The UAE looks set to take first place as the world’s leading wealth magnet for the third year in a row, with a record-breaking 6,700 high net-worth individuals (HNWI) expected to move to the country by the end of the year, according to a recent report.
The Henley Private Wealth Migration Report 2024, released today by international investment migration advisory firm Henley & Partners, tracks the most significant projected millionaire migrant inflows and outflows globally.
The report found that an “unprecedented” 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set last year.
“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,” said Dominic Volek, Group Head of Private Clients at Henley & Partners.
The UAE is set to become the main beneficiary of this migration. Its zero income tax, golden visas, luxury lifestyle and strategic location all make the Emirates extremely attractive to HNWIs. As such, the country is set to attract nearly twice as many millionaires as its nearest rival, the US, projected to benefit from a net inflow of 3,800 millionaires in 2024.
Top 10 country inflows in 2024
Singapore follows the USA and UAE, with projected net inflows of 3,500, while Canada and Australia, follow in fourth and fifth spots with net inflows of 3,200 and 2,500, respectively.
While countries such as the USA and UAE are welcoming millionaires, others are losing them. In particular, the UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024 doubling the 4,200 who left the country in 2023 and second only to China worldwide.
China is poised to witness a net exit of 15,200 HNWIs this year compared to 13,800 in 2023. Meanwhile, India has stemmed its wealth exodus, dropping down to third place with just 4,300 millionaires projected to leave the country in 2024.
