350 millionaires move Africa to Emirates every year, says expert

Millionaire migration to UAE

Over the past decade, the United Arab Emirates (UAE) has witnessed a significant influx of millionaires from Africa, with approximately 3,500 individuals making the move each year. This trend, highlighted by Andrew Amoils, head of research at New World Wealth, sheds light on the evolving landscape of wealth migration and its underlying factors.

According to Amoils, a considerable number of these migrants hail from Africa's major wealth markets, including South Africa, Egypt, Nigeria, Tanzania, and Algeria. The motivations behind their relocation vary, ranging from business opportunities to safety concerns and favorable tax environments offered by the UAE.

Dubai, in particular, has emerged as a preferred destination for affluent individuals seeking to capitalize on its status as a global business and financial hub. The city's strategic location, coupled with its progressive policies and infrastructure, has positioned it as a magnet for wealth and investment.

The UAE's allure extends beyond Africa, with significant migration observed from other regions as well. The country boasts a thriving community of millionaires, centi-millionaires, and billionaires, with Henley and Partners reporting figures of 116,500 millionaires, 308 centi-millionaires, and 20 billionaires. The wealth of high-net-worth individuals has seen remarkable growth, reflecting the country's robust economic performance and investor-friendly environment.

The post-pandemic period has further catalyzed migration to the UAE, with the government's effective handling of the COVID-19 crisis instilling confidence among global investors. Moreover, the introduction of business-friendly policies and initiatives, such as the golden visa program, has reinforced the country's appeal as a destination for high-net-worth individuals and entrepreneurs.

Notably, the UAE has also emerged as a favored relocation destination for millionaires from the United Kingdom, with 1,500 individuals making the transition in the past decade. This trend underscores the country's growing prominence as a global hub for wealth and opportunity.

Commenting on the phenomenon, Amol Prabhu, CEO for South Africa and market head for Africa at Barclays, highlighted Dubai and Singapore as top choices for ultra-high-net-worth families seeking to establish family offices or expand their business interests. He emphasized the role of business-friendly regulations and initiatives, such as the golden visa program, in driving the popularity of cities like Dubai among affluent individuals and families.

In summary, the UAE's status as a premier destination for wealth migration continues to gain momentum, with Africa and other regions contributing significantly to its growing affluent population. As the country solidifies its position as a global economic powerhouse, the influx of millionaires is expected to persist, further fueling its prosperity and dynamism on the world stage.