UAE offers unparalleled opportunities for high-net-worth individuals

UAE offers unparalleled opportunities for high-net-worth individuals

There is a net loss of millionaires from the powerful developed economies because of high inflation and uncertain economic situation. It results in higher investment interest towards GCC nations, particularly the UAE

The number of ultra-high-net-worth individuals (UHNWIs) with a $30 million net wealth possess about 41 per cent of the wealth and might increase by 43 per cent by 2026 in the UAE. — File photo

By Pratik Rawal/Viewpoint Published: Sun 18 Sep 2022, 5:14 PM

The UAE has become a magnet that attracts an extensive inflow of high-net-worth individuals (HNWI) and predicts the relocation of about 4,000 millionaires this year. The forecast shows that the financial wealth in the UAE will reach $1 trillion, with an annual rate of 6.7 percent, in 2022.

There is a net loss of millionaires from the powerful developed economies because of high inflation and uncertain economic situation. It results in higher investment interest towards GCC nations, particularly the UAE.

The UK, once known as the financial centre of the world, has witnessed a steady loss of millionaires with an expected outflow of 1,500 HNWIs in 2022, and the UAE appears to be a leading beneficiary.

Also, the number of ultra-high-net-worth individuals (UHNWIs) with a $30 million net wealth