The latest Wealth Migration Report 2024 by Henley & Partners highlights an unprecedented trend: the UAE has firmly established itself as the top destination for high-net-worth individuals (HNWIs). For the third consecutive year, the UAE leads global rankings in millionaire migration, reinforcing its position as a magnet for wealthy migrants seeking stability and opportunity in a favorable jurisdiction.
A Significant Surge in Millionaire Migration
Image credit: Henley & Partners
According to the report, an estimated 6,700 millionaires are expected to relocate to the UAE by the end of 2024. This surge is primarily driven by an influx from the UK and Europe, illustrating the growing trend of millionaires seeking security amidst geopolitical and economic uncertainties. The UAE’s appeal is undeniable, with its zero income tax policy, luxury lifestyle, and strategic geographic location attracting affluent individuals from around the world.
The UAE vs. Other Destinations
The UAE’s net inflow of millionaires is nearly double that of its closest competitor, the United States, which is projected to welcome around 3,800 millionaires this year. As Dominic Volek, Group Head of Private Clients at Henley & Partners, notes, “An estimated 128,000 millionaires are set to relocate globally in 2024, surpassing the previous record of 120,000 in 2023.” This mass migration signifies shifting dynamics in global wealth and power, driven by the desire for a more stable future.
An Evolving Wealth Management Ecosystem
The rapid evolution of the UAE’s wealth management ecosystem has played a crucial role in attracting HNWIs. According to Sunita Singh-Dalal, a partner at Hourani in Dubai, “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 framework makes the UAE exceptionally attractive to those looking to secure and grow their fortunes.
Why Choose the UAE?
The UAE’s position as the preferred destination for wealthy migrants is a testament to its status as a global powerhouse in attracting and retaining high-net-worth individuals. Key factors include:
- Favorable Tax Regime: The UAE offers a zero income tax policy, allowing individuals to retain more of their wealth.
- Golden Visa Program: The UAE’s Golden Visa program provides long-term residency options for foreign investors, entrepreneurs, and highly skilled professionals. This initiative allows individuals and their families to live, work, and study in the UAE without the need for a local sponsor, offering greater stability and security. The Golden Visa not only enhances the quality of life but also opens up opportunities in the thriving UAE economy.
- Advanced Wealth Management Infrastructure: A robust regulatory framework supports innovative financial solutions.
- Strategic Initiatives: The UAE’s government actively promotes investment opportunities, making it easier for affluent individuals to settle and thrive.
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