The United Arab Emirates (UAE) is still expected to top the world in luring millionaires to its economy in 2023, according to a recent prediction by the Henley Global Citizens Report. According to a report that tracks global trends in private wealth and investment migration, the UAE, Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada, and New Zealand are among the top 10 nations for drawing high net worth individuals, also known as U.S. dollar millionaires. (HNWIs).
According to research company New World Wealth's data, which is cited in the report, Russia, China, India, Hong Kong, Ukraine, Brazil, the United Kingdom, Mexico, Saudi Arabia, and Indonesia will see the greatest net outflows of millionaires. The UAE is predicted to surpass the United States by drawing the largest net inflows of millionaires worldwide in 2023, the report states. "A tsunami of private capital has left Russia and the Ukraine, the UK has lost its wealth hub crown, and the U.S. is fading fast as a magnet for the world's wealthy."
The popularity of the UAE among Russian immigrants, along with its laws intended to draw private wealth, capital, and talent, are suggested to have been major factors in its success in luring HNWIs. The possibility of higher taxes in the United States is also mentioned as a possible reason for the nation's waning appeal to emigrating millionaires. The study claims that even though there was a net inflow of 10,800 millionaires, the United States still attracts more HNWIs than it loses to emigration.
HNWIs are becoming less interested in China, and a significant net exit is predicted for 2023. According to the report, this is due to China's deteriorating relations with Australia and the United States as well as a general slowing of wealth development in the nation over the past few years.
According to the report's findings, nations that are effective at luring affluent people and families typically have low crime rates, competitive tax rates, and appealing business opportunities. This emphasizes how crucial a stable and alluring atmosphere is for companies and investors in order to draw in and keep talent and wealth.