Jimmy Widen, Founder and CEO of 3SA Estate, offers his expert advice.
The Millionaire Migration is on trend. Also known as the Great Wealth Migration, it is a global phenomenon in which internationally wealthy, mobile entrepreneurs and investors are moving not only their businesses but also their families to new locations. While the UAE remains a hotspot destination, high-net-worth individuals are considering migrating both from and into the region.
The Millionaire Migration is driven by a better quality of life, security, mobility, and, of course, tax benefits. The movement gained momentum during the COVID-19 pandemic and has continued to grow. In 2019, 110,000 millionaires relocated, and by the end of 2024, 128,000 millionaires are expected to relocate.
Destinations around the world are waking up to the benefits of attracting these global citizens, and investment migration has become a hot topic. When moving, here are key things to keep in mind: Does the location have accessible residency visas, such as Golden Visas? Does it have lifestyle infrastructure? Does it have education standards? Does it offer tax benefits?
Dominic Volek of Henley & Partners, a leader in Residency and Citizenship by Investment, explained: “This great millionaire migration signals a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the nations they leave and those they make their new homes in.”
The UAE remains a haven for high-net-worth individuals. The country boasts low crime rates, economic resilience, political stability, and a strategic location. Now, more of these individuals are taking their fortunes – along with expertise and networks – to new destinations.
Millionaire migration is not a new phenomenon. The largest outflows come from China, India, and the United Kingdom. In 2024, the United Kingdom’s exodus of millionaires is expected to reach 9,500. The key driving factors include Brexit, taxation policies, and political uncertainty.
If you’re considering joining the millionaire migration, 3SA Estate is the perfect partner. The company has been working with Middle Eastern clients for many years, from royal families to entrepreneurs. Whether you are after luxury rentals or investment properties, we operate with total privacy and discretion.
The company offers a team of 25 property and hospitality experts across two destinations and four business services. At the moment, the two hotspot destinations include Dubai and Marbella. Marbella, in the Costa del Sol, is considered part of the Safe Haven 8. The area is experiencing a renaissance and is home to families from over 155 nations.
Branded residences include Dolce & Gabbana, Fendi, and Karl Lagerfeld, and Rafael Nadal is investing in the area with 200 branded residences. Our current property portfolio ranges from Villa Stella, known as the Beverly Hills of Marbella, to Greenscape Villa, a gated community popular with Saudi Arabian residents. We have handled over €450 million property transactions in the last few years and pride ourselves on our luxury property and lifestyle experience and a level of personal service that is second to none.
It’s not just about the home when it comes to joining the millionaire migration. The 3SA Estate dedicated concierge team can connect you with the best schools, prospective clients, and a robust social and business network. Join the movement today.
GO: Visit www.3saestate.com for more information.
