Over 6,700 millionaires will visit the UAE in 2024, primarily from Africa, Russia, and India.

According to The Henley Private Wealth Migration Report 2024 by Henley and Partners, released on Tuesday, June 18, more than 6,700 millionaires are expected to move to the UAE this year. This marks the third consecutive year that the UAE is poised to lead globally in attracting high-net-worth individuals, driven significantly by substantial inflows from the UK and Europe.

Henley and Partners Stated that:

“With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Brits and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024,” 

European millionaires are lured to the UAE by its zero-income tax policy, golden visa program, opulent lifestyle, and convenient access via local airlines such as Emirates and flydubai. The UAE ranks 14th globally and is residence to 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The study focuses on high-net-worth individuals (HNWIs) with liquid investable assets totaling $1 million or more.


“The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than 5 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,” - Sunita Singh-Dalal

Many British and European investors are flocking to Dubai's booming real estate market, emerging as prominent players in local property investments. Simultaneously, high tax rates in the UK and other Western nations are prompting millionaires to seek tax havens like the UAE, which is also recognized as one of the safest countries globally.

“With its sights firmly set on becoming the world's top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location. The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024, cementing its status as a dynamic sovereign wealth magnet,” - Dominic Volek

According to Misha Glenny, Rector of the Institute for Human Sciences in Vienna, the UAE's dominance in attracting high-net-worth individuals is nothing new. In 2024, with projections of attracting 6,700 investors, the UAE is expected to draw nearly double the number of incoming investors compared to its closest competitor, the USA. Despite a significant decrease in the outflow of wealthy Russians following the Ukraine invasion in 2022, many who do leave often relocate to the UAE. Additionally, the Emirates holds a strong allure for Indian high-net-worth individuals, benefiting from the longstanding economic ties between the two nations.

Global

Andrew Amoils, head of research at New World Wealth, highlighted significant trends in millionaire migration for 2024 and projections for 2025. Among the top destinations for incoming millionaires are the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. Conversely, countries expected to see the highest net outflow of millionaires include China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan, Nigeria, and Vietnam.
 

Last year, approximately 120,000 millionaires relocated globally. This year, the numbers are expected to rise to 128,000, with further growth projected to reach 135,000 by 2025. Amoils emphasized the substantial economic benefits associated with this migration, noting that migrating millionaires contribute significantly to foreign exchange revenues by bringing their wealth with them. Moreover, about 20% of these individuals are entrepreneurs and founders, potentially stimulating local economies by starting new businesses, a percentage that rises to over 60% among centi-millionaires and billionaires.