UAE will attract more millionaires as Emirates remains safest country despite regional war
The UAE will continue to attract high net-worth individuals despite the regional Israel-Iran war as the Emirates is still the safest country to park money, according to international migration consultants and wealth managers.
'I have seen how UAE becomes always a stronger magnet in a time of crisis in the region and geopolitically around the world because of the infrastructure, the safety nets, the rule of law, the quality of life and low tax. I think that in case of any regional problems, the UAE will benefit as the best and safest hub,' said Armand Arton, CEO of leading immigration investment firm Arton Capital.
In an interview with Khaleej Times, he stated that he expected the UAE to continue attracting even more millionaires than it had in the last five years.
'The Russia-Ukraine war was the last big wave of wealth that came in. After that, the taxation in the UK and the politics of Europe created a second wave of Europeans. We had the third wave of Americans after US President Donald Trump was elected, as a lot of Democrats and others moved to UAE. We see that very high profile of people coming in and asking for the Golden Visa,' he added.
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Abu Dhabi and Dubai have consistently been rated among the safest cities in the world. The UAE has been a magnet for millionaires from around the world in the post-pandemic period.
On Wednesday, the UBS Global Wealth Report 2025 stated that the UAE attracted approximately 13,000 new millionaires in 2024, representing a 5.8 per cent increase, and bringing the total number of high-net-worth individuals in the country to 240,343.
The millionaires in the UAE command approximately $785 billion (2.88 trillion) in wealth.
In April, property consultancy Knight Frank reported, citing data from Henley & Partners, that the UAE attracted 7,200 millionaires in 2022, a 53 per cent increase over the previous year, bringing the total number of high-net-worth individuals (HNWIs) in the country to 130,500.
'War always comes with a very high human cost, but a localised conflict like the current situation is likely to have a very limited macroeconomic effect. Unless there is a major escalation, we would not see this as significantly changing global macro trends, including migration,' said Paul Donovan, chief economist at UBS Global Wealth Management.
Armand Arton said that the Iran-Israel war 'will create a new wave of people from the neighbouring country that will come to UAE who are still considering that this the safest place to park their money and family.'
Arton Capital has placed the UAE passport as the strongest in the world, placing it in the first position in its 205 index.
Armand added that the UAE's passport ranking has increased from 35 to number 1, and no other country in the world has achieved such rapid growth. 'This is because of having the leadership decision and the execution to sign as many visa-free as necessary in order to open the world to the Emirati citizens,' he added.
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