The UAE is set to attract over 6,700 millionaires this year, positioning it as the leading destination for high-net-worth individuals (HNWIs) globally, according to a recent report by Henley and Partners.
Citing the survey, Khaleej Times reports that this marks the third consecutive year that the UAE will claim the top spot in wealth migration, significantly fueled by large inflows from the UK and Europe. The Henley Private Wealth Migration Report 2024, released on June 18, highlights the nation’s strong appeal due to its zero income tax, golden visa program, luxurious lifestyle, and excellent connectivity through local carriers like Emirates and flydubai.
“Consistent high inflows from India, the wider Middle East, Russia, and Africa, combined with an anticipated increase from Brits and Europeans, will see the UAE attract nearly twice as many millionaires as its nearest rival, the US,” said Henley and Partners. The US is projected to see a net inflow of 3,800 millionaires in 2024.
Currently ranked 14th globally, the UAE hosts 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The report focuses on HNWIs with liquid investable wealth of $1 million or more.
“The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve, and enhance their wealth,” commented Sunita Singh-Dalal, partner at Hourani in Dubai.
The UAE’s real estate market, particularly in Dubai, has seen strong gains, attracting significant investment from British and European investors. High taxes in the UK and other Western countries are also driving millionaires to tax havens like the UAE, which is considered one of the safest countries in the world.
Dominic Volek, group head of private clients at Henley and Partners, noted, “With its sights firmly set on becoming the world’s top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location. The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024.”
Misha Glenny, Rector of the Institute for Human Sciences in Vienna, remarked on the UAE’s continued success in attracting HNWIs. “The Emirates has a powerful attraction to Indian high-net-worth individuals as well, as the two economies have long enjoyed close relations,” he said.
The report also lists other top countries expected to attract millionaires, including the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. Conversely, China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan, Nigeria, and Vietnam are expected to see the highest net outflow of millionaires in 2024.
Andrew Amoils, head of research at New World Wealth, emphasized the benefits of this wealth migration. “Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Additionally, around 20% of them are entrepreneurs and company founders who may start new businesses and create local jobs, with this percentage rising to over 60% for centi-millionaires and billionaires,” he said.
In 2023, 120,000 millionaires relocated globally, with numbers projected to increase to 128,000 in 2024 and 135,000 in 2025.
