European millionaires are choosing the United Arab Emirates as a top destination for living. According to a report from Henley Private Wealth Management on millionaire migration trends. The current number of millionaires in Dubai alone witnessed a growth of 78% the past decade. Therefore, declaring Dubai as the city with the highest number of millionaires in the Middle East. As of September 2024, there are over 72,500 millionaires living in Dubai. The UAE is set to welcome around 6700 more by the end of 2024.
Tax & Economic Concerns
A recent survey demonstrates that 44% of 518 European millionaires consider relocating to Dubai. They are looking to relocate for the better economic opportunities and living standards that Dubai offers.
Although the influx of Russian residents to the UAE has decreased, it has been somewhat balanced by a growing number of European and British immigrants. In the UK, the rising interest to relocate stems from the current left-wing government. They are expressing concern over the potential tax spikes as well as the overall economic situation in the future.
In France, the prospect of a hard-right government and its potential punitive measures against the wealthy has sparked concern among the country’s millionaire class. Italy is also in a similar position. Due to the existing right-wing government, the country is experiencing an outflow of wealthy individuals, seeking location with stable environments for their assets.
Germany is gradually witnessing a potential outflow of millionaires. There is a rise in hard-right advocates, spiking concerns among the country’s wealthy. This will potentially lead to an increase in millionaire influx to Dubai from Germany.
Spanish and Portuguese investors are diverting towards Dubai. As per our observations, many of them are investing to diversify their investment portfolio within the UAE.
Investment Appeal
The appeal of Dubai also stems from the growing popularity of the Golden Visa by Investment. The UAE offers different investment visa options, and 34% of the European millionaires surveyed expressed interest in utilizing those programs.
Not only that, but as of Q1 2024, French and Italian buyers have been dominating the Dubai’s property market. This surge in property investments from Europeans displays the seriousness of the situation in Europe.
Similarly, Portuguese investors are on the rise. Our latest data shows that around 350 Portuguese citizens own over 800 properties in Dubai, worth over 222 million euros.
Why analyze European millionaire influx?
The influx of European millionaires can significantly affect Dubai’s economy and society. Their high-end property purchases are already boosting the local real estate market. These wealthy individuals may also start new businesses, invest more, and share their expertise. However, this influx could increase prices for high-end goods and services.
