The UAE is poised to be the premier destination for the world’s millionaires, topping global charts for the third consecutive year, according to the latest Henley Private Wealth Migration Report released on June 18. The UAE is expected to see a net inflow of 6,700 millionaires by the end of 2024, significantly outpacing the United States, which anticipates an influx of 3,800.
Dominic Volek, Group Head of Private Clients at Henley & Partners, described the movement as “a canary in the coal mine, signaling a profound shift in the global landscape and the tectonic plates of wealth and power.” He added, “2024 is shaping up to be a watershed moment in the global migration of wealth.”
This year, a record-breaking 128,000 high-net-worth individuals, each with liquid assets of over $1 million, are expected to relocate, surpassing last year’s high of 120,000. The UAE’s allure is attributed to its favorable tax policies, strategic location, and world-class infrastructure, coupled with the enticing ‘golden visa’ that attracts investors and talented professionals.
The report, which draws data from New World Wealth, highlights significant migration patterns, with millionaires seeking safer and more stable environments amidst global geopolitical tensions and economic uncertainties. Notably, Singapore and Canada follow closely behind the UAE and the US in millionaire inflows, with projections of 3,500 and 3,200 respectively for 2024.
Conversely, China, the United Kingdom, and India are seeing the highest outflows, with China leading at a projected 15,200 millionaires leaving this year. Economic and political challenges are accelerating millionaire migration from these countries, seeking better lifestyles and more secure environments elsewhere.
