The sun-drenched beaches and luxurious lifestyle of the United Arab Emirates (UAE) are proving irresistible to wealthy individuals worldwide.
A new report by Henley & Partners predicts the UAE will welcome a record number of millionaires this year, solidifying its position as the world’s leading magnet for the rich.
The report, titled “The Henley Private Wealth Migration Report 2024,” forecasts a staggering 6,700 millionaires relocating to the UAE in 2024. This surge is attributed to several factors, including:
- Favorable Tax Environment: The UAE boasts zero income tax, making it a haven for those seeking to escape high taxes in their home countries.
- Golden Visa Scheme: The UAE’s “golden visa” program offers long-term residency for wealthy investors, further enticing high-net-worth individuals.
- Luxury Lifestyle: From world-class shopping to Michelin-starred restaurants, the UAE offers a luxurious lifestyle that caters to millionaires’ tastes.
- Strong Business Hub: The UAE’s strategic location and business-friendly environment make it an attractive base for entrepreneurs and investors.
Europeans, in particular, are flocking to the UAE. Attracted by the combination of tax benefits, luxury living, and excellent connectivity offered by airlines like Emirates and flydubai, many are choosing the UAE as their new home.
This trend isn’t entirely new. The UAE has seen a steady influx of millionaires over the past few years, building a robust wealth management ecosystem. Industry experts point to the country’s innovative solutions for wealth protection and growth as a significant factor in attracting high-net-worth individuals.
While the war in Ukraine has dampened the outflow of wealthy Russians, the UAE remains a popular destination for Indian and European millionaires. Strong historical ties between the UAE and India further solidify this connection.
The UAE’s dominance isn’t the only story. The report also identifies the United States, Singapore, Canada, and Australia as other top destinations for millionaires seeking new horizons. However, the UAE stands out for attracting nearly twice as many millionaires as its closest competitor, the US.
Millionaires on the Move: A Global Phenomenon
The UAE’s success story reflects a broader global trend of millionaire migration. This year, an estimated 128,000 millionaires are expected to relocate, with the number projected to rise further in the coming years. This movement of wealth and talent brings significant benefits to destination countries. Millionaires often invest their wealth locally, stimulating foreign exchange and potentially creating jobs through new business ventures.
While some countries, like China and the UK, are experiencing an outflow of millionaires, the overall trend suggests a growing number of wealthy individuals seeking new opportunities and lifestyles abroad. The UAE, with its unique blend of sunshine, tax advantages, and luxury, is at the forefront of this global phenomenon.
