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The UAE is continuing its run as the destination of choice for high-net-worth individuals (HNWI) with a new report by international investment migration advisory firm Henley & Partners stating that 6,700 ultra rich migrants are expected to make the country their home by the end of 2024.
Findings by the ‘Henley Private Wealth Migration Report 2024’, reveal the UAE’s tax-free income, golden visa residency programme, and its geographic location have made the country a top choice for migrating millionaires. Data shows that the UAE is expected to attract nearly twice as many millionaires as the US, which is projected to receive an inflow of 3,800 millionaires in 2024.
Dominic Volek, Group Head of Private Clients at Henley & Partners said in the report that investment migration can serve as a powerful mechanism to enable individual connectedness and economic diversification.
“The rise of the UAE is testament to this. 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,” he said. “By attracting wealthy residents and their capital, key sectors such as real estate, renewable energy, technology, and tourism tend to flourish.”
According to the report, the UAE has consistently attracted large numbers of millionaires from India, the Middle East, Russia, and Africa. In 2024, large inflows are also expected to come from the UK and Europe, with the former expected to see an unprecedented net loss of 9,500 millionaires this year, second only to China worldwide, and more than double the 4,200 who left the country last year.
The report’s W15 ranking of the world’s top 15 countries for millionaires, centi-millionaires and billionaires placed the UAE in the 14th position, with 116,500 millionaires (having more than $1 million in liquid investable wealth), 308 centi-millionaires (more than $100 million) and 20 billionaires (more than $1 billion), indicating a 77% growth in the decade from 2013 to 2023.
Biggest movers
According to the report, China was on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year (compared to 13,800 in 2023), whereas India has stemmed its wealth exodus, dropping down to third place after the UK with 4,300 millionaires projected to leave the country in 2024 (compared to 5,100 last year).
South Korea’s HNWI exodus is expected to rise with a forecast loss of 1,200 millionaires, compared to 800 in 2023, while the flight of millionaires that left Russia following the outbreak of the Ukraine war appears to be abating with only 1,000 projected to relocate this year, compared to 8,500 in 2022 and 2,800 in 2023.
Singapore came in third this year with net inflows of 3,500 moneyed migrants, while Canada and Australia, followed in fourth and fifth places with net inflows of 3,200 and 2,500, respectively.
(Writing by Bindu Rai, editing by Seban Scaria)
