350 millionaires move from Africa to Emirates every year, says expert 🇦🇪  

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Henley & Partners reports that there are 116,500 millionaires, 308 centi-millionaires (worth $100 million) and 20 billionaires in the United Arab Emirates. The wealthiest individuals in the BRICS countries saw the most growth in wealth, rising by 77% between 2013 and 2023.

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In contrast, Dubai is home to 15 billionaires, 212 centimillionaires, and 72,500 millionaires.

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Since the government effectively managed Covid-19, a great deal of high- and ultra-high-net-worth individuals have been drawn to the UAE in the post-pandemic phase, increasing confidence among international investors. Many new policies that are favourable to business were also adopted in an effort to draw in the greatest talent from across the globe.

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In the last ten years, 1,500 millionaires have moved to Dubai from the UK in addition to Africa.

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According to the previously published Henley Private Wealth Migration Report 2023, 4,500 millionaires—the second-highest migration after Australia—are expected to move to the United Arab Emirates in 2023.

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According to Amol Prabhu, CEO of Barclays' South Africa and market head for Africa, ultra-high-net-worth families are increasingly choosing to relocate to Dubai and Singapore, particularly those with business interests or who want to set up family offices in these cities.

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"In the UAE, the popularity of cities like Dubai is being driven by the relaxation of business regulations and its attractive golden visa programme," the speaker stated.

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