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Why Is UAE The Preferred Destination For Millionaires?

Why Is UAE The Preferred Destination For Millionaires?

The UAE is projected to remain the top destination for millionaires for the third year in a row, as per the latest Henley Private Wealth Migration Report. The report, released on June 18, forecasts that the UAE will see a net increase of 6,700 millionaires by the end of 2024.

In comparison, the United States is expected to attract 3,800 millionaires, about half of the UAE’s influx. Globally, a record 128,000 millionaires are anticipated to relocate in 2024, surpassing last year’s 120,000.

Read more: UAE Refutes Claims Of Imposing A Visa Ban On Pakistanis

Dominic Volek from Henley & Partners highlighted that millionaire migration reflects significant global wealth shifts, affecting both departing and receiving countries. The UAE’s appeal is driven by favorable tax policies, strategic location, and top-tier infrastructure. Its “golden visa” program offers long-term residency to investors, entrepreneurs, and professionals.

Major inflows to the United Arab Emirates are expected from the Middle East, India, Russia, Africa, the UK, and Europe. Singapore ranks third with 3,500 millionaires, followed by Japan in the top 10, influenced by affluent Chinese moving post-Covid-19.

Conversely, China will see the largest outflow with 15,200 millionaires leaving, followed by the UK (9,500) and India (4,300). The UK faces significant emigration among millionaires due to economic and political instability. China and India’s economic growth has created many millionaires, but their slower wealth expansion and desire for better living conditions drive departures.