Young Millionaires from the UK and France Set Their Sights on the UAE

A recent survey has highlighted a significant trend among young millionaires from the UK and France, with 21% of those aged 18-34 showing a strong interest in relocating to the United Arab Emirates (UAE). This finding underscores a broader movement among the wealthy seeking better economic and living conditions.

Key Findings from the Survey

The survey, which involved 518 millionaires from the UK and France, reveals that 44% are considering emigration due to the promise of improved economic opportunities and a higher quality of life. This shift in preference comes in the wake of recent elections in both countries, which brought left-leaning governments into power, sparking concerns about potential tax increases and economic instability.

Top Destinations for Relocation

While the UAE is emerging as a top choice for young millionaires, North America remains highly favored overall. The United States (31%) and Canada (32%) are leading destinations for those contemplating a move. French millionaires are particularly inclined toward Canada, given the historical and cultural ties between the two nations. Meanwhile, the US attracts those drawn by its robust economy and thriving tech industry.

Concerns Over Tax Hikes

The survey also highlights widespread apprehension among millionaires about potential tax hikes. A notable 90% of respondents expressed concerns about increased personal taxes and possible regulatory changes that could negatively affect their businesses. Only 7% of those surveyed were unconcerned about these economic shifts.

The Appeal of Golden Visas and Investment Programs

Golden Visas and Citizenship by Investment programs are increasingly popular among millionaires looking to relocate. Over a third (34%) of those surveyed indicated they are "very likely" to pursue these options. Motivations for moving include:

Economic Opportunities (48%): Many see better prospects abroad.

Quality of Life (66%): A significant number prioritize improved living conditions.

Safety and Security (33%): Recent unrest in the UK and France has also driven concerns about personal safety.

The migration trend among young millionaires from the UK and France reflects a growing desire for enhanced economic opportunities and a better quality of life. The UAE, along with North America, remains a top destination for those seeking new horizons, driven by concerns over tax policies and a search for stability.