asd

UAE Continues to Lead as Top Destination for Millionaire Migration in 2024

The report anticipates that the UAE will attract nearly twice as many millionaires as its closest competitor, the United States, which is expected to see a net inflow of 3,800 millionaires in 2024

In a remarkable display of financial magnetism, the United Arab Emirates (UAE) is set to attract more than 6,700 millionaires this year, positioning itself as the premier global destination for high-net-worth individuals (HNWIs).

This revelation comes from Henley and Partners’ latest Henley Private Wealth Migration Report 2024, released on Tuesday, June 18.

Advertisement

Milloinaire migration graph

For the third consecutive year, the UAE is projected to secure the top spot as the world’s leading wealth magnet, significantly bolstered by substantial inflows from the UK and Europe.

The report anticipates that the UAE will attract nearly twice as many millionaires as its closest competitor, the United States, which is expected to see a net inflow of 3,800 millionaires in 2024.

Wealth Attraction Strategies

The UAE’s appeal to wealthy individuals is multifaceted. Key attractions include zero income tax, a golden visa program, a luxury lifestyle, and excellent connectivity provided by local carriers such as Emirates and Flydubai.

The country has rapidly developed a robust regulatory framework designed to protect, preserve, and enhance the wealth of its affluent residents.

Sunita Singh-Dalal, a partner leading the Private Wealth and Family Offices at Hourani in Dubai, highlighted the swift evolution of the UAE’s wealth management ecosystem.

Advertisement

“In less than 5 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,” she stated.

A Diverse Influx

The UAE’s attractiveness extends beyond European and British millionaires. It continues to draw significant numbers of wealthy individuals from India, the wider Middle East, Russia, and Africa.

This diversity in the origin of HNWIs has further strengthened the UAE’s position as a global hub for affluent individuals.

The lure of Dubai’s booming real estate market has been particularly compelling for British and European investors. High taxes in the UK and other Western countries have made tax havens like the UAE increasingly attractive.

Coupled with its reputation as one of the safest countries globally, the UAE has successfully positioned itself as an ideal destination for millionaires seeking stability and growth.

Dominic Volek, Group Head of Private Clients at Henley and Partners, emphasized the UAE’s comprehensive strategy to attract the wealthy.

“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.”

Global Comparison

The Henley Private Wealth Migration Report 2024 indicates that other top destinations for millionaire migration include the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan.

Conversely, countries expected to see the highest net outflows of millionaires include China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan, Nigeria, and Vietnam.

Last year, approximately 120,000 millionaires relocated globally, and this number is projected to rise to 128,000 in 2024 and 135,000 in 2025. Andrew Amoils, Head of Research at New World Wealth, underscored the significant benefits for destination countries.

“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60 percent for centi-millionaires and billionaires,” he explained.

The UAE’s Wealth Landscape

Currently ranked 14th globally, the UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The sustained influx of wealthy individuals is expected to further solidify its status as a premier financial hub.

Misha Glenny, Rector of the Institute for Human Sciences in Vienna, noted the UAE’s consistent ability to attract high-net-worth individuals. “At 6,700, the UAE is projected to attract nearly twice as many incoming investors as its nearest rival, the USA, in 2024.

Although the outflow of wealthy Russians has dropped dramatically since the full-scale invasion of Ukraine in 2022, many of those who do leave find their way to the UAE. 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.

Future Prospects

As the UAE continues to enhance its appeal through strategic policies and an attractive living environment, it stands poised to maintain its lead as the top destination for millionaire migration.

The significant inflows of HNWIs not only bolster the local economy but also contribute to the UAE’s evolving global financial stature. With its ambitious vision and dynamic strategies, the UAE is well on its way to becoming the world’s foremost wealth haven.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

Tariq Saeed

Read More

Saint Lucia filmmakers to feature in European Film Market starting from 16 Feb

Saint Lucia: The Ministry of Education, Sustainable Development and Innovation Saint Lucia has recently shared an update regarding the support of the UNESCO (United Nations Educational, Scientific and Cultural Organization) Transcultural programme towards the participation of Caribbean filmmakers in the European Film Market (EFM). The Film market is expected to start on 16 February and 22 February 2023.

Famous MIA bazaar is all set to begin on 20 October 2023 in Qatar

MIA bazaar of Qatar will go on from October 2023 to March 2024.

‘India is a mother of democracy,’ says PM Narendra Modi during a democracy summit

The Prime Minister of India – Prime Minister Narendra Modi stated on Wednesday that India is a mother of Democracy as the idea of elected leaders was a common practice in ancient India, long before the rest of the world.

Recent

UAE administers more than 4900 COVID-19 vaccines in last 24 hours

The United Arab Emirates (UAE) has administered a total of 4,931 shots of the COVID-19 vaccine in the last 24 hours.

Former Employee Sentenced for Embezzling Dh114,966 from Dubai Trading Company

The case, heard at Dubai Criminal Court, revealed that the defendant exploited his role as a driver to siphon off funds intended for the company. Instead of recording payments from clients in the official accounting system, he pocketed the money for personal gain

M Glory opens new EV manufacturing plant in Dubai Industrial City

The new plant is worth Dh1.5 billion, built on a total land area of 93,000 square meters. 
admin