Wealthy Millennials Drawn to Dubai



According to a recent survey, a significant portion of young and wealthy individuals from the UK and France are interested in relocating to the United Arab Emirates UAE particularly Dubai. The survey conducted by Arton Capital revealed that 21% of the surveyed millionaires aged 18 to 34 named the UAE as their top destination for emigration.


The survey which polled 256 French residents with net assets of at least €1 million and 262 UK residents with net assets of at least £1 million also found that 44% of the respondents were more likely to leave their countries than they were before the recent elections in their respective countries This suggests that the political climate and economic outlook in these countries may be driving the wealthy to consider alternative locations.


The UAE and specifically Dubai, has emerged as a popular choice for these young millionaires. Arton Capital's founder, Armand Arton, attributes this to the UAE's "friendly tax regimes, favourable regulations, and a culture that empowers investors to realise their dreams." The country's zero income tax, golden visa program, and luxurious lifestyle have solidified its position as a top destination for wealth migration.


The survey also highlighted the USA and Canada as providing better economic opportunities for those looking to relocate with 90% of the surveyed millionaires expressing concerns about potential tax increases under their new governments. Additionally, more than a third (34%) of the respondents stated that they were "very likely" to utilize golden visa or citizenship by investment programs as a means of emigration.


The UAE efforts to attract global talent and investment, such as the easing of restrictions on its popular 10 year golden visa program have contributed to its appeal among the affluent. The country is projected to attract a record breaking 6700 millionaires by the end of 2024 cementing its status as a magnet for the world's wealthy.


The survey's findings underscore the growing trend of wealth migration as the world wealthy seek out destinations that offer a favorable business environment, attractive tax regimes and a high quality of life Dubai's emergence as a top choice among young millionaires from the UK and France highlights the emirate ability to cater to the needs and aspirations of this demographic solidifying its position as a global hub for entrepreneurship and investment.

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