Around 1,500 millionaires or high-net-worth individuals (HNWIs) have relocated from the United Kingdom (UK) to Dubai over the past 10 years, due to high taxes and deteriorating healthcare system.
This came according to a recent report released by New World Wealth (NWW).
The report indicated that about 250 millionaires are set to relocate from the UK to Dubai this year, making it the third most popular destination for high-net-worth individuals (HNWIs).
In 2023, the top cities for millionaires moving from the UK are Paris (300), Monaco (250), Dubai (250), Amsterdam (200), and Sydney (200).
From 2017 to 2022, the UK lost 12,500 more HNWIs than gained through migration, with an expected loss of 3,200 HNWIs in 2023.
The report highlights that London has been severely impacted by the migration of wealthy individuals, especially those in the top-tier segment.
It is worth noting that millionaires are those with an investable wealth of one million dollars (Rs 8,33,63,150), according to a global wealth intelligence firm report.
Possible reason for the millionaire migration
- The high taxation cost in the UK may be a significant factor causing wealthy individuals to leave the country
- The high capital gains tax and estate duty rates in Britain discourage wealthy retirees from residing there
- The UK’s healthcare system is experiencing a decline, with safety concerns increasing, particularly in major cities
- Many British millionaires have relocated to Europe due to Brexit, primarily working in financial services or as retirees
- The increasing global dominance of the USA and Asia in the hi-tech sector has led several UK tech entrepreneurs to reconsider their base location, the report added.