Wealth Migration Report 2024: The UAE remains a millionaire’s favourite country

The UAE continues to dominate as the top destination for wealthy migrants, marking the third consecutive year it has topped global rankings, in the 2024 Wealth Migration index.

The latest report, published by Henley & Partners, reveals that an estimated 6,700 millionaires will relocate to the UAE by the end of the year, driven significantly by an influx from the UK and Europe.

A magnet for millionaires

The UAE’s appeal to high-net-worth individuals (HNWIs) is undeniable.

With its attractive zero income tax policy, an established golden visa system, a luxury lifestyle, and a strategic geographic location, the country has firmly entrenched itself as the world’s leading destination for wealthy migrants.

This year’s net millionaire inflow to the UAE is nearly double that of its closest competitor, the US, which is projected to welcome around 3,800 millionaires.

Dominic Volek, group head of Private Clients at Henley & Partners, notes the unprecedented scale of this migration: “An estimated 128,000 millionaires are set to relocate globally in 2024, surpassing the previous record of 120,000 in 2023. This mass movement is a clear indicator of the shifting dynamics in global wealth and power, prompted by geopolitical, economic, and social turbulence.”å

The UAE’s wealth management ecosystem

The UAE’s rapid evolution in wealth management has been a significant factor in attracting affluent individuals.

Sunita Singh-Dalal, partner at Hourani in Dubai, highlights the UAE’s progress, “In less than five years, the UAE has introduced a robust regulatory framework offering a range of innovative solutions to protect, preserve, and enhance wealth. This development is unprecedented and makes the UAE exceptionally attractive to HNWIs.”

Andrew Amoils, head of Research at New World Wealth, emphasises the broader benefits for the UAE, “Migrating millionaires bring substantial forex revenue and often establish new businesses, generating local employment. For centi-millionaires and billionaires, this entrepreneurial activity is even more pronounced, with over 60 per cent likely to create significant economic opportunities in their new country.”

Global wealth migration trends

The Henley Private Wealth Migration Report provides a detailed analysis of the net inflows and outflows of millionaires worldwide.

This year’s data, compiled by New World Wealth, underscores the UAE’s leading position. The report shows a significant increase in HNWI migrations, highlighting a growing trend of millionaires seeking stability and opportunity in favourable jurisdictions.

Henley & Partners said it has seen a record number of enquiries about residence and citizenship by investment programmes.

The most popular programmes among their clients include Portugal’s Golden Residence Permit Programme, Greece’s Golden Visa Programme, and Spain’s Residence by Investment Programme.

On the citizenship front, Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment remains highly sought after, along with Caribbean options like Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s equivalent scheme.

Investment migration: A booming sector

The surge in millionaire migration has led to a boom in the investment migration industry.

Over the past year, Henley & Partners revealed it has received unprecedented enquiries from nearly 200 countries. Americans and Indians are the top nationalities driving this demand, with significant interest also coming from the UK, the Philippines, and South Africa.

Volek points out, “Countries that have seen the greatest growth in high-net-worth individuals are those with policies specifically designed to attract millionaires. Nine of the top ten countries attracting the most millionaires in 2024 have formal investment migration programmes that encourage foreign direct investment in exchange for residence or citizenship rights.”

The UAE’s position as the preferred destination for wealthy migrants underscores its status as a global powerhouse in attracting and retaining high-net-worth individuals.

With its favourable tax regime, advanced wealth management infrastructure, and strategic initiatives to attract investment, the UAE continues to set the benchmark for millionaire migration.

As geopolitical and economic uncertainties persist worldwide, the trend of affluent individuals seeking refuge and opportunity in the UAE is likely to continue, further solidifying its role as a central hub in the global wealth landscape.

Read: Mercer’s 2024 Cost of Living City Ranking: How expensive is Dubai?