The UAE is set to attract over 6,700 millionaires this year, making it the leading country in terms of high-net-worth individuals moving to its shores. This trend has been consistent for the past three years, with large inflows coming from the UK and Europe. The Henley Private Wealth Migration Report 2024 by Henley and Partners supports this data, highlighting the UAE’s appeal to wealthy individuals from various regions. The country is expected to attract nearly twice the number of millionaires as its closest competitor, the US.
One of the key factors attracting millionaires to the UAE is its zero income tax policy, along with other incentives such as the golden visa program, luxury lifestyle, and efficient connectivity. The country is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires, positioning it as a wealth management hub. The UAE’s regulatory framework has evolved rapidly in recent years, offering innovative solutions to protect and enhance the wealth of high-net-worth individuals.
European and British investors are flocking to the UAE due to favorable conditions in its real estate market, as well as high taxes in their home countries. The UAE’s reputation as a safe and business-friendly environment further attracts these investors. Dominic Volek, group head of private clients at Henley and Partners, emphasized the UAE’s commitment to becoming a top wealth destination, with a projected net inflow of 6,700 millionaires in 2024.
The UAE’s ability to attract wealthy individuals has been consistent over the years, outperforming other countries in this regard. Despite challenges such as the outflow of wealthy Russians due to geopolitical events, the UAE remains a strong magnet for high-net-worth individuals from various regions. The country’s strategic location, attractive incentives, and luxurious lifestyle continue to appeal to investors seeking to relocate.
In addition to the UAE, other countries like the US, Singapore, Canada, and Australia are also attracting a significant number of millionaires. On the other hand, countries like China, the UK, India, and South Korea are experiencing a net outflow of wealthy individuals. This trend of millionaire migration has economic benefits for destination countries, as migrating millionaires bring with them capital, entrepreneurial skills, and job creation opportunities.
Overall, the UAE’s position as a top destination for millionaires reflects its strong value proposition, regulatory framework, and appealing lifestyle. The country’s efforts to attract high-net-worth individuals are yielding positive results, with the UAE set to welcome a record number of millionaires in 2024. This influx of wealth and talent contributes to economic growth and prosperity, making the UAE a dynamic sovereign wealth magnet in the global landscape.
