6,700 millionaires will relocate to the UAE, at end of 2024,
By the end of this year, a record 6,700 billionaires are anticipated to make the United Arab Emirates their new home, according to a poll conducted by international investment migration consultancy firm Henley & Partners.
The UAE has cemented its status as the world’s wealthiest country for a record three years running because of its opulent lifestyle, golden visas, and low tax environment.
The nation is expected to draw almost twice as many millionaires as its closest competitor, the US, where 3,800 millionaires are expected to reside by the end of 2024.
High-net-worth individuals (HNWI) continue to choose the UAE as their destination; according to a recent research by worldwide investment migration advice firm Henley & Partners, 6,700 ultra-rich migrants are anticipated to settle in the nation by the end of 2024.
According to the Henley Private Wealth Migration Report 2024, the UAE is a popular destination for millionaires wishing to relocate because of its tax-free income, golden visa residency scheme, and advantageous location. Data indicates that by 2024, the number of millionaires in the United States is expected to reach 3,800, about twice that of the United Arab Emirates.
According to Dominic Volek, Group Head of Private Clients at Henley & Partners, investment migration may be a potent tool for promoting both economic diversification and human connectivity.
The United Arab Emirates’ ascent is evidence of this. The UAE is putting all the effort into luring millionaires, from an alluring golden visa offer and opulent living to a business-friendly atmosphere in a prime location, with its eyes firmly set on being the world’s preeminent wealth haven,” he said. Important industries include real estate, renewable energy, technology, and tourism frequently thrive by drawing affluent citizens and their money.
The survey claims that a significant number of millionaires from Russia, Africa, the Middle East, and India have regularly chosen to live in the United Arab Emirates. Significant inflows are also anticipated from the UK and Europe in 2024; the former is predicted to experience an unparalleled net loss of 9,500 millionaires this year, ranking second globally only to China, and more than doubling the 4,200 who departed the nation the previous year.
In the W15 ranking of the report, the United Arab Emirates is ranked 14th out of the top 15 countries in the world for millionaires, centimillionaires, and billionaires, with 116,500 millionaires (having more than $1 million in liquid investable wealth), 308 centimillionaires (having more than $100 million), and 20 billionaires (having more than $1 billion). This suggests that between 2013 and 2023, there will be a 77% rise.
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