Onjo Simson

  High-Net-Worth Individuals are expected to flock to Dubai for a third successive year making it the world economic magnet in this category. The United Arab Emirates is projecting a record net addition of 6,700 millionaires in less than two years owing to its tax-free regime, luxurious living standards and progressive visa rules according to recent surveys. This is further illustrated by how millionaires especially from the United Kingdom are looking for escape routes as they flee from high taxes and economic uncertainties which are becoming stronger in their countries of origin. As more people leave The UK, there will be a 17 percent decrease in their population of rich people by 2028 due to new laws and political changes that are driving wealthy residents away into greener or sandier places Attractive features of Dubai include its zero income tax policy, golden visa system, sophisticated wealth management mechanism, modern infrastructure, and low crime rate. On the other hand,...

In 2024, the number of millionaires relocating globally will increase greatly according to the Wealth Migration Report. According to Henley & Partners’ group head of private clients Dominic Volek, the report asserts that 120,000 millionaires moved in 2023, a figure likely to be exceeded by 128,000 next year. The dynamics in global wealth are seen shifting his weight from the geopolitical, economic, and social events, a feature that is well depicted by its spread. Undoubtedly, about the United Arab Emirates? Approximately $925 billion worth according to data released shows that assets held by residents of this country are approximately $925billion therefore pushing the per capita income for its citizens at around $99,000; this represents an increase rate of 10% compared to 2016 while it has increased by 60% since 2007.  The United Arab Emirates’ economic future appears very strong since projections state that private riches will increase by 50% during the coming decade. Its grow...