UAE Attracts Surge of Ultra-Rich Immigrants by 2024
The United Arab Emirates (UAE) remains a top destination for high-net-worth individuals (HNWIs), according to a new report by international investment migration consultancy Henley & Partners. The report forecasts an influx of 6,700 ultra-rich immigrants choosing the UAE as their home by the end of 2024.
The Henley Private Wealth Migration Report 2024 highlights that the UAE's tax-free income, golden visa program, and strategic location have made it a popular destination among millionaires. The data shows that the UAE is set to attract nearly twice as many millionaires as the United States, which is expected to welcome 3,800 millionaires in 2024.
Dominic Volek, head of private clients at Henley & Partners, stated in the report that investment migration can be an effective tool to facilitate individual connection and economic diversification.
"The rise of the UAE is proof of this. The country aims to become the world's leading wealth refuge center and is doing everything possible to attract millionaires, from the golden visa program and luxury lifestyle to a business-friendly environment, all in a strategic location," he said. "By attracting wealthy residents and their capital, key sectors such as real estate, renewable energy, technology, and tourism also receive a boost."
According to the report, the UAE continues to attract a significant number of millionaires from India, the Middle East, Russia, and Africa. In 2024, substantial inflows are also expected from the United Kingdom and Europe, with the former facing an unprecedented net loss, as 9,500 millionaires might leave the country this year, putting it second only to China and more than doubling the 4,200 millionaires who left last year.
The W15 ranking in the report, which lists the world's 15 richest countries based on millionaires, centi-millionaires, and billionaires, placed the UAE at 14th, with 116,500 millionaires (with more than $1 million in liquid investable assets), 308 centi-millionaires (more than $100 million), and 20 billionaires (more than $1 billion). This represents a 77% growth over the past decade between 2013 and 2023.
In terms of major movements, the report indicates that China will be the world's biggest loser of millionaires, with 15,200 HNWIs departing this year (up from 13,800 in 2023), while India has managed to curtail the exodus of wealthy individuals, ranking third after the UK, with 4,300 expected to leave in 2024 (down from 5,100 last year).
South Korea is expected to see an increase in HNWI emigration, with 1,200 millionaires departing compared to 800 in 2023, whereas the number of millionaires leaving Russia has decreased since the outbreak of the Ukraine war: only 1,000 plan to move this year, compared to 8,500 in 2022 and 2,800 in 2023.
Singapore ranks third this year, receiving 3,500 millionaire immigrants, followed by Canada and Australia in fourth and fifth places with net inflows of 3,200 and 2,500, respectively.
