UAE Poised to Become World's Top Destination for Millionaires

The United Arab Emirates (UAE) is on track to maintain its position as the world's top destination for wealthy individuals for the third consecutive year, according to a new report by Henley Private Wealth Migration Report. The report, released on June 18, predicts a record-breaking inflow of 6,700 millionaires to the UAE by the end of 2024. This dwarfs the expected number of millionaires moving to the United States, the distant second place, which is anticipating roughly half that amount (3,800).

The report also highlights a global trend of wealth migration, with a record 128,000 millionaires, defined as individuals with investable assets exceeding $1 million, expected to relocate this year.

Wealthy Seek Stability

The Henley Private Wealth Migration report, released in June 2024, predicts a record year for wealthy individuals relocating globally. Over 128,000 millionaires are expected to move in 2024, surpassing the previous record set in 2023. This trend is likely fueled by global instability, including geopolitical tensions, economic uncertainty, and social unrest. Wealthy individuals are seeking stability and security for themselves and their assets.

The report, utilizing data from New World Wealth, also identifies the top destinations attracting millionaires in 2024. The United Arab Emirates leads the pack with a projected net inflow of 6,700 millionaires, followed by the United States at 3,800. Other popular destinations include Singapore (3,500), Canada (3,200), and Australia (2,500). With Greece (1,200), Portugal (800), Italy (2,200), and Switzerland (1,500) on the list, Europe is likewise well-represented. Japan, with an expected net influx of 400 millionaires, completes the top 10.

A new report highlights the UAE's growing dominance as a haven for wealthy individuals. Favorable tax policies, a strategic location, and world-class infrastructure are just some of the factors attracting millionaires to the region. The UAE even offers a special "golden visa" for talented individuals and investors seeking long-term residency.

This influx of wealth isn't solely regional. The report suggests significant movement from areas like India, Russia, and Africa, with a recent surge expected from the UK and Europe as well.

Meanwhile, Singapore takes the third spot globally, attracting a projected 3,500 millionaires in 2024 and solidifying its position as the top Asian destination for wealthy migrants.

Japan rounds out the top 10 favored destinations, partially fueled by an influx of wealthy Chinese individuals relocating post-pandemic.

However, the report also reveals a significant trend of millionaire outflows from several countries. China leads the exodus with a projected loss of a staggering 15,200 millionaires by year-end. The United Kingdom, previously a magnet for the wealthy, is experiencing a substantial outflow with a net loss prediction of 9,500 millionaires in 2024. India follows closely behind, expected to lose 4,300 millionaires this year.

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