A view of the high rise buildings and the marina in Dubai, part of the United Arab Emirates. Picture: Unsplash
THE United Arab Emirates remains the top destination for the world’s wealthy individuals.
According to the Henley Private Wealth Migration Report 2024, the UAE looks set to take first place as the world’s leading wealth magnet for the third year running, with a record-breaking 6,700 moneyed migrants expected to make the Emirates their home by the end of the year.
The report revealed that the UAE’s numbers were significantly boosted by large inflows from the United Kingdom and Europe, with the UK expected to see an unprecedented net loss of 9,500 millionaires in 2024, second only to China worldwide, and more than double the 4,200 who left the country last year.
According to the report, approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.
“Millionaire migration figures are an important overall indicator of the health of an economy, especially on the outflow side.
“For instance, if a country is losing large numbers of millionaires to migration, it is probably due to serious problems in that country. It can also be a negative sign for the future, as wealthy people are often the first to leave,” said the report.
The countries set to see an inflow of high net worth individuals with liquid investable wealth of USD 1 million or more include: UAE (6700), United State of America (3800), Singapore (3500), Canada (3200), Australia (2500), Italy (2200), Switzerland (1500), Greece (1200), Portugal (800) and Japan (400).
Henley & Partners said the reasons behind wealthy families migrating include, safety and security, financial concerns, taxes and retirement, work and business opportunities, lifestyle factors, including climate, nature, and scenery, schooling and education opportunities for their children, healthcare system and the standard of living.
“Nine of the Top 10 countries attracting the most millionaires in 2024 have formal investment migration programmes and actively encourage foreign direct investment in return for residence or citizenship rights,” said the immigration specialist.
Commenting on millionaire migration, Dominic Volek, the Group Head of Private Clients at Henley & Partners, said that this year was shaping up to be a watershed moment in the global migration of wealth.
“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 harbours for their assets and family interests,” said Volek.
He noted that the conflicts in Ukraine and Gaza, far from being isolated and contained battlegrounds, had drawn in major world powers, and were threatening to escalate into broader regional and possibly even global conflagrations.
“As these moneyed migrants take flight, they carry with them not just their fortunes, but also their expertise, networks, and dynamism which has a direct impact on the economic vitality of any country,” he said.