The UAE is set to attract over 6,700 millionaires in 2024, making it the top destination for high-net-worth individuals (HNWIs) for the third consecutive year, according to The Henley Private Wealth Migration Report 2024. This influx is fueled by substantial numbers from the UK, Europe, India, the Middle East, Russia, and Africa. Factors such as zero income tax, golden visas, a luxurious lifestyle, and excellent connectivity are major draws.

Millionaires migration graph

The UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires, ranking 14th globally. The country has developed a strong wealth management ecosystem, attracting investors with robust regulatory frameworks and innovative wealth preservation solutions. British and European investors, in particular, are drawn by Dubai’s booming real estate market and the UAE's status as a tax haven.

Dominic Volek of Henley and Partners highlights the UAE’s strategic efforts to become the world’s top wealth haven. Misha Glenny from the Institute for Human Sciences in Vienna notes the UAE’s continued appeal to wealthy individuals from Russia and India. Other top destinations for millionaires include the USA, Singapore, Canada, Australia, and several European countries. Conversely, countries like China, the UK, India, and Russia are expected to see the highest outflows of millionaires.

In 2023, 120,000 millionaires relocated globally, with projections of 128,000 in 2024 and 135,000 in 2025. The migration brings significant benefits to destination countries, including forex revenue and local job creation through new businesses.

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