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Khaleej Times
6 days ago
- Business
- Khaleej Times
UAE set to attract 50,000 millionaires over five years, says Wealthbrix Capital CEO
The UAE is poised to attract up to 50,000 new millionaires over the next five years — exceeding projections by global think tanks, according to Rajesh Khanna, CEO of Wealthbrix Capital Partners. 'We are very happy to see the number of 9,800 millionaires coming to the UAE this year because the market was expecting a slightly smaller number. But with this updated projection coming from Henley & Partners, and when compared to UBS' earlier estimate of 30,000 wealthy individuals relocating over the next five years, I am very convinced that this number could reach 45,000 to 50,000 by the end of that period,' Khanna told Khaleej Times in an interview. Wealthbrix Capital Partners, a newly launched independent wealth management firm, is focusing on 'mid-tier millionaires' with investable assets ranging from $5 million to $30 million (Dh18.35 million to Dh110 million). 'These are the people who have got a pool of $55 trillion of total assets under management, globally. This segment is growing the fastest in the Middle East and Asia, and it is underserved by a lot of the traditional wealth management players,' Khanna explained. Highlighting the rising demand for tailored financial solutions, he said: 'In today's world, personalisation and customisation are crucial. Clients looking for these kinds of services are growing at 15 to 30 per cent per year in terms of their wealth. "At the same time, they are expecting much more from their traditional wealth managers. But the fact of the matter is that a lot of the traditional wealth managers are approaching this subject with a one-size-fits-all approach." "What we're offering is access to a full multi-cuisine kitchen, not just a fixed menu. That approach opens up a broader range of options and gives clients a far greater sense of trust and confidence that they're in the right hands," he further explained. Fund launches Founded by a team of seasoned professionals from private banking and asset management backgrounds, Wealthbrix Capital brings together over 150 years of combined experience and a track record of managing over $30 billion (Dh110 billion) in assets across clients in the Middle East, Asia, and Europe. Headquartered at the Dubai International Financial Centre (DIFC), the firm is led by chairman Dr Hamad Buamim, vice-chairman Suvo Sarkar, and CEO Rajesh Khanna. 'This is the Dubai moment — an inflection point where global capital, regional ambition, and client expectations are converging,' said Buamim. Wealthbrix has entered the market as a well-capitalised institution, having secured an eight-figure US dollar equity investment from a strategic mix of global investors, including family offices, a venture capital firm, and angel investors from both the region and abroad. Khanna highlighted the supportive regulatory environment in the DIFC as a key factor enabling growth in asset management. 'There is a big opportunity for asset management because regulation and the regulators are very supportive of these wealth managers coming in and domiciling these funds in the DIFC,' he said. "We're tied very well with the broader vision of the regulator and the authorities. We will be launching different funds. By the end of this month or beginning of August, we'll be launching our first fund, and then there is a roadmap that we chalked out to launch 2-3 funds over a couple of months,' he added, noting: 'We think globally, but operate locally, drawing on the deep expertise we bring to the region." Wealthbrix aims to reach $7 billion in assets under management within five years. Khanna also noted that a growing number of family-owned businesses are relocating to the UAE, either in full or by establishing regional arms.
