According to the latest Henley Private Wealth Migration Report, the United Arab Emirates (UAE) is poised to remain the world’s leading wealth magnet for the third consecutive year.
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- UAE is set to attract 6,700 millionaires in 2024, leading global wealth migration.
- Record 128,000 millionaires expected to relocate worldwide this year.
- China, the UK, and India are facing the largest millionaire exodus.
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UAE Emerges as Top Global Wealth Magnet: Why Millionaires Are Flocking to the UAE
This small Gulf nation is expected to attract over 6,700 millionaires by the end of 2024, setting a new record in global wealth migration.
The UAE’s projected inflow of 6,700 millionaires far surpasses other countries, with the United States coming in second at 3,800.
In 2024, 128,000 high-net-worth individuals (HNWIs) are expected to relocate globally, surpassing last year’s record of 120,000.
Following the UAE and USA, other top destinations include Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan.
China leads in millionaire outflows (-15,200), followed by the UK (-9,500) and India (-4,300).
Factors Driving UAE’s Success:
- Favorable tax policies
- Strategic location
- World-class infrastructure
- “Golden Visa” program attracting global talent
Global Wealth Shift
Dominic Volek, group head of private clients at Henley & Partners, describes this trend as a “canary in the coal mine,” signaling a profound shift in global wealth and power dynamics.
The migration patterns reflect broader geopolitical tensions, economic uncertainties, and social upheavals worldwide.
Regional Insights
- Singapore is the top destination for relocating high-net-worth individuals in Asia.
- The UK, once a prime destination for the wealthy, now faces significant outflows.
- The UAE benefits from inflows from the greater Middle East region, India, Russia, Africa, and, increasingly, Europe.
Dr Hannah White, director and CEO of the Institute for Government, notes that economic and political turmoil in countries like the UK is accelerating wealth outflows.
For nations like China and India, the high outflows are partly due to their success in generating new millionaires, though sustained losses could become more damaging over time.
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