UAE Becomes Top Destination for World's Wealthiest Expats
- Record 128,000 millionaires to relocate to UAE this year surpassing previous record, Henley predicts
The United Arab Emirates is projected to become the world’s top wealth-attracting country for the third consecutive year, according to the Henley Private Wealth Migration Report.
The report, released earlier this week, predicts an unprecedented inflow of 6,700 millionaires from around the world by the end of 2024, as reported by CNBC.
Following the UAE is the United States, expecting an inflow of 3,800 millionaires by the year-end.
Henley predicts that 128,000 millionaires, defined as high net worth individuals with one million dollars or more, will relocate in 2024. This surpasses the previous record of 120,000 millionaires set last year, marking a significant moment in global wealth migration.
The report is based on data supplied by global wealth intelligence firm New World Wealth. It features insights on the inflows and outflows of millionaires and their migration patterns globally.
“This great millionaire migration is a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home,” said Dominic Volek, group head of private clients at Henley & Partners.
The UAE is becoming a top choice for high-net-worth individuals globally, attributed to its favorable tax policies, strategic location, and modern infrastructure.
The country offers a “golden visa” to attract foreign talent, aiming to “provide long-term residence to investors, entrepreneurs, specialists, students, and researchers who make a significant investment to the country,” according to Henley & Partners.
Migration to the UAE is increasing, driven by people leaving the Middle East, India, Russia, Africa, and more recently, the anticipated influx from the United Kingdom and Europe.
Here are the top 10 countries that expect the highest net inflows of millionaires this year, according to Henley & Partners:
- 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