The Guardian
11-07-2025
- Business
- The Guardian
Friday briefing: The myth of the fleeing super-rich – and the real tax debate
Good morning. A record number of millionaires are fleeing the UK, or so the headlines would have you believe. According to much of the British press over the past week, any attempt by Labour to introduce a wealth tax would send the country's remaining super-rich scrambling for the exits. The problem? There isn't any clear evidence yet of a mass millionaire exodus from the UK. While there have been anecdotal stories of some wealthy individuals leaving recently, overall the number of millionaires – and billionaires – has been steadily rising over the past two decades. At the centre of some of these stories is a study by Henley & Partners, a global migration firm, that has since distanced itself from the sensationalist coverage. Versions of this same 'millionaire flight' claim have appeared in 2023, 2024, 2025 … you get the picture. Mark Bou Mansour, head of communications at the Tax Justice Network, published the follow-up study that he said debunked the idea that the UK is seeing an unprecedented outflow of wealthy individuals. I spoke to him about the flaws in this widely reported story, why it keeps resurfacing, and what effect it has on the conversation we should be having about wealth and tax reform. That's after the headlines. Immigration | People arriving in the UK via small boats will be returned to France in a trial that Keir Starmer hopes will make a major dent in the number of people crossing the Channel illegally. For each person British officials send back, the UK will bring over from France an asylum seeker who can show family connections in Britain. Gaza | At least 15 people, including 10 children and several mothers, have been killed by an Israeli strike as hungry families queued waiting for nutritional supplements and medicine in central Gaza. Welfare | Conservative leader Kemi Badenoch has said she does not believe one in four people are disabled, and that the term is in danger of losing its meaning, as she used a speech to criticise the size of the welfare state. Security | Iran's intimidation – including the fear of physical attack and assassination of Iranian dissidents living in the UK – is comparable in scale to the threat posed by Russia, parliament's intelligence and security committee has found. Music | Photo agencies are to boycott the rest of the Oasis reunion tour – including the first 'homecoming' gig in Manchester on Friday – over restrictions imposed on how newspapers, magazines, TV broadcasters and digital publishers can use pictures from the gigs. Henley & Partners' latest report predicts that a record 142,000 millionaires will relocate internationally this year, with the UK expected to see the largest net outflow. In 2024, the company forecast that the UK would have the second-highest millionaire outflow, losing 9,500 high-net-worth individuals. A year earlier, it reported that 16,500 millionaires had left the UK between 2017 and 2023. Henley & Partners did not respond to my request for comment, but it's worth noting that the company denies attributing the so-called millionaire exodus to Labour's tax policies, telling Tax Justice UK: 'If papers such as the Telegraph, Times, Mail decide to add their own layer on to that, and deliberately exclude from their story our standard reminder to them that these were the Conservatives' tax changes, then I think your argument is with them, not with us.' Still, that didn't stop nearly 11,000 news pieces across print, broadcast and online media from covering the so-called millionaire exodus in 2024, with many continuing in the same vein this year and placing the blame on Labour. What does the data say? Mark Bou Mansour first came across the claim that millionaires are leaving the UK en masse while doing a BBC interview about how a wealth tax could work – and how countries can raise billions by copying Spain's tax on the super-rich. 'It was the first I'd heard of it, and right away the numbers sounded odd to me. I pointed out that at the time, I think the number was about 9,500 and I said: 'Well, there are something like three million millionaires in the UK, so this is less than 1%.' It's a non-issue,' Mansour told me. Mansour and the team at Tax Justice UK then started searching to see what this report actually was. 'We saw it getting more and more traction. This was last year, at a time when calls for wealth taxes were getting huge global momentum. It was being discussed among the G20. And so, all of a sudden these claims about millionaires leaving countries also gained momentum,' he said. They started to look into the report and found several issues, ranging from how the findings are presented to how they are calculated. 'There is no millionaire exodus. If you look at their published migration numbers going back to 2013, millionaire migration rates have consistently stood at less than 1% every year since then, both globally and nationally. So, what their data actually shows, taken at face value, is that millionaires are highly immobile,' Mansour said. What's wrong with the analysis? Mansour quickly reached the conclusion that the numbers used were highly unreliable and that the methodology was quite opaque. Some of the data appeared to be based on where wealthy millionaires self-report their locations on LinkedIn. 