UAE to Attract 6,700+ Millionaires in 2024, Mainly from India, Russia, Africa

UAE Set to Attract Over 6,700 Millionaires in 2024, Leading Global Wealth Migration

More than 6,700 millionaires are projected to relocate to the UAE this year, placing the Emirates at the forefront of all countries in attracting the highest number of high-net-worth individuals, according to a new study released on Tuesday, June 18.

For the third consecutive year, the UAE is poised to take first place as the world’s leading wealth magnet, significantly boosted by large inflows from the UK and Europe, according to The Henley Private Wealth Migration Report 2024, released by Henley & Partners.

“With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Brits and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024,” said Henley & Partners.

Millionaires from Europe are particularly drawn to the UAE for its zero income tax, golden visa, luxury lifestyle, and easy connectivity provided by local carriers such as Emirates and flydubai. These factors contribute to the UAE’s attractiveness as a destination for high-net-worth individuals seeking favorable living conditions and financial benefits.

Ranked 14th globally, the UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The study profiles high-net-worth individuals (HNWIs) with liquid investable wealth of $1 million or more. The significant number of wealthy residents underscores the UAE’s status as a major hub for affluent individuals.

“The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve, and enhance their wealth,” said Sunita Singh-Dalal, partner leading the Private Wealth and Family Offices at Hourani in Dubai. This rapid development of the wealth management sector has played a crucial role in attracting and retaining wealthy individuals.

A large number of British and European investors have been attracted by strong gains in Dubai’s real estate market, emerging among the top investors in the local property market. In addition, the high taxes in the UK and other Western countries are pushing millionaires to tax havens such as the UAE, which is also regarded as the safest country in the world. The combination of lucrative investment opportunities and a secure environment further enhances the UAE’s appeal.

“With its sights firmly set on becoming the world’s top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location. The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024, cementing its status as a dynamic sovereign wealth magnet,” said Dominic Volek, group head of private clients at Henley & Partners. The strategic initiatives and policies implemented by the UAE are clearly yielding positive results in terms of attracting global wealth.

Misha Glenny, Rector of the Institute for Human Sciences in Vienna, noted that this is not the first time the UAE has outperformed other countries in its ability to attract high-net-worth individuals. “At 6,700, the UAE is projected to attract nearly twice as many incoming investors as its nearest rival, the USA in 2024. Although the outflow of wealthy Russians has dropped dramatically since the full-scale invasion of Ukraine in 2022, many of those who do leave find their way to the UAE. The Emirates has a powerful attraction to Indian high-net-worth individuals as well, as the two economies have long enjoyed close relations,” he said. The UAE’s established economic ties and favorable conditions continue to draw wealthy individuals from around the world.

International Trends:

The other countries projected to receive the highest number of millionaires in 2024 are the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. These nations are also favored destinations for wealthy individuals seeking better opportunities and living conditions.

Meanwhile, countries like China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan (Chinese Taipei), Nigeria, and Vietnam are expected to experience the highest net outflow of millionaires in 2024. Various factors, including economic conditions and high taxation, are driving wealthy individuals to seek better prospects elsewhere.

Last year, 120,000 millionaires relocated to different countries worldwide. This year, the numbers are projected to increase to 128,000 and 135,000 in 2025, indicating a growing trend of global wealth migration.

Andrew Amoils, head of research at New World Wealth, highlighted the significant and wide-ranging benefits of this migration of wealth and talent to destination countries. “Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60 percent for centi-millionaires and billionaires,” he said. The influx of wealthy individuals not only boosts the local economy but also fosters entrepreneurship and job creation, providing long-term benefits to the host countries.

The UAE’s strategic vision and proactive measures have positioned it as a leading destination for high-net-worth individuals, with a record number of millionaires expected to make the Emirates their home in 2024. This trend underscores the country’s growing reputation as a global wealth magnet and a premier destination for affluent individuals seeking a secure and prosperous environment.