Rise of African Millionaires Migrating to the UAE

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The United Arab Emirates, and Dubai in particular, has become a popular destination for wealthy individuals from Africa looking to relocate in the past decade. According to a new report from research firm New World Wealth, approximately 3,500 African millionaires have migrated to the UAE since 2010, averaging 350 per year.

The majority of these migrants have come from Africa's largest wealth markets - South Africa, Egypt, and Nigeria. However, sizeable numbers also originated from Tanzania and Algeria. New World Wealth head of research Andrew Amoils noted that a combination of factors is driving this migration trend.

Business opportunities seem to be a big pull for African millionaires. As one of the leading financial and commercial hubs in the region, Dubai presents many prospects for business expansion and investment. Its strategically important location allows for easier access to Middle Eastern, European, and Asian markets.

Safety and security concerns back home also motivate some wealthy Africans to seek residency abroad. Political and civil instability, as well as threats like terrorism, continue to plague parts of the continent. The UAE offers a stable environment that is seen as safer for living and conducting business.

Lower taxes are another advantage cited by Amoils. Without personal and corporate income taxes, the tax regime in the UAE is certainly more attractive than in many African nations. This makes it an appealing place for millionaires to base themselves and their assets.

As African countries continue to develop economically, the trend of millionaire migration looks set to grow further in the coming years. The benefits the UAE provides seem well-suited to meeting the needs of wealthy individuals seeking better opportunities and living standards overseas.

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