'My favourite example of how ridiculous this is, is that there were about six millionaires who got widespread news coverage in 2024 about leaving the UK due to tax reasons. All six of their LinkedIn profiles still say they're based and working in the UK,' Mansour said. Henley has pushed back on this, noting that the report relied on multiple sources, not just LinkedIn. But the company has not published the underlying data behind its claim, according to Mansour, so we don't know how many people they've actually tracked leaving each country. What they do share are broad estimates, but they don't explain how they get from what they've observed to the bigger picture they present. He also argues that the sample is unrepresentative and skewed towards centimillionaires and billionaires, something that was acknowledged by Henley & Partners' report author in an interview with the BBC (you can listen to that exchange here). Tax Justice UK tried to reverse engineer their 2024 numbers, based on the details they could access. They estimated that fewer than one billionaire and one centimillionaire were leaving the UK. 'It comes to something like 0.3 of a billionaire, which is impossible to observe, because people are whole. So that gives you a sense of how absurd it is.' How did the media report the story? Some media went on to widely exaggerate the link between this report and taxes, Mansour said. 'They've framed the so-called exodus as driven by fear of tax changes, even when the Henley report itself, to its credit, does not say that. In many places, it says tax alone isn't enough to influence relocation decisions.' The Henley & Partners report has been cited in several news and opinion pieces discussing the pros and cons of a wealth tax. Mansour added: 'The way we see it, this millionaire story is a scare story. It's a distraction from what we should really be talking about: taxing extreme wealth. We call for a wealth tax, and so do many others. There's an international campaign for it now. The key message is: wealth taxes are about ending the special treatment that wealth collectors get over wealth earners.' What conversation should we be having? It will come as no surprise that Tax Justice UK supports a wealth tax. Mansour argued that governments, especially in the global north, tax income from wealth, such as dividends and capital gains, at lower rates than income from work, like wages. While most people rely on earned income, he said the super-rich make their money from owning things. 'This lighter tax treatment has helped the richest massively grow their fortunes while paying lower effective tax rates than the average worker, contributing to wider inequality, rising debt and even shorter life expectancy for others.' He compares extreme wealth to smoking. 'At one point, we thought smoking was good. Then we learned it kills. The same thing is happening with extreme wealth. Trickle-down economics said if the rich get richer, everyone benefits. But the data shows the opposite and it's killing economies and killing people,' Mansour said. He added: 'We're in a moment where the evidence is out there, but the regulation hasn't yet caught up. And stories like the so-called millionaire exodus are used to push back against taking action. What a wealth tax does is create fairness: whether you're a wealth collector or wealth earner, you get equal treatment in the tax system.' When asked for evidence on where it worked, Mansour pointed to Spain. 'When critics say wealth taxes 'don't work', what they mean is that wealth taxes are powerful enough to scare the super-rich into lobbying for loopholes. Where wealth taxes failed, it was usually by design – riddled with exemptions under pressure from super-rich interests. Spain shows that when you design them properly, they raise substantial revenue quickly.' There will be many across the political spectrum who will disagree with Mansour and Tax Justice UK. Among them is the Institute for Fiscal Studies, which this week dug into what it considers the difficulties in implementing a wealth tax. It noted: 'It would require the government to set up a new administrative apparatus to value wealth – and valuation would be extremely difficult for some assets, such as private businesses.' Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion Regardless of where you stand, we can all agree that the conversation needs to be based on better-established facts. The entire country, both rich and poor, would benefit from that. After former Tory chair Jake Berry's defection to Reform, Jessica Elgot has a useful analysis of why it's a 'disaster' for Kemi Badenoch … and why it also presents a danger for Nigel Farage. Charlie Lindlar, acting deputy editor, newsletters I loved this piece by Morwenna Ferrier on the rise of the family planner and what it say about our desperate need for control over our increasingly limited free time. Aamna Guilt Trip is a fascinating new film from Guardian Documentaries about the pilots with eco-anxiety, 'torn between childhood ambitions of flying and the impact of their industry on the world beneath them', that have come together to try to reform their field. Charlie It's been 30 years since the Srebrenica genocide. Julian Borger, the Guardian's senior international correspondent, has this moving feature on the work that continues to identify and bury the remains of the thousands killed. Aamna HuffPost UK's Natasha Hinde has a heart-rending report on inaccessible playgrounds that leave disabled children unable to safely play with their peers. 