Approximately 3,500 millionaires have migrated from Africa to the UAE in the past 10 years, averaging 350 every year.
The majority of these people, according to Andrew Amoils, head of research at New World Wealth, migrated from Tanzania and Algeria in addition to the Big 3 wealth markets in Africa: South Africa, Egypt, and Nigeria.
Amoils, following the 2023 Africa Wealth Report, notes several reasons for migration from Africa to the UAE: business opportunities, safety concerns, and lower taxes. He anticipates this trend continuing, especially as Dubai outpaces London and Paris to become the key millionaire wealth hub in the Europe-Middle East region. Between 2013 to 2023, 18,700 high-net-worth individuals left Africa, with destinations including the UK, US, Australia, and the UAE, as well as France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
According to Henley and Partners, the UAE hosts 116,500 millionaires, 308 centi-millionaires, and 20 billionaires, with a notable growth of 77% in high-net-worth individuals' wealth between 2013 and 2023, surpassing BRICS countries. Dubai alone houses 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. The UAE's post-pandemic success in handling COVID-19, coupled with new business-friendly policies, attracted a surge of high-net-worth individuals globally. Additionally, 1,500 millionaires migrated from the UK to Dubai in the past decade. The Henley Private Wealth Migration Report 2023 projected 4,500 millionaire relocations to the UAE in 2023, ranking second after Australia in migration numbers.
Amol Prabhu, CEO for South Africa and market head for Africa at Barclays, highlighted Dubai and Singapore as leading relocation destinations for ultra-high-net-worth families globally, particularly those with business interests or aiming to establish family offices. He noted that in the UAE, relaxed business regulations and the attractive golden visa program contribute to the popularity of cities like Dubai.
News Source: Khaleej Times
