The United Arab Emirates (UAE) has maintained its position as the foremost destination for wealthy individuals globally, according to the Henley Private Wealth Migration Report. For the third consecutive year, the UAE is projected to attract a staggering net inflow of 6,700 millionaires by the end of 2024.
This influx significantly outpaces the next leading country, the United States, which anticipates receiving 3,800 migrating millionaires during the same period. The report, released on June 18, highlights a record-breaking trend, with an expected total of 128,000 millionaires relocating worldwide in 2024, surpassing last year’s record of 120,000.
The data for the report was sourced from New World Wealth, providing insights into global migration patterns of high-net-worth individuals (HNWIs). Dominic Volek of Henley & Partners describes this migration trend as indicative of profound shifts in global wealth dynamics influenced by factors such as geopolitical tensions, economic uncertainties, and social changes.
UAE Leads Global Migration of Millionaires with Record Influx
Key factors contributing to the UAE’s appeal include favorable tax policies, strategic location, top-tier infrastructure, and initiatives like the “golden visa,” designed to attract foreign investors, entrepreneurs, and professionals. These factors position the UAE as a safe haven for wealth amid global instability.
Singapore follows as the third most attractive destination, projecting a net inflow of 3,500 millionaires in 2024, solidifying its status as Asia’s premier destination for HNWIs. Japan also features in the top 10, driven by an influx of Chinese HNWIs post-Covid.
Conversely, the report identifies countries experiencing significant outflows of millionaires. China leads with an expected net outflow of 15,200 millionaires by the year’s end, followed by the United Kingdom with 9,500 and India with 4,300. These outflows are largely attributed to economic uncertainties, political turmoil, and a pursuit of improved lifestyles, education, and healthcare options abroad.
The Henley Private Wealth Migration Report underscores 2024 as a pivotal year in the global migration of wealth, with the UAE emerging as the foremost beneficiary of this trend. The data highlights broader implications for both the countries gaining and losing HNWIs, shaping future economic trajectories and policy considerations worldwide.