'Sometimes I just sit and colour while the other kids play, but I don't really want to go to the park nearby any more,' one child tells her. Charlie Tennis | The world No 1 Aryna Sabalenka exited the semi-finals losing in three sets to Amanda Anisimova and venting at her opponent for celebrating one point 'early'. Iga Swiatek reaches her first Wimbledon final where she faces Anisimova after ending Belinda Bencic's fairytale with a commanding 6-2, 6-0 victory. Katerina Siniakova and Sam Verbeek took the mixed doubles crown in two tie-breaks, while the all-British pair Julian Cash and Lloyd Glasspool are into the men's doubles final. Cricket | Joe Root was unbeaten on 99 at the close after a hard-fought opening day at Lord's, where England reached 251 for four against India in the third Test. Cycling | Ireland's Ben Healy struck out alone to win stage six of the Tour de France as Mathieu van der Poel took back a one-second overall lead. 'UK and France in 'one in, one out' deal to cut illegal boat crossings' says the Guardian. The i has 'New migrant swap deal to start in weeks as Macron blames Brexit for small boats crisis' and the Telegraph runs with 'Macron: 'Brexit lies' to blame for crisis'. ''Cave-in' will fail to stop boats' – that's the Express while the Mail scoffs 'What a joke'. 'It's one in, one doubt' says the Metro. Second billing for that story in the Times which splashes on 'Crackdown to cure UK of sick note epidemic'. 'You'll never change' the Mirror says of Gregg Wallace, citing 'Beeb letter sacking him'. Top story in the Financial Times is 'Moët Hennessy sexual harassment case shines light on company's culture'. Our critics' roundup of the best things to watch, read, play and listen to right now TVLive Aid at 40: When Rock 'n' Roll Took on the World | ★★★★☆ On the evening of 23 October 1984, Bob Geldof had a social engagement at a Mayfair book launch. But before he left the house, Geldof watched a BBC television news report about a hellish famine in Ethiopia. Among the many startling, blackly comic archive clips in Live Aid at 40: When Rock 'n' Roll Took on the World is footage of Geldof at that glitzy party, reeling from what he had seen on TV and remarking to a fellow guest that it was 'gross' for them to be enjoying champagne and canapes. That tension between glamour and guilt is at the heart of this three-part retrospective that doesn't ignore the flaws in Geldof's grand plan to use music to feed the world. It's a fascinating portrait of a complex man's imperfect attempt to solve an impossible problem. Jack Seale Music Clipse: Let God Sort Em Out | ★★★★★Clipse's first two albums, in 2002 and 2006, spawned a rabid cult following that, as Pusha T once rhymed, 'put the hipsters with felons and thugs'. Let God Sort Em Out is as strong a restatement of the reunited Clipse's skills and power as you could wish for. Said skills might be even more striking in 2025, because their stock in trade – vivid storytelling, technical brilliance made to seem effortless – has, aside from the occasional figure such as Kendrick Lamar or Doechii, little purchase in current mainstream hip-hop, dominated as it is by vibesmiths rather than genuine wordsmiths. Listening to the chemistry sparked by Clipse's contrasting approaches – Pusha T's relentlessness alongside No Malice's more measured style, his sense of reflection amplified by his time away – is a salutary reminder of what you've been missing. Familiar but fresh, it's one of the albums of the year. Alexis Petridis Film Apocalypse in the Tropics | ★★★★☆ Petra Costa's documentary tells a grim story about modern Brazil and leaves it up to us to decide if there is a happy ending. It is about the country's leaders' addiction to rightwing Christian fundamentalism and US-style prayer breakfasts, a strident political mannerism linked to the fact that evangelical Christians make up an estimated 30% of the population; it is on their behalf that Brazil's religious right, via its substantial bloc vote in Congress, has now created what amounts to a minority-rule theocracy. Democracy has never looked so vulnerable. Peter Bradshaw Book The Mission by Tim WeinerWhy has an organisation with huge amounts of money at its disposal, a record of recruiting the brightest and the best, and the widest of remits, failed to notch up a better record? It's true that we may not know about many of the CIA's successes. But we know about a lot of its failures, and some of them have marked US history ineradicably. In The Mission, Tim Weiner, whose reporting on the CIA in the New York Times was always essential reading, provides a variety of answers to this question. Weiner's sources are excellent, and as a result the book contains many essential new details and fascinating revelations. It's the book of a journalist at the top of his game. No one has opened up the CIA to us like Weiner has, and The Mission deserves to win him a second Pulitzer. John Simpson Ulaanbaatar: a warning from the coldest capital on Earth Tracey McVeigh heads to Mongolia to find out about the country's increasingly brutal winters and dry summers, while Badruun Gardi reflects on how the changes threaten the nomadic way of life. A bit of good news to remind you that the world's not all bad Small talk is a big problem for many people – if that's you, you'll almost certainly love Zoe Williams's guide to crushing every tricky conversation, from first dates to funerals to – the horror – going to a party on your own. Here's one free tip: 'Research shows that people like you more when you ask follow-up questions, because it shows you were listening.' Sign up here for a weekly roundup of The Upside, sent to you every Sunday And finally, the Guardian's puzzles are here to keep you entertained throughout the day. Until tomorrow. Quick crossword Cryptic crossword Wordiply
