UAE set to welcome even more millionaires as wealthy individuals abandon the UK

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1. The United Arab Emirates is on track to be the [world’s top wealth magnet](https://www.cnbc.com/2024/06/19/the-uae-is-set-to-be-the-no-1-wealth-magnet-in-the-world-henley-research.html) for the third year running, according to the [Henley Private Wealth Migration Report](https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2024#:~:text=Britain%20pulls%20the%20plug%20on%20millionaires&text=Notably%2C%20during%20the%20six%2Dyear,projected%20for%20this%20year%20alone).

   At the same time, the U.K. – already the source of many of the UAE’s expatriates – is projected to see its millionaire population [drop by 17%](https://www.cnbc.com/2024/07/10/wealth-report-millionaires-to-soar-globally-but-plunge-in-the-uk.html) by 2028, according to Swiss bank UBS.

   High-net worth individuals are in many cases voting with their feet, seeking greener pastures – or in the case of tax-free expat hubs like Dubai, sandier beaches – as costs and taxes rise in their home country. The trend is likely to accelerate in the wake of the landslide election victory for the U.K.’s Labour Party in June, according to some financiers.

   “There are push and pull factors for this trend of millionaires opting to relocate to Dubai,” Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC.

   Read more: [https://www.cnbc.com/2024/07/30/dubai-set-to-welcome-more-millionaires-as-uk-wealthy-move-their-money-.html](https://www.cnbc.com/2024/07/30/dubai-set-to-welcome-more-millionaires-as-uk-wealthy-move-their-money-.html)