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UAE to attract over 6,700 millionaires in 2024, mostly from India, Russia, Africa

The wealthy are attracted to the Emirates for its zero income tax, golden visa, luxury lifestyle, and easy connectivity by local carriers

More than 6,700 millionaires will relocate to the UAE this year, putting the Emirates at the top of all the countries in attracting the highest number of high-net-worth individuals, according to a new study released on Tuesday, June 18.

For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, significantly boosted by large inflows from the UK and Europe, as per The Henley Private Wealth Migration Report 2024 released by Henley and Partners.

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“With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Brits and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024,” said Henley and Partners.

Millionaires from Europe are attracted to the UAE for its zero income tax, golden visa, luxury lifestyle, and easy connectivity by local carriers such as Emirates and flydubai.

Ranked 14th globally, the UAE is home to 116,500 millionaires, 308 centimillionaires and 20 billionaires. The study features high net worth individuals (HNWIs) with liquid investable wealth of $1 million or more.

“The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than 5 years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth,” said Sunita Singh-Dalal, partner leading the Private Wealthy and Family Offices at Hourani in Dubai.

A large number of British and European investors have been attracted by strong gains in Dubai’s real estate market, emerging among the top investors in the local property market. In addition, the high taxes in the UK and other Western countries are pushing millionaires to tax havens such as the UAE, which is also the safest country in the world.

“With its sights firmly set on becoming the world's top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location. The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024, cementing its status as a dynamic sovereign wealth magnet,” said Dominic Volek, group head of private clients at Henley and Partners.

Misha Glenny, Rector of the Institute for Human Sciences in Vienna, said it isn't the first time the UAE outstrips all comers in its ability to attract high-net-worth individuals to its territory.

“At 6,700, the UAE is projected to attract nearly twice as many incoming investors as its nearest rival, the USA in 2024. Although the outflow of wealthy Russians has dropped dramatically since the full-scale invasion of Ukraine in 2022, many of those who do leave find their way to the UAE. The Emirates has a powerful attraction to Indian high-net-worth individuals as well, as the two economies have long enjoyed close relations,” he said.

International

The other countries that will receive the highest number of millionaires are the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal and Japan.

While China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan (Chinese Taipei), Nigeria and Vietnam will have the highest net outflow of millionaires in 2024.

Last year, 120,000 millionaires relocated to different countries worldwide. This year, the numbers are projected to increase to 128,000 and 135,000 in 2025.

Andrew Amoils, head of research at New World Wealth, said the benefits of this migration of wealth and talent to these destination countries are significant and wide-ranging.

“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60 per cent for centi-millionaires and billionaires,” he said.

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