Rich people love to come to the UAE! 350 millionaires migrate from Africa to the UAE every year.
Around 3,500 millionaires have migrated to the UAE from Africa in the last 10 years, an average of 350 per year. Most of these people come from Africa's three largest wealth markets - South Africa, Egypt and Nigeria - with some from Tanzania and Algeria.
Andrew Amoils, head of research at New World Wealth, said, "There are a number of reasons why [these millionaires] are migrating from Africa to the UAE, such as Dubai being one of the world's top business and financial centers with unlimited business opportunities, Africa's more serious security concerns, and the UAE's lower tax rates."
"This trend of migration from Africa to the UAE will continue beyond 2024, with Dubai in particular continuing to overtake London and Paris as the key center of millionaire wealth in the Europe-Middle East region."
The data shows that between 2013 and 2023, 18,700 HNWIs left Africa, mainly for the UK, the US, Australia and the UAE. A significant number also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand and Israel.
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