Wealthy Britons Eye UAE as a Sanctuary Amidst Tax and Regulatory Uncertainties
High Migration Intent: 47% of UK millionaires are more inclined to emigrate following recent political changes.
Tax Concerns: 83% are apprehensive about regulatory changes under Prime Minister Keir Starmer's potential tax overhaul.
Economic Worries: 89% of respondents express concern about the future of the UK's economy.
Investment Risk: Armand Arton of Arton Capital warns that current trends could lead to losing significant investment and entrepreneurial spirit.
Better Opportunities Abroad: 87% of UK millionaires believe they will find better economic and living conditions outside the UK.
Popular Relocation Programs: Most millionaires are considering golden visa programs for relocation.
Top Destinations: The USA (39%) and Canada (35%) are the preferred destinations, with the UAE (27%) also highly favoured.
Youth Exodus: Younger millionaires (18-35) are highly willing
to relocate, posing a future challenge for UK talent retention.
Survey Coverage: The survey involved 518 millionaires from the UK and France, highlighting widespread unrest.
UAE's Appeal: Recognized as a global entrepreneurial hub, Dubai aligns with major financial centers like New York and Singapore.
The recent elections in France and the UK, both resulting in left-wing governments, have sparked significant unease among the wealthy, leading many to consider relocating in search of better economic stability and quality of life. According to the Affluence & Elections Survey by Arton Capital, 44% of surveyed millionaires from these countries are more inclined to emigrate than before the elections.
The survey reveals a striking trend among young millionaires, particularly those aged 18-34, with 21% choosing the United Arab Emirates as their preferred destination. This young demographic is notably drawn to the UAE due to its robust economic environment and favourable living conditions, highlighting its appeal as a sanctuary for wealth preservation and growth.
Key findings from the survey include concerns over imminent tax hikes. Ninety percent of participants worried that increased taxation would affect their personal wealth and business operations. This fear drives the affluent to seek refuge in countries with more favourable tax regimes.
The UAE, known for its investor-friendly climate, has become a prominent choice among these millionaires. Dubai, equated with financial giants like New York and Singapore, is recognized not just for its tax advantages but also as a vibrant entrepreneurial hub. The city's policies are tailored to support wealth creation, attracting many high-net-worth individuals seeking to capitalize on its dynamic economic landscape.
Golden Visas and Citizenship by Investment programs also play a crucial role, with over a third of the millionaires surveyed indicating a high likelihood of utilizing these routes for relocation. Economic opportunities and an enhanced quality of life remain the primary motivators for these potential migrants, alongside concerns over safety and security back home.
As Europe faces a potential wealth exodus, destinations like the UAE stand to gain, drawing in young, affluent individuals eager to embrace new opportunities and a superior lifestyle far from the tumult of their home countries.