UAE: A Premier Destination for German Millionaires
Safety, Zero Income Tax: UAE Draws German Millionaires
A recent survey reveals that the United Arab Emirates (UAE) has ranked among the top 10 countries where German millionaires plan to relocate in the next 12 months. Due to slowing economic growth, high taxes, and the rise of far-right parties, an increasing number of wealthy Germans are seeking alternatives to their current living conditions. The UAE attracts them not just for its safety and zero income tax, but also for high returns in the real estate market.
Survey Results
The survey, commissioned by the investment migration advisory firm Arton Capital, examined 1,000 wealthy Germans with a net worth of at least 1 million euros. Participants ranged in age from 18 to 70, with 18% possessing more than 5 million euros in assets. According to the survey, 11% of wealthy Germans are considering moving to the UAE or choosing it as a second home.
The CEO of Arton Capital highlighted that the UAE has become increasingly attractive to German investors over the past five years. The slow recovery of the German economy after Covid-19, rising energy costs due to the Ukraine-Russia conflict, and declining productivity have all contributed to the search for safer and more tax-friendly opportunities.
UAE's Appeal
The UAE is known not only for its economic stability but also for its excellent security environment. For German millionaires, safety is a crucial factor, as they grow increasingly concerned about protecting their wealth in Europe. In the UAE, they can live peacefully and enjoy their hard-earned assets. Moreover, the real estate market offers excellent investment opportunities, making the country even more appealing.
The zero income tax is an additional advantage for the wealthy. The UAE tax system is simpler and more favorable than those of countries like Switzerland, Monaco, or Singapore, which impose more complex and higher tax burdens on individuals.
Global Trends
According to Henley and Partners, the UAE is already a leading destination for high-net-worth individuals globally. By 2024, more than 6,700 millionaires are expected to flow into the country, more than anywhere else in the world. These millionaires primarily come from India, Africa, Europe, and the Middle East.
For German millionaires, the UAE is attractive not only for its economic opportunities but also for its political stability. The political climate in Germany has motivated more people to seek a "Plan B," and the UAE appears to be a perfect choice for them.
Top Destination Countries
In addition to the UAE, other countries remain attractive to German millionaires. Canada, Australia, the United States, New Zealand, Spain, and the Netherlands are among the top six countries where wealthy Germans consider moving after elections. These countries also offer favorable tax regimes, secure environments, and economic stability.
Conclusion
The United Arab Emirates is increasingly becoming a favorite destination for the world's wealthy. Due to the safety, zero income tax, and high returns in the real estate market, more German millionaires are considering the country as a new home or an investment destination. Based on global trends, the UAE is likely to remain a standout location for high-net-worth individuals, and this trend is expected to strengthen in the coming years.
