A recent study on millionaire migration has revealed that 44 percent of the 518 surveyed millionaires are considering relocating to pursue better economic opportunities and an enhanced quality of life. The research highlighted that over one-fifth (21 percent) of young millionaires from the United Kingdom and France have their sights set on the United Arab Emirates (UAE) as their preferred destination.
The Affluence & Elections Survey, which polled 256 French residents with net assets of at least €1 million and 262 UK residents with net assets of at least £1 million, showed that 26 percent of these individuals had a net worth exceeding £/€5 million.
The study, conducted in the wake of elections in France and the UK, where left-wing governments were elected, revealed concerns among wealthy citizens regarding potential tax increases and the future of their national economies.
Top Choices for Relocation:
The UAE emerged as a favored destination among the younger generation of affluent individuals, with 21 percent of millionaires aged 18-34 selecting the Middle Eastern nation as their top choice for relocation.
North America also featured prominently, with the United States (31 percent) and Canada (32 percent) being frequently mentioned by those contemplating a move. French millionaires favored Canada due to cultural ties, while the USA remained appealing because of its robust economy and thriving tech sector.
Armand Arton, a commentator on the findings, remarked, “Our study suggests that Europe is on the brink of a significant wealth exodus. Countries like the UK and France must take action to maintain their appeal to the affluent. If they fail to act, wealthy citizens may depart in large numbers in search of the American Dream or Canada’s high quality of life. Meanwhile, the UAE has solidified its status as a global entrepreneurial hub, with Dubai now standing alongside financial giants such as New York, Singapore, Tokyo, and London. The UAE’s investor-friendly tax policies, supportive regulations, and culture of empowerment make it a natural choice for the wealthy.”
Concerns Over Tax Hikes:
An overwhelming 90 percent of the surveyed millionaires expressed concern about potential tax increases under their new governments. While most were apprehensive about personal tax hikes, 40 percent were also worried about regulatory changes that could adversely affect their businesses.
Only seven percent of respondents were unconcerned about their economies’ future, while 79 percent saw moving abroad as a way to access better economic and living conditions.
The Appeal of Golden Visas:
Golden Visas and Citizenship by Investment programs emerged as popular options for those considering emigration, with over a third (34 percent) indicating they were “very likely” to utilize these avenues.
When asked about their reasons for considering emigration, 48 percent cited economic opportunities, and a significant 66 percent pointed to quality of life. In light of recent unrest in both the UK and France, a third (33 percent) also mentioned safety and security as motivating factors.
