The Henley Private Wealth Migration Report forecasts that the United Arab Emirates will be the top destination for global wealth for the third year.
Released this week, the report estimates an inflow of 6,700 millionaires to the UAE by year-end 2024, per CNBC.
The United States follows, expecting 3,800 millionaires.
According to Henley, 2024 will see 128,000 millionaires relocate, a new high surpassing last year’s 120,000.
Data from New World Wealth forms the basis of this report, providing insights into global millionaire migration patterns.
Dominic Volek of Henley & Partners described this trend as indicative of significant shifts in global wealth dynamics, with implications for origin and destination countries.
The UAE’s appeal to wealthy individuals is often attributed to its tax policies, strategic location, and infrastructure.
The country’s “golden visa” aims to attract foreign investment by offering long-term residency to significant investors and other key contributors.
Migration to the UAE is primarily from the Middle East, India, Russia, Africa, and increasingly from the UK and Europe.
The top ten countries for net millionaire inflows in 2024 are:
- United Arab Emirates: +6,700
- United States of America: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
