The United Arab Emirates is set to attract the most wealth globally for the third consecutive year, according to the Henley Private Wealth Migration Report.

At the same time, the UK will see a 17% decline in the number of millionaires by 2028, according to UBS.

High net worth individuals are in many cases “voting” with… airline tickets, seeking better opportunities. This trend is likely to accelerate in the wake of the UK Labour Party’s sweeping election victory in June, according to some analysts.

“There are push and pull factors for this trend of millionaires choosing to move to Dubai,” investor Karim Jetha told CNBC. “The push factors include the prospect of higher taxes under the new Labour government. For example, one of Labour’s election pledges was to impose VAT on private school fees, which would increase costs by 20 percent,” he said. “Attraction factors include the perception that Dubai is extremely safe and visa reforms that encourage immigration,” he added.