western countries, such as Britain, where they had previously made their homes.”


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