The United Arab Emirates is poised to cement its status as the world’s top destination for migrating millionaires in 2024, according to the latest Henley Private Wealth Migration Report.
The Gulf nation is forecast to attract a record net inflow of 6,700 high net worth individuals this year, significantly outpacing its nearest rival, the United States.
Citing data from investment firm Henley & Partners, the report categorizes millionaires as those with at least $1 million in investable assets. It reveals the UAE’s remarkable ascent as a wealth hub, driven by a potent mix of tax incentives, golden visas, luxury living, and a strategic geographic location.
The country is attracting millionaires with its zero income tax, golden visas, luxury lifestyle, and strategic location, the report states, noting large influxes from the UK, India, Europe, Russia, Africa and the wider Middle East region.
The projected 6,700 incoming millionaires nearly doubles the 3,800 net inflow expected in the U.S. this year. Singapore (3,500), Canada (3,200) and Australia (2,500) round out the top five wealth magnets.
Sunita Singh-Dalal, Private Wealth and Family Offices Partner at Hourani in Dubai, highlighted the UAE’s rapidly evolving wealth management ecosystem. “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.”
In contrast, the report forecasts an unprecedented millionaire exodus from the UK, with a projected net outflow of 9,500 high net worth individuals in 2024 – more than double last year’s record-setting 4,200 departures. This continues a trend that has seen the UK lose 16,500 millionaires to migration since 2017.
“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them,” said Andrew Amoils, Head of Research at New World Wealth. “Around 20% are entrepreneurs who may start new businesses and create local jobs.”
The UK’s losses are second only to China globally, which is expected to see 15,200 millionaire departures this year. India has stemmed its wealth exodus to 4,300 projected millionaire exits in 2024.
Overall, a record 128,000 millionaires are forecast to relocate worldwide in 2024, per Henley & Partners Group Head Dominic Volek. “2024 is shaping up to be a watershed moment in the global migration of wealth,” he stated.
Top 5 countries with largest millionaire migration projected in 2024
- UAE: +6,700
- USA: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
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