UAE named the global epicentre of wealth migration
A record-breaking 6,700 high-net-worth individuals (HNWIs) are expected to make the Emirates their new home this year, according to the 2024 Henley Private Wealth Migration Report.
The UAE has consolidated its reputation as the preferred destination for migrating millionaires, according to the latest edition of the Henley Private Wealth Migration Report, published in June.
The report, which utilises data from New World Wealth, highlights the UAE’s continued dominance in attracting HNWIs, reinforcing its reputation as a magnet for global wealth.
UAE: The epicentre of wealth migration
For the third consecutive year, the UAE is set to lead the world in net millionaire inflows, with a record-breaking 6,700 HNWIs expected to make the Emirates their new home by the end of 2024.
This figure is notably bolstered by substantial inflows from the UK and Europe, further consolidating the UAE's status as a premier safe haven for the wealthy.
Henley & Partners highlights the UAE's appeal through its 0% income tax policy and golden visas, luxurious lifestyle, and strategic geographical location, making it an attractive destination for millionaires from diverse regions, including India, the Middle East, Russia, and Africa.
Global wealth trends: Key 2024 insights
This year’s report predicts an unprecedented 128,000 millionaires will relocate worldwide in 2024, surpassing the previous record of 120,000 set in 2023. This trend reflects broader geopolitical tensions, economic uncertainties, and social upheavals, prompting millionaires to seek safer, more stable environments.
China remains the largest net loser of millionaires, with an anticipated net exit of 15,200 HNWIs in 2024, up from 13,800 in 2023. The UK follows with a projected net loss of 9,500 millionaires, more than double the 4,200 who left the country last year. India, though seeing a decline in its wealth exodus, still ranks third with 4,300 millionaires expected to depart the country.
Other significant movements include South Korea, which anticipates a loss of 1,200 millionaires, and Russia, where the outflow of HNWIs is slowing, with only 1,000 projected to relocate this year compared to 2,800 in 2023. These trends highlight the shifting dynamics of global wealth distribution, with the UAE emerging as a preferred destination for migrating millionaires.
The UAE's strategic advantage
The UAE’s ability to attract nearly twice as many millionaires as its nearest rival, the United States – which is expected to see a net inflow of 3,800 millionaires – underscores its unique appeal. The UAE offers a compelling mix of economic stability, business-friendly regulations, and a high quality of life, making it an ideal destination for wealthy individuals seeking security and growth opportunities.
Reflecting on the UAE’s enviable global reputation is the fact that Henley & Partners includes the Emirates in its prestigious list of eight ‘Safe Haven Countries’, alongside Australia, Switzerland, Singapore, New Zealand, Malta, Monaco and Mauritius. The firm describes the elite group as “sovereign states with high levels of safety and security that remains largely shielded from the world’s political and economic problems” and have achieved “strong millionaire growth of +35% or more over the past decade”.
Dominic Volek, group head of Private Clients at Henley & Partners, highlights the broader implications of this trend: “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. This great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and the tectonic plates of wealth and power.”
Wealth influx boosts UAE economy
The migration of millionaires brings significant benefits to the UAE’s economy, including increased foreign exchange revenue and the potential for job creation through new business ventures. Approximately 20% of migrating millionaires are entrepreneurs and company founders, a figure that rises to over 60% for centi-millionaires and billionaires, according to Andrew Amoils, head of Research at New World Wealth.
This influx of wealthy individuals is also expected to stimulate the local economy through investments in real estate, luxury goods, and services, further cementing the UAE's position as a global wealth hub.
The Private Wealth Migration Report highlights the UAE’s unparalleled ability to attract and retain HNWIs, driven by its progressive economic policies, strategic location, and high quality of life. As the world navigates through uncertain times, the UAE stands out as a beacon of stability and prosperity, continuing to draw the world’s wealthy to its shores.
Read the full Henley Private Wealth Migration Report 2024 here.