Dubai is the Premier Haven for Global Millionaires in 2024"
The UAE is set to be the top global destination for millionaires in 2024, with a net influx of 6,700 high-net-worth individuals (HNWIs).
The UK anticipates a notable loss of 9,500 millionaires in 2024, the highest in decades.
China remains the largest source of millionaire outflows globally, with a net loss of 15,200 HNWIs in 2024
Dubai offers zero income tax, golden visas, a luxury lifestyle, and a strategic location, attracting global millionaires.
Investment migration hits record levels, with 128,000 millionaires relocating globally.
New business formation and foreign investment are key benefits of millionaire migration.
UAE's wealth management ecosystem has developed significantly in under five years.
Henley & Partners report increasing interest in citizenship by investment programs.
Economic instability and geopolitical tensions are major drivers for millionaire relocation.
In an ever-evolving global landscape, Dubai solidifies its reputation as the premier destination for the world's wealthiest. The Henley Private Wealth Migration Report 2024 highlights a significant shift in the migration patterns of high-net-worth individuals (HNWIs). Dubai is expected to welcome a record 6,700 millionaires by year-end, outpacing all other nations.
Dubai's allure lies in its highly advantageous fiscal policies, including zero income tax, attractive golden visa options, a luxurious lifestyle, and strategic geographical positioning. These factors entice millionaires and provide substantial economic benefits to the region through direct foreign investment and job creation.
Conversely, traditional havens like the UK are experiencing a dramatic reversal. The UK is projected to see a record outflow of 9,500 millionaires in 2024, attributed to political and economic instability. This trend reflects broader global movements, as millionaires increasingly choose to relocate from regions facing geopolitical tensions and economic uncertainties.
The impact of these migrations extends beyond individual nations. As millionaires relocate, they bring substantial economic activity—starting businesses and boosting local economies. Approximately 20% of these migrating millionaires are entrepreneurs, significantly impacting job creation and forex revenue in their new homes.
Dubai's ascent as a wealth magnet is underpinned by its evolving regulatory framework, which offers innovative wealth protection and enhancement solutions. The city's ability to attract nearly twice as many millionaires as its nearest competitor, the US, underscores its growing importance on the global stage.
This megatrend of millionaire migration underscores a significant shift in global wealth dynamics, with Dubai at the forefront, redefining itself as a regional powerhouse and a global hub for wealth management and luxury living.