High net worth individuals (HNWIs) from Gulf countries have been increasingly moving to the UK, according to private wealth law firm Boodle Hatfield.
In the 2017-18 financial year, 11,742 HNWIs relocated to Britain, compared to the 9,183 in 2013-14.
This shows a 28% growth in the number of wealthy people making the move, despite the economic uncertainty posed by Brexit.
According to the law firm, the UK remains attractive to Gulf nationals because of its investment opportunities, array of private schools and internationally renowned universities, as well as London’s cosmopolitan lifestyle.
Still appealing
The countries with the highest number of HNWIs living in the UK are the UAE (6,943), followed by Saudi Arabia (1,342).
The number of wealthy Kuwaitis has grown as well, to 680 from 605.
Boodle Hatfield believes that the contribution that these groups bring to the UK economy could help with the recovery from the impact of the coronavirus pandemic.
Kyra Motley, partner at the law firm, said: “The rising number of HNW Gulf nationals making a home [in Britain] shows the UK has lost none of its appeal amongst wealthy overseas investors.
“Brexit has not been a deterring factor, whatsoever. These investors are taking a long-term view and have decided that, despite any short-term instability, the UK remains one of the most stable jurisdictions in which to invest capital.”
Not worried about tax regime
Boodle Hatfield added that, as the figures show, changes made to the regime for non-domiciled individuals in 2017 has had little impact on wealthy people’s plans to relocate to the UK, as many will eventually become domiciled in the country.
“The international reputation of Britain’s private schools and universities is a major draw,” Motley added.
“People who come to the UK ostensibly for a couple of years become established, have families of their own and many end up staying for longer than anticipated.
“With strict coronavirus lockdowns in the Middle East and the fallout from fluctuations in oil prices, life in the UK will be even more appealing to many from the Gulf.”
