The United Arab Emirates is projected to maintain its position as the world’s premier destination for attracting high-net-worth individuals for the third consecutive year. Recent research conducted by Henley Private Wealth Migration Report indicates that the UAE is on track to welcome a staggering 6,700 millionaires from across the globe by the end of 2024. This unprecedented influx places the UAE significantly ahead of the United States, which is expected to receive 3,800 migrating millionaires by the end of the year. The report also forecasts that a record-breaking 128,000 millionaires will relocate globally in 2024, marking a substantial increase from the previous year.
The massive movement of millionaires around the world serves as a critical indicator of a seismic shift in global wealth distribution and power dynamics. Dominic Volek, the Group Head of Private Clients at Henley & Partners, emphasized the significance of this phenomenon, stating that the global landscape is experiencing a profound transformation. The data for the report was compiled by New World Wealth, a global wealth intelligence firm, providing valuable insights into the migration patterns of high-net-worth individuals.
Top Destinations for Millionaires
The UAE is leading the pack as the top destination for millionaire inflows in 2024, followed by the United States, Singapore, Canada, and Australia. These countries are witnessing a surge in wealthy migrants seeking stability, security, and favorable economic conditions. The UAE’s appeal as a safe haven for high-net-worth individuals is attributed to its attractive tax policies, strategic location, and world-class infrastructure. Additionally, the country offers a “golden visa” program designed to attract foreign investors, entrepreneurs, and skilled professionals looking to establish long-term residency.
The influx of millionaires into the UAE is primarily driven by individuals relocating from the Middle East region, India, Russia, Africa, and more recently, the UK and Europe. Singapore is emerging as another prominent destination for high-net-worth individuals, attracting 3,500 millionaires in 2024. Japan has also made it to the top 10 list, with an increasing number of Chinese HNWIs choosing to move to the country post-Covid.
While certain countries are experiencing substantial inflows of millionaires, others are grappling with significant outflows. China leads the pack in terms of millionaire exodus, with an estimated 15,200 HNWIs leaving the country by the end of 2024. The United Kingdom and India follow closely behind, with projected losses of 9,500 and 4,300 millionaires, respectively. Economic and political uncertainties, along with concerns about the quality of life and access to essential services, are driving millionaires away from these countries.
The shifting patterns of global wealth migration highlight the evolving priorities and preferences of high-net-worth individuals seeking conducive environments for financial growth and personal well-being. As geopolitical tensions, economic uncertainties, and social upheavals continue to shape the global landscape, the migration of millionaires provides valuable insights into the changing dynamics of wealth and power across nations. The UAE’s continued rise as a magnet for wealthy migrants underscores the importance of creating a conducive environment that attracts and retains high-net-worth individuals in an increasingly competitive global economy.