UAE Expected to Attract Wealthy Migrants

Leading the World in Wealth Attraction

The UAE is set to retain its position as the world's top destination for wealthy migrants, with 6,700 millionaires expected to move there by the end of 2024. This marks the third consecutive year that the UAE has topped the list, with a significant influx from the UK and Europe driving this growth.

Attractions of the UAE

The UAE's appeal lies in its zero-income tax, golden visa program, and strategic location, making it highly attractive to affluent individuals. Compared to its closest competitor, the US, which is projected to welcome 3,800 millionaires in 2024, the UAE is expected to almost double that number.

Evolution of the Wealth Management Ecosystem

Sunita Singh-Dalal, a Partner at Hourani in Dubai, noted the UAE's rapid development of its wealth management ecosystem. In just under five years, the country has established a robust regulatory framework offering innovative solutions for protecting, preserving, and growing wealth.

Record-Breaking Global Wealth Migration

The Henley Private Wealth Migration Report 2024 forecasts an unprecedented global migration of millionaires. A total of 128,000 millionaires are expected to relocate in 2024, surpassing the previous record set in 2023.

Impact of Millionaire Migration

Dominic Volek, Group Head of Private Clients at Henley and Partners, sees this migration as a significant indicator of global shifts. As millionaires seek stability amidst geopolitical tensions, economic uncertainty, and social upheaval, their relocation carries implications for both their countries of origin and their new homes.

Benefits of Migration

Andrew Amolis, Head of Research at New World Wealth, highlights the benefits of millionaire migration for destination countries. Beyond forex revenue, these migrants, especially entrepreneurs and founders, often start new businesses, stimulating local economies and job creation.

Countries Losing Millionaires

The UK is expected to lose 9,500 millionaires in 2024, primarily due to Brexit-related uncertainties. China is also facing a significant outflow, while India's wealth exodus has slowed. South Korea and Russia are experiencing varying degrees of millionaire flight, with Russia's exodus diminishing compared to previous years.