“New residents have suggested that the UAE is surpassing the expectations of high-net-worth individuals who are relocating there.”

According to a recent poll by international investment migration advisory firm Henley & Partners, which ranked the UAE as the world’s top wealth magnet for a third consecutive year, a record 6,700 millionaires are anticipated to call the country home by the end of this year.

With 3,800 millionaires expected to enter the US by the end of 2024, the UAE is expected to draw nearly twice as many millionaires as its closest competitor.

Multimillionaire celebrity therapist Marisa Peer, who formerly lived in London and Los Angeles, stated of her social life in the UAE, “It is the best it has ever been.”

The bestselling author and well-known speaker Ms. Peer initially traveled to Dubai in February 2023, and she later relocated there.

“We had number of relocating here, at that time. nevertheless, we really fell in love with Dubai,” she said to The National. “It seemed as though the UAE simply encircled us and made everything so simple.”

“There are countless opportunities here, it is one of the most exciting cities in the world,” the speaker said.

Ms. Peer purchased two adjacent properties in Al Barari a short time after her initial visit, and she now sees herself residing there for the remainder of her life.

” Other than my family, the history, and the cuteness, there is very little that London can give that LA cannot, and very little that Dubai can’t”. She continued.

There are a lot of things about Dubai that I adore, but the people, the amazing support we’ve received in helping our business succeed, and the safety are at the top of my list. There is no way to quantify that.

These opinions were also expressed by Ben Harvey, CEO of Zuru Group, a digital and creative solutions company that relocated to the UAE in 2021.

“The place has exceeded my expectations,” he said to The National.

After selling his first business, Mr. Harvey moved to Dubai and said, “I’ve lived in London and I’ve lived in New York. Considering the legacy and history of such magnificent cities, I did question if  Dubai could measure up, yet what the UAE has accomplished in the last 50 or so years is build an incredible community.”

We have some of the greatest facilities in the world, as well as the greatest restaurants and hotels. I think it’s safe to say that this is my favorite city to live in.

Mr. Harvey lists his favorite things about living in the UAE: the expat community, the “second-to-none” lifestyle, and the forward-thinking business culture.

The UAE has changed so rapidly and so dramatically in the last four years that I can’t even begin to conceive what it will look like in ten years.,” he remarked.

“It’s true that the summer heat might be difficult, but when I contrast it with living in cities like London or New York, where it’s always freezing and pouring outside in the winter, I find that living here is much more manageable.”

We simply modify our way of life for the summer because Dubai offers so many amenities. Whether I want to go skiing, to one of the fantastic gyms, or to one of the beautiful restaurants, there is always something to do.

According to Mr. Harvey, there is a collaborative spirit in business that is difficult to find in other fields.

“You actually realize that there are more doors closed on you in the US and the UK. Everything seems to be open in the United Arab Emirates. All you really need is initiative, a strong work ethic, and—above all—the ability to perform.

“If you do that, you can create an incredible life, an incredible business, and an amazing reputation.”

High-net-worth and ultra-high-net-worth persons are among Joanne Doran’s clientele; she founded JGD Luxury Lifestyle Operations. She claims that these folks adore the UAE because it allows them to run every area of their lives like a worldwide corporation.

It’s unparalleled, she declared. ” If you look at how these converge, this is the best place for their families to come and leave their legacies..”

Ms. Doran worked for the Jumeirah Group for fifteen years in the hospitality industry before launching her own company five years ago. Due to demand, she expanded her initial offerings of executive estate management and personal consultancy to include concierge and private lifestyle services.

Although historically, China, Britain, India, and Russia have sent a large number of millionaires to the United Arab Emirates, she stated that these days, Germany, Sweden, Switzerland, South Korea, and Japan are also sending a large number of millionaires.

“You can notice that there’s a shift in the visitors and their reasons for visiting. For those from South Korea, Russia, and Japan, there main motive is investing.

Families are more important to Europeans—Germans, Swiss, British, and Americans, among others. Now, husbands that come here on business are coming home and convincing their families to move here.

“Owner and managing partner of real estate brokerage Exclusive Links, Zarah Evans, reported that in the last year, she has observed a rise in the number of individuals relocating from Western nations, along with a rise in the number of younger individuals, entrepreneurs, and technology professionals.”

The Elite Collection, the company’s luxury brand, has seen a 20% rise in requests and customers from affluent people in the last 12 months.””People move to the UAE for a variety of reasons,” she stated. High-net-worth individuals from the West are frequently drawn to the city because of its cosmopolitan atmosphere and economic prospects, while those from Asia and the Middle East are drawn by its tax advantages and high standard of living.

Due to its thriving economy and reputation as a place to be seen and heard from, Dubai is especially appealing to entrepreneurs and younger professionals.

Ms. Evans stated that although many people still consider the UAE to be a great place to have a second or third home, an increasing number of their clients are choosing to make it their permanent home.

“This is because of government programs like the Golden Visa Residence Program,” the speaker went on.

The UAE eliminated the Dh1 million ($272,294) minimum down payment earlier this year, which made it simpler for more citizens and investors to become more deeply established in the nation through real estate investment and qualify for a golden visa.

Such actions, according to Maria Morris Real Estate’s senior private client adviser Ryan Almond, will guarantee that the trend continues.

Improved regulatory frameworks are likely to further secure investments among ultra-high-net-worth individuals moving to the UAE by prioritizing programs like golden and nomad visas with advantageous tax conditions. This will confirm Dubai’s status as a global city of choice for wealthy individuals.

Rich families are drawn to the area by the premium real estate market, recently introduced branded homes, and exclusive services provided to this exclusive demographic, according to Ms. Evans.

But for Mr. Harvey and Ms. Peer, the individuals they’ve encountered since coming to this nation have made it feel like a “forever home.”

Mr. Harvey remarked, “Everyone has the same thing in common and it is such a big expat community.” “They’ve all had the guts to relocate, establishing a new life and a business in a foreign nation. People are far more approachable, eager to make friends, converse, and interact as a result.

He declared, “It is the friendliest [nation] I have ever lived in.”

 

Planning to buy, rent or sell a property? Contact us at 800 HENRY or +971 56 484 3380 to get started

Source National News 24 June 2024

See all Developments News >