UAE to attract the largest number of millionaires by 2022: report

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UAE will attract largest number of millionaires in 2022

According to the Henley Global Citizens Report, the UAE is likely to surpass the US, UK and Russia as the preferred destination for the wealthy.

Russia saw the largest emigration of millionaires in the last six months. The report, which tracked global trends in investment migration and private wealth, forecasts net outflows of 15,000 to 2022. This is a huge 15% increase in Russia’s HNWI population, and 9,500 more than it did in 2019.

Top 10 millionaire destinations

According to the Henley Global Citizens Report, the UAE, Australia and Singapore will be the top 10 countries for net inflows of HNWIs by 2022, according to the forecast figures.

“The 2022 forecast shows a highly volatile global environment. According to Dr. Juerg Steffen (CEO of Henley & Partners), 88,000 millionaires will have moved to new countries by the end of 2019. This is 22,000 more than the 110,000 who moved in 2019.

Steffen said that the 125,000 largest millionaire migration flows are expected to occur next year as wealthy investors and their families prepare for the new post Covid world. Steffen also stated, “Affluent investors and family members earnestly prepares for the new post Covid world with an as yet unrevealed rearrangement and the ever-present threat from climate change as a backdrop.”

Although many destinations that once attracted wealthy investors are losing their appeal, the UAE continues to be a great wealth hub.

Also Read: 7 out of 10 Muslims in UK experience Islamophobia at work

With 4,000 expected to increase the net inflow of HNWIs worldwide, 2022 is expected be the most significant year for this country. This compares with 2019’s net inflow which was 1,300. It will also be one of the largest records.

The UK, once a financial hub, continues to lose millionaires. Net outflows of 1,500 are predicted for 2022. The US continues to attract more HNWIs than it loses due to emigration. A net inflow projection of 1,500 for 2022 is expected, but this is an astonishing 86% decrease from 2019, which saw a net flow of 10,800 millionaires.

According to award-winning journalist Misha Glenny, wealthy Russians are moving to Israel and the UAE in large numbers to escape the negative effects of Western sanctions.

Biggest losers

According to the report, Russia, China and India are the 10 countries with the highest predicted net outflows for HNWIs.

The report stated that wealth emigration in China is starting to harm, with net outflows in excess of 10,000 HNWIs in 2022.

HNWIs are still leaving Hong Kong, but at a slower rate. The projected net millionaire outflows in 2022 is 3,000, a 29% decrease compared to 2019.

Brazil’s millionaire exodus has intensified with net outflows in excess of 2,500 HNWIs — an increase 79% over 2019.

India will lose approximately 8,000 HNWIs by 2022, an increase of 14% from 2019, when it lost 7,000. The report stated that India is producing far more millionaires each year than it loses to immigration.

According to Henley and Partners, the HNWI migration statistics only include people who have a net worth of $1 million or more and are truly moving — that is, people who remain in their new country for more than half of the year.

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