The UAE is exceeding the expectations of high-net-worth individuals who are moving to the country, new residents have told The National.
A record 6,700 millionaires are expected to call the UAE home by the end of this year, according to a recent survey by international investment migration advisory firm Henley & Partners, which named the country the world's top wealth magnet for a third year in a row.
The country is poised to attract nearly twice as many millionaires as its nearest rival, the US, which is forecast to open its doors to 3,800 millionaires by the end of 2024.
'Nothing LA can offer that Dubai couldn't'
“Our social life is better than it has ever been anywhere else in the world,” said multimillionaire celebrity therapist Marisa Peer, who recently moved to the UAE after living in London and Los Angeles.
Ms Peer, a well-known speaker and bestselling author, moved to Dubai after visiting for the first time in February 2023.
“We had no intention of moving here at the time … but we pretty much fell in love with Dubai,” she told The National. “It felt like [the UAE] just wrapped its arms around us and made it so easy.
“We were given so many work opportunities, and I now find it one of the most exciting cities in the world.”
Within a few months of her first visit, Ms Peer had bought two adjoining properties in Al Barari and said she can now see herself living there for the rest of her life.
“There is nothing LA can offer that Dubai couldn't and very little London can offer, other than my family, the history and cuteness,” she added.
“There are many things I love about Dubai, but I would list them as the people, the tremendous help we've had in making our business thrive here and the safety. You can't put a price on that.”
'My favourite city I've ever lived in'
Ben Harvey, chief executive of digital and creative solutions company Zuru Group, who moved to the UAE in 2021, echoed these sentiments.
“The UAE has surpassed my expectations,” he told The National.
“I’ve lived in London, I’ve lived in New York and I did wonder whether Dubai could live up to those great cities because of the legacy and history, but what the UAE has been able to do in the past 50 or so years is build an incredible community,” said Mr Harvey, who moved to Dubai after selling his first company.
“We have the best hotels, the best restaurants, some of the best facilities in the world. It's fair to say, this is probably my favourite city I've ever lived in.”
Mr Harvey cites the “second-to-none” lifestyle, expat community and progressive business culture among the main reasons he loves living in the UAE.
“It's amazing to see how quickly and how progressive the UAE has been just in the past four years I’ve been here, and I can’t imagine what it’s going to be like in the next 10,” he said.
“One of the obvious challenges is summer, it's incredibly hot, but I look at it in contrast to living in London or New York where during the winter months it’s down to minus and raining, you’re always stuck indoors.
“So, during the summer, we just adapt our lifestyle and because Dubai has so many facilities, whether I want to go skiing or to one of the incredible gyms or amazing restaurants, we always have something to do.”
In business, Mr Harvey said there is an openness to collaboration that is hard to find elsewhere.
“In the US and UK you find more doors are closed on you. In the UAE, it feels like all doors are open. You just have to have initiative, a good work ethic and, most importantly, you need to execute.
“You do that, you can build an amazing reputation, an amazing business and a truly incredible life.”
A rise in western wealth
Joanne Doran, founder of JGD Luxury Lifestyle Operations, said her clients, who include high-net-worth and ultra-high-net-worth individuals, love the UAE as every aspect of their lives can be managed like a global business.
“It's unmatched,” she said. “If you look at how this converges, it is the ultimate destination for where their families want to come and preserve their legacies.”
Entrepreneurs and younger professionals are particularly drawn to Dubai's vibrant economy and because it’s the place to be and to be seen
Zarah Evans,
owner and managing partner of Exclusive Links
Ms Doran started her business five years ago, after 15 years of working in the hospitality field within Jumeirah Group. She began with personal consulting and executive estate management services, which grew to also encompass concierge and private lifestyle operations because of the demand.
While historically many of the millionaires moving to the UAE came from Russia, China, Britain and India, she said she is now also seeing an influx from Germany, Sweden, Switzerland, South Korea and Japan.
“You can notice the change in the type of people coming and their motivations. For people from Japan, South Korea and Russia, it's all about investment.
“Europeans, the Germans, Swiss, British and also Americans, they're more family orientated. Husbands have come here on business and now they're going back home and convincing their families to move here.”
Zarah Evans, owner and managing partner of real estate broker Exclusive Links, said she has also seen an increase in people moving from western countries over the past 12 months, as well as younger people, entrepreneurs and technology professionals.
The company's luxury brand, The Elite Collection, has noted a 20 per cent increase in inquiries and clientele from wealthy individuals over the past year.
“The reasons for moving to the UAE vary,” she said. “Western high-net-worth individuals often seek tax benefits and a high standard of living, while those from Asia and the Middle East are attracted by business opportunities and the city's cosmopolitan environment.
“Entrepreneurs and younger professionals are particularly drawn to Dubai's vibrant economy and because it’s the place to be and to be seen.”
Luxury real estate a major draw
While many still view the UAE as an ideal location for secondary or third homes, Ms Evans said they are seeing more of their clients making it their permanent base.
This is thanks to government initiatives such as the golden visa residency programme, she added.
Earlier this year, the UAE also cancelled the Dh1 million ($272,294) minimum down payment required for people to qualify for a golden visa through real estate investment, making it easier for more residents and investors to establish deeper roots in the country.
Ryan Almond, senior private client adviser at Maria Morris Real Estate, said decisions like this will ensure the trend continues.
“Improved regulatory frameworks are likely to also further secure investments among ultra-high-net-worth individuals moving to the UAE, through initiatives such as the golden and nomad visas with favourable tax conditions always at the forefront of Dubai's appeal, reconfirming its position as a global city of choice for wealthy individuals.”
The luxury real estate market, newly launched branded residences and privileged services offered to this affluent group also play significant roles in drawing wealthy families to the region, said Ms Evans.
For both Ms Peer and Mr Harvey, however, it's the people they've met since moving here that have turned this country into a “forever home”.
“It is such a big expat community and everybody has the same thing in common,” said Mr Harvey. “They’ve all been brave enough to move to another country, building a career or business and setting up a new life. As a result, you find people are way more open, willing to make friends, to talk, to communicate.
“It is the most friendly [country] I've ever lived in,” he said.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- NBA-spec basketball court with auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
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Man of the match
Ashley Barnes (Burnley)
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The Melbourne Mercer Global Pension Index
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Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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The five pillars of Islam
1. Fasting
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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