UAE to attract over 6,700 millionaires in 2024, mostly from India, Russia, Africa

In 2024, the UAE is expected to attract over 6,700 millionaires, making it the top destination for high-net-worth individuals for the third year in a row, according to The Henley Private Wealth Migration Report. This influx is driven by migrants from the UK, Europe, India, the Middle East, Russia, and Africa, drawn by zero income tax, golden visas, luxury lifestyles, and excellent connectivity.

The UAE ranks 14th globally with 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The country’s robust wealth management ecosystem and booming real estate market are key attractions. Additionally, the UAE’s efforts to become a top wealth haven include offering a business-friendly environment and luxurious living conditions.

Other top destinations for millionaires are the USA, Singapore, and Canada, while countries like China, the UK, and India are seeing the highest outflows. The global relocation of millionaires is projected to increase, bringing significant economic benefits to destination countries.