UAE top destination choice for world's richest expats

Record 128,000 millionaires to relocate to UAE this year surpassing previous record, Henley predicts

By
Web Desk
This undated image shows a view of the world's tallest building, the Burj Khalifa, in Dubai, United Arab Emirates. — Unsplash
  • UAE set to hold top spot in Henley's list for third consecutive year.
  • Report predicts inflow of 6,700 millionaires to UAE by end of 2024.
  • US ranks second, expecting inflow of 3,800 millionaires by year-end.

The United Arab Emirates has been predicted 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, CNBC reported.

Trailing behind the UAE is the United States in second place, expecting to see an inflow of 3,800 millionaires by the year-end.

The report predicts that 128,000 millionaires, high net worth individuals with one million dollars or more will relocate in 2024, surpassing the previous record of 120,000 millionaires set last year, marking a significant moment in global wealth migration, according to Henley.

The report is based on the 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, accredited to its favourable 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 into 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 in 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