The United Arab Emirates is on the cusp of becoming the world’s top millionaire magnet, even Elon Musk agrees. A statistic assessed by the Swiss bank UBS, projects UK is on track to be a significant supplier of wealthy individuals to the UAE.
Karim Jetha, a regional investor who relocated to the Emirates from the UK during the pandemic, pointed out various push and pull factors to this rising influx of UAE millionaires trend in an interview with CNBC. He claims higher tax is a major push factor why wealthy individuals would relocate to Dubai.
Whereas “Pull factors include Dubai’s perception of being extremely safe and visa reforms that encourage migration,” he noted. When the report caught the attention of SpaceX mogul, Elon Musk, he stamped his approval writing “Dubai is winning” on his social media application X.
Dubai is winning — Elon Musk (@elonmusk) July 30, 2024
It is suggested the UAE will welcome a net inflow of 6,700 millionaires from all around the world by the end of this year, as per a Henley report. The estimation is double in comparison to the US, the second country on the list that is set to accept about 3,800 millionaires.
“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires,” the report claims.
Besides the UK, millionaires from India, Russia, and Africa are also on the list.
ALSO READ| ‘Macrohard >> Microsoft’: Elon Musk takes a funny dig at Bill Gates’ tech giant amid global outage; See post
