UAE emerges as a leading destination for Millionaires worldwide

The United Arab Emirates (UAE) has become a major ‘wealth magnet’ in the world, according to latest research.

A Henley Private Wealth Migration report revealed that the UAE was expected to see a net inflow of 6,700 millionaires from countries across the world by 2024 end.

The report named the United States a distant second with an expected inflow of 3,800 millionaires by 2024 end. A millionaire is considered a high net-worth individual with liquid investable wealth of $1 million or more.

The extensive migration of millionaires is a result of the UAE leadership’s continuous efforts to develop the country into a global hub of business and investments.

“This great millionaire migration is a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home,” said Dominic Volek, group head of private clients at Henley & Partners, said in the report.

Followed by Canada at over 3,200 millionaires and Australia at 2,500 millionaires at fourth and fifth positions respectively, Singapore was named third most favorable nation by Henley and Partners report. Other popular countries on the list included Italy (2,200), Switzerland (1,500), Greece (1,200), Portugal (800) and Japan (400).

UAE as a safe haven

The UAE has become a safe haven for high-net-worth individuals globally, owing to its favorable tax policies, strategic location and world-class infrastructure, among many crucial factors.

“As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers, seeking greener pastures and safer harbors for their assets and family interests,” Volek added.

The Emirati government also offers a “golden visa” to attract high-income talents to reside in the country. The visa is aimed at “providing long-term residence to foreign investors, entrepreneurs, and talented individuals including specialists, students, and researchers who make a significant investment to the country,” according to Henley & Partners.

The UAE has been able to diversify its economy beyond oil and gas as a major driver of the economy. The Middle Eastern country has robust potential to offer various compelling factors to attract customers, businesses, and investors alike. There have been large-scale investments across different industries including transportation, clean energy, financial services and property to help develop a diverse and complex economic environment.

Meanwhile, since 2013, the number of millionaires on the move globally has increased from 51,000 to a forecasted 142,000 in 2025, an astounding 178% growth.