Khaleej Times
10-07-2025
- Business
- Khaleej Times
UAE's rising wealth is creating jobs in tech, AI, and e-commerce
The wealth that has flowed into the UAE over the past few years is no longer idle — it's now actively generating jobs across a wide range of sectors, including e-commerce, artificial intelligence (AI), technology, and more, according to recruiters and HR consultants. Over the years, the UAE — particularly Dubai — has attracted billions of dirhams in foreign investment, particularly in sectors such as real estate, which generate passive income. However, these investments had not previously translated into significant job creation. That trend is now changing. "We've seen increasing flows of wealth into Dubai and Abu Dhabi since 2022, accompanied by a growing number of businesses relocating here," said Dr Trefor Murphy, founder and CEO of Cooper Fitch. "This wealth isn't just parked in bank accounts or real estate anymore — it's beginning to fuel job growth. Both SMEs and large corporates are performing well. On the government side, investments have been directed into high-impact sectors, which are now paying off in terms of employment. Public sector hiring is also strong across the UAE." According to Cooper Fitch data, hiring across the UAE rose by 4 per cent in Q2 2025 compared to the previous quarter – a notable increase despite the impact of Eid Al Fitr and Eid Al Adha holidays. The UAE remains a magnet for wealthy individuals. In 2025 alone, an estimated 9,800 millionaires are expected to relocate to the country – the highest number globally, according to Henley & Partners. Dr Murphy added that the rising number of trade license applications across both the mainland and free zones, along with high occupancy rates in economic hubs like the DMCC and DIFC, reflects this inflow of wealth and its positive impact on job creation. Entrepreneurs hiring, not just relocating Nicki Wilson, managing director at Genie Recruitment, noted a clear uptick in hiring activity from newly established businesses and entrepreneurs who have recently moved to the UAE. "Many of these companies are in the early stages of setting up operations and are actively seeking local talent to support their launch," she said. "They typically look for candidates with regional knowledge to help them navigate the local market. This has become a consistent trend over the past two years, with Dubai firmly positioning itself as a leading business hub." Importantly, Wilson emphasised that these new residents are not relocating solely for lifestyle or tax benefits. "Most are already successful and are looking to expand their ventures or invest in new ideas. The impact on the job market has been both positive and dynamic. Our experience supporting many of the region's top start-ups puts us in a strong position to help these businesses find the right talent." Where are the jobs emerging? Wilson stated that the influx of wealth over the past three years is driving job creation across various industries. "We're seeing especially strong growth in technology, AI, creative industries, e-commerce, food and beverage (F&B), and fashion," she noted. "Many new entrants are launching tech-driven platforms, boutique agencies, or niche brands, all of which require immediate hiring in areas such as operations, digital marketing, general management, design, and logistics." According to Wilson, the UAE is evolving from a passive destination for wealth storage to an active global hub where innovation, capital, and talent intersect. "Wealth is no longer just residing here — it's building businesses, creating jobs, and accelerating economic activity," she said. "We're seeing a noticeable rise in the quality and diversity of recruitment. Companies are seeking candidates with international experience, regional insight, multicultural fluency, and future-ready skills. This is raising hiring standards across the board." "In essence," Wilson concluded, "the UAE is no longer just a haven for wealth — it's becoming a launchpad for global entrepreneurs looking to build teams, roll out new ideas, and scale innovation. That shift is creating meaningful employment opportunities across sectors."
Economy ME
03-07-2025
- Business
- Economy ME
Dubai real estate: Luxury deals rise 93 percent this year as 13,000 new millionaires move to UAE
