Cityscape Intelligence is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

UAE retains title as top destination for millionaires

Article-UAE retains title as top destination for millionaires

View of Burj Khalifa lake in Downtown Dubai at sunset from the Burj Khalifa.jpg
The UAE leads as the top global destination for millionaires in 2024 for the 3rd year running, with no taxes, golden visas, and a luxurious life.

The UAE is set to welcome more new millionaires this year than any other country. This information comes from the Henley Private Wealth Migration Report 2024. Factors like the UAE golden visa, low taxes, luxurious lifestyle, and strategic location draw wealthy individuals from the UK, India, and Africa to the country. These advantages make the UAE a magnet for affluent people seeking favourable living conditions and business opportunities.

KEY HIGHLIGHTS FROM THE REPORT

The report shows that the UAE will stay the top global destination for wealth migration for the third year in a row. It predicts that by the end of 2024, there will be a record influx of 6,700 millionaires. This increase is mainly driven by high numbers relocating from the UK and Europe.

REASONS WHY THE UAE IS A TOP DESTINATION FOR MILLIONAIRES

Millionaires come to the UAE because it has no income tax and offers golden visa opportunities. The UAE also attracts them with its luxurious lifestyle and strategic global location. People from India, the wider Middle East, Russia, and Africa consistently move to the UAE, showing that it's a top destination.

A panoramaic aerial view of Dubai cityscape skyline

COMPARISON WITH OTHER COUNTRIES

The UAE expects to attract more millionaires than the US in 2024. The US anticipates 3,800 new millionaires, yet the UAE expects nearly double that number.

Top 10 countries with the highest incoming millionaire migration in 2024:

  • UAE: +6,700
  • USA: +3,800
  • Singapore: +3,500
  • Canada: +3,200
  • Australia: +2,500
  • Italy: +2,200
  • Switzerland: +1,500
  • Greece: +1,200
  • Portugal: +800
  • Japan: +400

IMPACT OF WEALTH MIGRATION ON THE ECONOMY & JOB CREATION

Andrew Amoils from New World Wealth highlights that millionaires who migrate contribute greatly to foreign exchange revenue and job creation. Many of these migrants are entrepreneurs and founders. So they often start new businesses, which in turn boost local economies. Their entrepreneurial activities also stimulate economic growth. In doing so, it generates employment opportunities and injects capital into the community too.

GLOBAL WEALTH MIGRATION TRENDS

The report forecasts a global migration of 128,000 millionaires in 2024. This passes the previous record set in 2023, showing a shift in global wealth distribution.

CHALLENGES FACED BY OTHER COUNTRIES

In contrast, the UK has a projected net loss of 9,500 millionaires in 2024. This is the second highest globally, following China. Brexit-related uncertainties have contributed to this significant outflow over recent years.

FUTURE OUTLOOK FOR UAE WEALTH MIGRATION

Dominic Volek from Henley & Partners says 2024 is a crucial year for global wealth migration. In particular, the UAE continues attracting a record number of millionaires. It's becoming a top choice for wealthy people seeking stability, opportunity, and a high quality of life. So as global landscapes change, the UAE's appeal as a wealth destination will keep growing. The UAE's proactive approach and appealing incentives are key factors for high-net-worth individuals. This means that experts like Dominic Volek believe this trend will continue in the coming years.

TAGS: UAE market UAE
Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish