A new report by Henley & Partners indicates the United Arab Emirates (UAE) has retained its position as the world’s leading destination for millionaires for the third consecutive year. The report, titled “Private Wealth Migration Report 2024,” forecasts a record number of high-net-worth individuals (HNWIs) relocating to the Emirates by year’s end, with an estimated 6,700 millionaires choosing the UAE as their new home.
This trend is attributed to several factors, including the UAE’s luxurious lifestyle, its “golden visa” program offering long-term residency for investors, and its favorable tax environment. The UAE is projected to attract nearly double the number of millionaires compared to its closest competitor, the United States, which is expected to see an influx of 3,800 millionaires in 2024.
The report further highlights global wealth migration reaching unprecedented levels. Henley & Partners predicts a record-breaking 128,000 millionaires relocating worldwide this year, surpassing the previous record of 120,000 set in 2023. This significant movement is attributed to a confluence of factors, including geopolitical tensions, economic uncertainties, and social unrest.
While some countries benefit from this wealth migration, others experience a net loss of millionaires. China leads the outflow rankings, with an estimated 15,200 millionaires expected to leave the country in 2024, a rise from 123,800 in 2023. The United Kingdom follows closely behind, with projections indicating a departure of 9,500 millionaires this year, compared to 4,200 in 2023.
The report emphasizes that wealth-attracting countries experience benefits beyond luxury property purchases and increased local spending. Migrating millionaires often bring significant foreign currency and entrepreneurial expertise, potentially establishing new businesses and creating jobs within their adopted nations.
Published on: Jun 18, 2024
Source: https://www.thenationalnews.com/lifestyle/luxury/2024/06/18/uae-retains-position-as-worlds-top-wealth-magnet-for-third-year/
