UAE is The Premier Destination for Global Millionaires in 2024

For the third year running, the United Arab Emirates (UAE) is set to be the world’s leading magnet for millionaires, as forecasted by the Henley Private Wealth Migration Report. The report anticipates an unprecedented influx of 6,700 millionaires by the end of 2024, surpassing other nations in attracting wealthy individuals.

Close behind the UAE, the United States is expected to welcome 3,800 millionaires by year-end, securing its position as the second most attractive destination for the affluent. The report highlights a significant surge in global wealth migration, predicting that 128,000 high-net-worth individuals—those with assets exceeding one million dollars—will relocate in 2024. This figure surpasses last year’s record of 120,000, indicating a notable trend in the movement of global wealth.

Compiled with data from New World Wealth, the report provides detailed insights into the global patterns of millionaire migration, identifying both the sources and destinations of these high-net-worth individuals. According to Dominic Volek, group head of private clients at Henley & Partners, this trend signals a major shift in the global distribution of wealth and power, with profound implications for both the countries being left behind and those gaining new residents.

The UAE’s appeal to the wealthy is largely attributed to its advantageous tax policies, strategic location, and state-of-the-art infrastructure. The country’s “golden visa” program plays a pivotal role in attracting foreign talent and offering long-term residency to investors, entrepreneurs, specialists, students, and researchers who contribute significantly to the UAE.

This surge in migration to the UAE is fueled by individuals from the Middle East, India, Russia, Africa, and, more recently, an expected influx from the United Kingdom and Europe. Henley & Partners’ report lists the top 10 countries expecting the highest net inflows of millionaires in 2024:

• • • United Arab Emirates: +6,700
    • United States of America: +3,800
    • Singapore: +3,500
    • Canada: +3,200
    • Australia: +2,500
    • Italy: +2,200
    • Switzerland: +1,500
    • Greece: +1,200
    • Portugal: +800
    • Japan: +400

As the UAE continues to attract substantial wealth, it solidifies its status as a premier global destination for the affluent, shaping the future economic landscape significantly.

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