UAE will see the world’s second biggest influx of millionaires in 2023

UAE will see the world’s second biggest influx of millionaires in 2023

Almost 4,500 millionaires are expected to relocate to the UAE in 2023, making it the world's second most popular country for relocation among high-net -worth individuals (HNWIs). Australia is the most preferred destination, with 5,200 millionaires around the globe choosing it as their home, according to a recent report.

The net HNWI inflow to the UAE in 2023 will surpass the previous year, which saw 4,000 arrive, the Henley Private Wealth Migration Report 2023 said.

Moreover, the UK will a see a larger net exodus of millionaires than Russia this year as HNWIs flee the country’s post-Brexit economic landscape as well as a government policy change that has removed permanent non-dom tax status.

Almost 3,200 millionaires are expected to leave the UK this year, while 3,000 are expected to exit Russia.

Only China and India will see more HNWIs leave, with net losses of 13,500 and 8,000 millionaires respectively.

The total number of millionaires leaving the UK is expected to double, as 1,600 left in 2022, the report said.

Singapore will be in third place in 2023, with a net inflow of 3,200 HNWIs, its highest on record, followed by the USA with an expected net inflow of 2,100 millionaires.

The next most popular destinations will be