A magnetoelectric memory device includes a magnetic tunnel junction located between a first electrode and a second electrode. The magnetic tunnel junction includes a reference layer, a nonmagnetic tunnel barrier layer, a free layer, and a dielectric capping layer. At least one layer that provides voltage-controlled magnetic anisotropy is provided within the magnetic tunnel junction, which may include a pair of nonmagnetic metal dust layers located on, or within, the free layer, or a two-dimensional metal compound layer including a compound of a nonmagnetic metallic element and a nonmetallic element.