21% of Young and Wealthy Individuals from the UK and France Choose UAE as Their New Home

A recent study has revealed a significant shift in the preferences of young millionaires from the UK and France: 21% are now considering the United Arab Emirates (UAE) as their desired country for relocation. The research conducted by Arton Capital highlights a growing trend among affluent individuals from these countries seeking better economic and living conditions abroad.

Survey Insights

The Affluence & Elections Survey, which involved 518 millionaires from both countries, found that 44% of them are now more inclined to leave their home countries compared to before the recent elections. The survey included 256 French and 262 British millionaires with net assets of at least €1 million or £1 million, respectively. Notably, 26% of respondents reported having assets exceeding £5 million or €5 million.

The survey was conducted following elections in both France and the UK, which resulted in left-leaning governments taking power. The results reflect the concerns of wealthy citizens about potential tax increases and economic uncertainty in their home countries.

Preferred Destinations

The survey identifies the UAE as a top destination for young millionaires, with 21% of respondents aged 18-34 expressing a strong interest in moving to this Middle Eastern country.

North America remains a popular choice for those considering emigration. The United States (31%) and Canada (32%) are the most frequently mentioned countries. French millionaires tend to favor Canada due to long-standing cultural ties, while British millionaires are attracted to the USA because of its large economy and booming tech sector.

Armand Arton, Founder of Arton Capital, commented: “The results of our survey indicate that a significant exodus of wealthy individuals from Europe is a real possibility. Europe is at a crossroads. Countries like the UK and France need to do more to maintain their attractiveness to the wealthiest citizens. If they fail, wealthy individuals might leave in search of the American Dream or Canada’s high standards of living. Meanwhile, the UAE is firmly establishing itself as a global entrepreneurial hub, rivaling financial giants like New York, Singapore, Tokyo, and London. With favorable tax regimes, supportive regulations, and a culture that empowers investors to achieve their dreams, it’s no surprise that the UAE is so popular among the affluent.”

Concerns About Tax Increases

The survey revealed that 90% of millionaires are concerned about potential tax hikes under their new governments. While most worry about increases in personal taxes, 40% are also concerned about possible regulatory changes that could negatively impact their businesses. Only 7% of respondents did not express concern about their economic future.

Furthermore, 79% of those surveyed believe that moving abroad offers better economic and living opportunities.

The Appeal of Golden Visas

Golden Visas and Citizenship by Investment programs emerged as the most popular options for those considering emigration, with 34% of millionaires stating they are ‘very likely’ to use these programs. When asked about their reasons for relocating, 48% cited economic opportunities, while an impressive 66% mentioned a desire for improved quality of life. Recent unrest in both the UK and France also led 33% of respondents to consider safety and security as key factors in their decision to move.

Source: Arabian Business