Over half of British millionaires might leave the UK if a wealth tax is implemented, with the UAE being one of their top five relocation choices, a study by Arton Capital reveals.
The survey indicates that wealthy Brits favor the US the most for relocation, followed by Canada and Australia. The UAE places fourth, appealing to those seeking English-speaking locales and luxury living.
Arton Capital’s CEO, Armand Arton, notes rising disillusionment among British millionaires about the UK’s future direction.
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“The UAE presents a refreshing change. Its lack of personal income tax, business-friendly environment, and pro-entrepreneurship culture make it a magnet for wealth creators seeking lifestyle and financial benefits,” Arton stated in an interview with Khaleej Times.
The UK government is reportedly exploring a new wealth tax on the affluent to increase public funds.
Earlier, the Financial Times reported a trend of UK company directors moving to the UAE to escape high European taxes, with 3,790 directors having left the UK, making the UAE a prime destination.
Over 240,000 British citizens reportedly reside in the UAE, working in diverse sectors.
Golden Visa a key attraction
Arton emphasized the UAE’s 10-year Golden Visa as a major lure.
“It offers not just family security and stability but also serves as a strategic gateway to Africa, the Middle East, Asia, and Europe, allowing high-net-worth individuals to pursue global business and personal interests,” he mentioned.
Armand Arton
“Some wealthy individuals even gain citizenship through investment and family office relocation, enhancing the appeal for centimillionaires and billionaires seeking security and legacy planning.”
The Capital Affluence and Elections Survey shows 82% of UK millionaires are interested in investing in a Golden Visa or Citizenship by Investment program to gain residency or citizenship through financial means.
Additionally, 60% believe they could attain a better quality of life abroad.
Investing in Dubai real estate
Dubai’s property market is a significant draw for British millionaires due to its affordability and better returns compared to the UK. British nationals rank among the top investors in Dubai real estate.
“Dubai’s property market captivates British millionaires with its high rental yields and asset appreciation potential, supported by a stable political climate and no income tax,” Arton explained.
He further stated that the UAE offers a unique blend of luxury living, top-tier infrastructure, and a vibrant expat community, all within a pro-business environment.
“For many affluent Brits — and Western Europeans at large — political and economic instability has hastened the search for global hubs offering stability, opportunity, and a superior quality of life. The UAE distinctly emerges as a lucrative investment spot and a desirable relocation destination,” he added.
The survey conducted by Walr for Arton Capital took place from July 31 to August 8, involving 1,009 UK residents aged 18–70 with a net worth of at least £1 million, including 15% with over £5 million.
