The United Arab Emirates (UAE) is poised to stay as the world’s leading wealth magnet for the third year running, with a record-breaking 6,700 millionaires expected to make the country home by the end of 2024.
This influx is significantly boosted by large inflows from the UK and Europe.
According to the Henley Private Wealth Migration Report 2024, the UAE’s zero income tax, golden visas, luxury lifestyle, and strategic location have solidified its position as the top destination for migrating millionaires.
The country is expected to attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024.
Sunita Singh-Dalal, Partner leading the Private Wealth & Family Offices at Hourani in Dubai, points out in the report, “the evolution and development of the UAE’s wealth management ecosystem is unprecedented. 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.”
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The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024, more than double the 4,200 who left the country last year. China is again on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 high-net-worth individuals (HNWIs) this year.
Dominic Volek, Group Head of Private Clients at Henley & Partners, said 2024 is shaping up to be a watershed moment in the global migration of wealth.
“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.”
Singapore takes third prize again this year with net inflows of 3,500, while Canada and Australia follow in fourth and fifth places with net inflows of 3,200 and 2,500, respectively.
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The benefits of this migration of wealth and talent to these destination countries are significant and wide-ranging. Migrating millionaires are a vital source of forex revenue, as they tend to bring their money with them when they move to a country. Many relocating high-net-worth individuals also start new businesses, creating local jobs and boosting the economy.
The surge in millionaire migration is fueling a corresponding boom in the investment migration sector. Henley & Partners has received record levels of enquiries about residence and citizenship by investment programs over the past 12 months from nearly 200 different countries. The top two nationalities currently driving demand are Americans and Indians, with Brits, Filipinos, and South Africans remaining in the top 10 as they have done for the last five years.
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