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Dubai News Today | أخبار دبي اليوم
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    The holy city of Mecca was flooded by heavy rains

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Expert says 350 millionaires move Africa to Emirates every year

Business Desk, Dubai News Today by Business Desk, Dubai News Today
Wednesday, April 24, 2024 2:09PM
Reading Time: 2 mins read
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According to Henley and Partners the country houses 116,500 millionaires, 308 centi-millionaires with $100 million in wealth, and 20 billionaires.

Approximately 3,500 millionaires have migrated from Africa to the UAE in the past 10 years, averaging 350 every year.

Andrew Amoils, head of research at New World Wealth, said most of these individuals migrated from Africa’s Big 3 wealth markets — South Africa, Egypt and Nigeria — as well as large numbers from Tanzania and Algeria.

According to Amoils, 18,700 high-net-worth individuals have left Africa between 2013 to 2023, mostly to the UK, the US, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.

“There are a number of possible reasons for migration from Africa to the UAE, such as business opportunities as Dubai is one of the world’s top business and financial centres; safety and security concerns in Africa; and lower taxes in the UAE.

Andrew Amoils, Head of research at New World Wealth

“We definitely see this trend of migration from Africa to the UAE continuing beyond 2024 especially as Dubai continues to surpass London and Paris to become the key millionaire wealth hub in the Europe – Middle East region,” Mr. Amoils Added

According to Henley and Partners, the UAE houses 116,500 millionaires, 308 centi-millionaires with $100 million in wealth and 20 billionaires. The wealth of the high net worth individuals grew by 77 per cent between 2013 and 2023, the highest among the BRICS countries.

While Dubai houses 72,500 millionaires, 212 centi-millionaires and 15 billionaires.

A large number of high and ultra-high-net-worth individuals have been attracted to the UAE in the post-pandemic period after the government successfully handled Covid-19, boosting confidence among global investors. In addition, many new business-friendly policies were introduced to attract the best talent from around the world.

In addition to Africa, 1,500 millionaires migrated from the UK to Dubai in the past 10 years.

The Henley Private Wealth Migration Report 2023 released earlier projected that 4,500 millionaires would relocate to the UAE in 2023, the second highest migration after Australia.

Amol Prabhu, CEO for South Africa and market head for Africa at Barclays, said Dubai and Singapore are among the top relocation destinations of ultra-high-net-worth families globally, especially those with business interests or looking to establish family offices in either hub.

“In the UAE, a relaxation of business regulations and its attractive golden visa programme are helping drive the popularity of cities such as Dubai,” he said.

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Business Desk, Dubai News Today

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UAE Confirms First Day of Eid Al Adha 2025
Entertainment

UAE Confirms First Day of Eid Al Adha 2025

by Ashik Islam
Thursday, May 29, 2025 @ 3:07AM
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The crescent moon of Dhu Al Hijjah was sighted in the UAE on Tuesday evening. Eid Al Adha falls on...

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UAE Central Bank Stops Banks from Raising Minimum Balances

UAE Central Bank Stops Banks from Raising Minimum Balances

Thursday, May 29, 2025 @ 3:03AM
Latifa bint Mohammed meets with Lebanon’s Ministers of Culture, Information at Arab Media Summit

Latifa bint Mohammed meets with Lebanon’s Ministers of Culture, Information at Arab Media Summit

Thursday, May 29, 2025 @ 2:59AM
Sharjah Chamber highlights Sectoral Business Groups’ role as key partners in driving private sector growth

Sharjah Chamber highlights Sectoral Business Groups’ role as key partners in driving private sector growth

Thursday, May 29, 2025 @ 2:56AM
“Sightings Called: UAE Asks Public to Look for Dhu Al Hijjah Crescent on May 27 Ahead of Eid Al Adha 2025”

“Sightings Called: UAE Asks Public to Look for Dhu Al Hijjah Crescent on May 27 Ahead of Eid Al Adha 2025”

Tuesday, May 27, 2025 @ 10:46AM
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Adil Rashid confident of defending T20 World Cup title

Adil Rashid confident of defending T20 World Cup title

Dubai Police to waive all traffic fines incurred by motorists on 16 April

Dubai Police to waive all traffic fines incurred by motorists on 16 April

Azaan Khan to accelerate DUGASTA Properties’ phenomenal growth

Azaan Khan to accelerate DUGASTA Properties' phenomenal growth

155 death in heavy rains and landslides in Tanzania

155 death in heavy rains and landslides in Tanzania

5 people died of heatstroke while voting

5 people died of heatstroke while voting

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Editorial

Story of a Dictator – Sheikh Hasina
Politics

Story of a Dictator – Sheikh Hasina

by M. Shaiful Islam, Dubai News Today
July 24, 2024
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A typical story of how dictators run their country and how their downfall happens. It may sound familiar, but this...

The List of Potential Suspects in the Mysterious Death of Iran’s President Raisi

The List of Potential Suspects in the Mysterious Death of Iran’s President Raisi

May 20, 2024
Social degradation; Impact of Social Media Content Creation on Professional Development

Social degradation; Impact of Social Media Content Creation on Professional Development

May 9, 2024
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UAE Confirms First Day of Eid Al Adha 2025
Entertainment

UAE Confirms First Day of Eid Al Adha 2025

by Ashik Islam
May 29, 2025
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The crescent moon of Dhu Al Hijjah was sighted in the UAE on Tuesday evening. Eid Al Adha falls on...

UAE Central Bank Stops Banks from Raising Minimum Balances

UAE Central Bank Stops Banks from Raising Minimum Balances

May 29, 2025
Latifa bint Mohammed meets with Lebanon’s Ministers of Culture, Information at Arab Media Summit

Latifa bint Mohammed meets with Lebanon’s Ministers of Culture, Information at Arab Media Summit

May 29, 2025
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