A sharp rise in demand for high-end, spacious properties is reshaping Dubai's luxury real estate market, as global investors prioritise stability, strategic growth and long-term value over short-term speculation. While global markets grapple with uncertainty, Dubai's ultra-prime segment continues to attract confident capital. This trend is fuelled by a major influx in wealthy individuals seeking to invest in the city. UBS data from their Global Wealth Report 2025 reveals that in 2024, the UAE saw the second-highest global increase in millionaires, a 5.8 percent rise that added 13,000 new millionaires in just one year. According to Henley & Partners' Private Wealth Migration Report 2025, that trajectory is only accelerating. A record 142,000 millionaires are expected to relocate globally this year, and the UAE is set to attract the largest net inflow, an estimated 9,800 high-net-worth individuals. That's more than any other country worldwide. AED10 million+ transactions rise 93 percent between January and May A haus & haus analysis of Dubai Land Department (DLD) real estate transactions shows a 93 percent increase year-on-year in transactions above AED10 million between January and May 2025. This trend isn't anecdotal; it's measurable. The number of AED10 million+ property transactions nearly doubled, up 93.2 percent from 1,607 in 2024 to 3,105 in 2025. High-end transactions priced at AED3,000–3,500/sq. ft rose by 19.9 percent, while ultra-prime sales over AED3,500/sq. ft more than doubled, up 119.1 percent. The report also revealed that large-format homes are surging, with transactions for properties over 1,500 sq. ft up 47.9 percent annually. UBS's Global Wealth Report 2025 reinforces this trend, highlighting Dubai and the wider UAE as top-performing regions in millionaire expansion. The report also confirms the growing power of the EMILLIs (Everyday Millionaires), with over 52 million individuals globally holding USD 1–5 million in wealth. These investors are increasingly value-driven, strategic and focused on real estate as a legacy asset. UBS calls Dubai one of the world's 'most dynamic and resilient luxury markets', with prices still comparatively low versus global peers. The report notes that Dubai's real estate remains undervalued relative to London, New York and Singapore. Read: Why the UAE's real estate market is becoming a global wealth magnet H1 2025's record-breaking growth The Dubai real estate market has continued on its record-breaking path, with the first half of 2025 reaching new highs of 98,603 property sales worth AED326.7 billion ($88.95 billion). According to data from fäm Properties , H1 sales value rose 40 percent year-on-year, driven by the strongest-ever quarterly performance of 53,118 transactions worth AED184 billion in Q2. The report revealed that Q2 sales value was 25 percent higher than the previous peak of AED147.2 billion set in Q4 2024 and transaction volume rose 5.39 percent above the earlier high of 50,400 deals recorded in Q3 last year. Rising property values across Dubai's real estate market in recent years were highlighted by a median price of AED1,607 per sq ft, compared with the Q2 rates of AED958 in 2021, AED1,151 in 2022, AED1,339 in 2023 and AED1,514 last year. With properties worth AED1-2 million accounting for 32 percent of sales, 26 percent were below AED1 million, 17 percent were between AED2-3 million, 13 percent were between AED3-5 million, and 12 percent were more than AED5 million. As global capital continues to reposition itself, Dubai's appeal shows no signs of slowing. Whether driven by policy shifts in the U.K., fiscal uncertainty in the U.S. or demand for geopolitical stability, wealthy investors are placing strategic bets and Dubai's high-end real estate remains firmly on their radar.
Independent Singapore
30-06-2025
- Business
- Independent Singapore
Singapore to see over 50% drop in millionaire migrants in 2025 but still ranks among top destinations
SINGAPORE: Singapore is expected to see a sharp drop in the number of millionaires moving to the country this year. According to the Henley Private Wealth Migration Report 2024, only up to 1,600 millionaires are forecast to migrate to Singapore in 2025. That's less than half the number in 2024, when 3,500 millionaires moved to the city-state. VnExpress International reported, citing data from Henley and Partners, that the new group of millionaire migrants coming to Singapore is expected to bring a total of US$8.9 billion (S$11.34 billion) in wealth. Despite the decline, Singapore still ranks sixth worldwide in terms of millionaire inflows, just behind the United Arab Emirates (UAE), the United States (US), Italy, Switzerland, and Saudi Arabia. In Southeast Asia, Thailand is gaining ground as the city-state's competitor. The country is expected to welcome 450 millionaires in 2025, making it one of the 'rapidly emerging' destinations in the region. The report said high-net-worth individuals (HNWIs) from China, Vietnam, and South Korea have been drawn to Bangkok for its international schools, growing financial services sector, and luxury real estate. Elsewhere in Asia, some countries are seeing more millionaires leaving. South Korea is expected to lose about 2,400 millionaires this year, more than double the number from last year, amid economic and political uncertainty. Vietnam is also seeing a growing number of millionaires leaving, with a net outflow of around 300 expected in 2025. Globally, the number of millionaires relocating is expected to hit a record high of 142,000 this year. The UAE is expected to top the list again, with a record net inflow of 9,800 millionaire migrants. Meanwhile, the UK is forecast to lose the most millionaires globally, with 16,500 set to leave in 2025, followed by China with 7,800. Henley & Partners CEO Juerg Steffen said this was the first time in ten years of tracking that a European country had the highest number of millionaire outflows. He noted that this is 'not just about changes to the tax regime' but also a sign that the wealthy are looking for greater opportunity, freedom, and stability elsewhere. /TISG Read also: 7 in 10 Singapore investors consider local stocks 'integral' investments amid global uncertainty
