Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • Owner: SNOWLAND s.r.o.
  • Registration certificate 06691200
  • 16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
  • Czech Republic

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

The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report.

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% 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.

"Push factors include the prospect of higher taxes under a new Labour government. For example, one of Labour's campaign pledges was to levy VAT on private school tuition, which would raise the cost by 20%," he said. "Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration."

The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame. 

"With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world's number one destination for migrating millionaires," the report said. The

Read more on cnbc.com
DMCA