According to the Henley Private Wealth Migration Report, the United Arab Emirates is poised to maintain its position as the world’s top destination for attracting wealth for the third consecutive year.
Released recently, the report forecasts an unprecedented influx of 6,700 millionaires from across the globe into the UAE by the end of 2024, as reported by CNBC.
Following closely behind the UAE is the United States, projected to see an inflow of 3,800 millionaires by the year’s end. This anticipated migration of high-net-worth individuals marks a significant increase from the previous record of 120,000 millionaires relocating globally in 2023, according to data compiled by global wealth intelligence firm New World Wealth and analyzed in the report.
Dominic Volek, Group Head of Private Clients at Henley & Partners, characterized this trend as indicative of a profound shift in global wealth dynamics, with implications for both the countries these individuals depart from and those they choose as their new homes.
The UAE’s appeal to high-net-worth individuals can be attributed to several factors including favorable tax policies, strategic geographical location, and modern infrastructure.
Moreover, the country’s “golden visa” program plays a pivotal role, offering long-term residency to investors, entrepreneurs, specialists, students, and researchers who contribute significantly to the nation’s development.
Migration into the UAE is notably driven by individuals relocating from regions such as the Middle East, India, Russia, and Africa, with increasing interest anticipated from the United Kingdom and Europe in the near future.
Henley & Partners highlighted the top ten countries expecting the highest net inflows of millionaires in 2024, underscoring the UAE’s prominence as the leading destination for global wealth migration.
