Dubai A Haven for Wealthy Migrants
For the third consecutive year, the United Arab Emirates (UAE) is poised to maintain its position as the world’s top destination for wealthy migrants, drawing in 6,700 affluent individuals by the end of 2024. Henley and Partners’ annual Private Wealth Migration Report 2024 highlights this surge in millionaire migration, attributing the influx primarily to migrants from the UK and Europe.
Why Wealthy Migrants Choose the UAE
The UAE’s appeal lies in its unique combination of zero-income tax, golden visa programs, and strategic geographic location. These factors collectively position the UAE as an ideal destination for high-net-worth individuals (HNWIs) looking to preserve and grow their wealth. According to the report, the UAE is expected to attract nearly twice as many millionaires as its nearest rival, the United States, which anticipates a net inflow of 3,800 millionaires in 2024.
A Robust Wealth Management Ecosystem
Sunita Singh-Dalal, Partner leading the Private Wealth and Family Offices at Hourani in Dubai, emphasized the rapid evolution of the UAE’s wealth management ecosystem. “In less than five 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,” she noted.
Global Wealth Migration Trends
Henley and Partners’ report, supported by data from New World Wealth, a global wealth intelligence firm, projects that 128,000 millionaires will relocate worldwide in 2024, surpassing the previous record of 120,000 set in 2023. Dominic Volek, Group Head of Private Clients at Henley and Partners, remarked, “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.”
Top Destinations for Millionaires
Besides the UAE, other popular destinations for wealthy migrants include Singapore, Canada, and Australia, with net inflows of 3,500, 3,200, and 2,500 respectively. European countries like Italy, Switzerland, Greece, and Portugal also make it to the top 10, attracting significant numbers of millionaires.
Impact of Wealth Migration
Andrew Amolis, Head of Research at New World Wealth, highlighted the benefits of migrating wealth and talent to destination countries. “Migrating millionaires are a vital source of forex revenue as they bring their money with them. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and create local jobs,” he explained.
Countries Losing Millionaires
While wealthy migrants continue to flock to the UAE, other countries are seeing significant outflows. In 2024, the UK is projected to lose 9,500 millionaires, the second-highest globally after China, which anticipates a net exit of 15,200 HNWIs. India and South Korea are also expected to experience substantial losses in their millionaire populations.
The UAE’s status as the world’s leading millionaire magnet is a testament to its attractive economic policies and strategic initiatives designed to cater to high-net-worth individuals. As global wealth migration trends continue to evolve, the UAE remains a top destination for those seeking stability, growth, and opportunities to safeguard their wealth.