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Thursday July 18, 2024

UAE to retain top spot as preferred destination for wealthy expats

Gulf country leads Henley's luxury destination list attracting world's wealthiest for third consecutive year

By Web Desk
June 20, 2024
This undated image shows a view of the worlds tallest building, the Burj Khalifa (centre) in Dubai, United Arab Emirates. — Unsplash
This undated image shows a view of the world's tallest building, the Burj Khalifa (centre) in Dubai, United Arab Emirates. — Unsplash 

The United Arab Emirates is expected to retain its position as the world's leading attractor of wealth for third consecutive year, CNBC reported citing predictions made in the Henley Private Wealth Migration Report.

According to CNBC, the report was released earlier this week, suggesting that the Gulf nation is expected to receive an unprecedented influx of 6,700 millionaires from around the world by the end of 2024.

Furthermore, the report unveiled the list of top 10 countries that expect the highest net inflows of millionaires in this year and ranked the United States in second place, right under the UAE.

According to the report, the gulf country is set to welcome 3,800 millionaires by year-end.

Additionally, the report anticipated a total of 128,000 millionaires, high net worth individuals with one million dollars or more, to relocate in 2024.

This surpasses the previous record of 120,000 millionaires set in the preceding year, marking a significant development in global wealth migration, as per Henley.

The report is based on the data supplied by global wealth intelligence firm New World Wealth. It 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.

The UAE is becoming a top choice for high-net-worth individuals globally, accredited to its favourable tax policies, strategic location, and modern infrastructure.

The country offers a "golden visa" to attract foreign talent, aiming to "provide long-term residence to investors, entrepreneurs, specialists, students, and researchers who make a significant investment to the country," according to Henley & Partners.

Migration into the UAE is increasing, driven by people leaving the Middle East, India, Russia, Africa, and more recently, the anticipated influx from the United Kingdom and Europe.

Here are the top 10 countries that expect the highest net inflows of millionaires in this year, according to Henley & 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