The United Arab Emirates is set to be the world’s leading wealth magnet for the third year in a row.
That’s according to new research by Henley Private Wealth Migration Report.
The tiny Gulf nation is expected to see an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024, according to the report released on June 18.
A distant second to the UAE is the United States, with an expected inflow of 3,800 millionaires by year-end — just about half of the net inflow of migrating millionaires that the Middle Eastern country anticipates.
A record-breaking 128,000 millionaires, or high net worth individuals with liquid investable wealth of $1 million or more, are expected to relocate in 2024, according to the report.
This great millionaire migration is a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power…Dominic VolekGroup head of private clients, Henley & Partners
That number surpasses the previous record of 120,000 millionaires that was set last year, according to Henley, adding that 2024 is “shaping up to be a watershed moment in the global migration of wealth.”
The data for the report was supplied by global wealth intelligence firm New World Wealth and features insights on the inflows and outflows of millionaires and their migration patterns globally.
“This great millionaire migration is a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home,” said Dominic Volek, group head of private clients at Henley & Partners, said in the report.
Here are the top 10 countries expecting to see the highest net inflows of millionaires in 2024, according to Henley and Partners.
- United Arab Emirates: +6,700
- United States of America: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
“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 harbors for their assets and family interests,” said Volek in the report.
The UAE is increasingly solidifying its position as a safe haven for high-net-worth individuals globally, owing largely to the country’s favorable tax policies, strategic location, world-class infrastructure and more, according to the report.
The Middle Eastern country also offers a “golden visa” aimed at attracting talent to reside in the UAE. The visa is aimed at “providing long-term residence to foreign investors, entrepreneurs, and talented individuals including specialists, students, and researchers who make a significant investment to the country,” according to Henley & Partners.
These migration inflows into the UAE are largely boosted by movement out of the greater Middle East region, India, Russia, Africa, and more recently, the expected influx of individuals from the United Kingdom and Europe, according to the research.
Singapore ranked third, with a projected net inflow of 3,500 millionaires in 2024. The island-nation also leads as the top destination for high-net-worth individuals looking to relocate to Asia.
Japan also made it into the top 10, boosted in part by the trend of an inflow of Chinese HNWIs post-Covid, according to the report.
Here are the 10 countries or territories projected to see the highest outflows of millionaires in 2024:
- China: -15,200
- United Kingdom: -9,500
- India: -4,300
- South Korea: -1,200
- Russian Federation: -1,000
- Brazil: -800
- South Africa: -600
- Taiwan (Chinese Taipei): -400
- Nigeria: -300
- Vietnam: -300
China expects to see the biggest millionaire exodus with a projected 15,200 HNWIs expected to leave the country by year end, according to the report. The UK comes in second, projected to see a net loss of 9,500 millionaires by the end of 2024, followed by India, which is expected to lose 4,300 millionaires this year.
The UK, previously one of the top destinations for the wealthy globally, has recently seen a big outflow of millionaires.
“The outflow already generated by the economic and political turmoil in Britain risks being accelerated by further unwelcome policy decisions ahead of the election,” said Dr. Hannah White, director and CEO of the independent think tank the Institute for Government.
Millionaires are also leaving China and India in droves.
“Both China and India are seeing high net outflows because of the success of their [sizable] economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses become more damaging over time,” said White.
“Indian millionaires often depart the sub-continent in search of a better lifestyle, safer and cleaner environments, and access to more premium health and education services,” she added.