The UAE has positioned itself as the world’s number one destination for migrating millionaires and high-net-worth individuals (HNWIs), and is expected to welcome a record net inflow of 6,700 millionaires this year alone. The Henley Private Wealth Migration Report 2024 attributes the UAE’s attractiveness to its zero income tax policy, golden visas, luxury lifestyle, and the country’s strategic location.
The UAE has witnessed consistently high inflows of millionaires from India, the wider Middle East region, Russia and Africa. The report also expects a larger influx of Brits and Europeans to the country this year. In 2024, the UAE will attract nearly twice as many millionaires as its nearest rival, the U.S., which the report expects to benefit from a net inflow of 3,800 millionaires in 2024.
Singapore ranks 3rd again this year with net inflows of 3,500, while Canada and Australia follow in 4th and 5th places with net inflows of 3,200 and 2,500, respectively.
Also in the top 10 are European countries like Italy with net inflows of 2,200, Switzerland with 1,500, Greece with 1,200 and Portugal with 800. In 10th place comes Japan with 400 wealthy migrants.
“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,” stated Sunita Singh-Dalal, partner leading the private wealth and family offices at Hourani in Dubai.
U.K. to see unprecedented net loss
In addition to the surge in millionaires relocating to the UAE, the Henley Private Wealth Migration Report 2024 also expects the U.K. to see an unprecedented net loss of 9,500 millionaires in 2024, second only to China. That is more than double the 4,200 who left the country last year.
The U.K., and London in particular, has traditionally been one of the world’s top destinations for migrating millionaires. For several decades, it consistently attracted large numbers of wealthy families from mainland Europe, Africa, Asia, and the Middle East. However, this trend began to reverse around 10 years ago as more millionaires began to leave the country and fewer came in. From 2017 to 2023 post-Brexit, the U.K. lost a total of 16,500 millionaires.
Read: UAE ranks 7th globally in 2024 World Competitiveness Report
China could lose 15,200 HNWIs this year
Meanwhile, China could lose 15,200 HNWIs this year compared to 13,800 in 2023 while India has dropped down to 3rd place after the U.K. with just 4,300 millionaires leaving the country in 2024. The report also expects South Korea’s HNWI flights to rise to 1,200 millionaires compared to 800 in 2023. Following the outbreak of the Ukraine war, millionaires leaving Russia will only reach 1,000 in 2024 compared to 8,500 in 2022 and 2,800 in 2023.
“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. 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,” stated Dominic Volek, group head of private clients at Henley & Partners.
According to the report’s W15 ranking of the world’s top 15 countries for millionaires, the number of millionaires in the U.K. has dropped by 8 percent over the past decade. In Germany, the HNWI population has increased by 15 percent over the last 10 years, in France it rose by 14 percent, while the number has risen by 35 percent in Australia, 29 percent in Canada, and a remarkable 62 percent in the USA.
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