A record 6,700 millionaires are expected to call the UAE home by the end of this year, according to a recent survey by international investment migration advisory firm Henley & Partners, which named the country the world's top wealth magnet for a third year in a row.
The country is poised to attract nearly twice as many millionaires as its nearest rival, the US, which is forecast to open its doors to 3,800 millionaires by the end of 2024.
While historically many of the millionaires moving to the UAE came from Russia, China, Britain and India, she said she is now also seeing an influx from Germany, Sweden, Switzerland, South Korea and Japan.
This is thanks to government initiatives such as the golden visa residency programme.
Improved regulatory frameworks are likely to also further secure investments among ultra-high-net-worth individuals moving to the UAE, through initiatives such as the golden and nomad visas with favorable tax conditions always at the forefront of Dubai's appeal, reconfirming its position as a global city of choice for wealthy individuals.
The luxury real estate market, newly launched branded residences and privileged services also play significant roles in drawing wealthy families to the country.
Earlier this year, the UAE also cancelled the Dh1 million ($272,294) minimum down payment required for people to qualify for a golden visa through real estate investment, making it easier for more residents and investors to establish deeper roots in the country.
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