According to new research report by Henley Wealth Private Migration Report, UAE is set to be the world’s wealth magnet for a third year in a row. According to a report released on June 18, the Gulf nation will see an increase in the number of millionaires by 6700 by the end of 2024. USA is a distant second in this list with an expected inflow of about 3800 millionaires by the end of this year just about half of the NetFlow of millionaires expected into UAE by the year end.
According to report, record-breaking 1,28,000 millionaires or high net-worth individuals with liquid investable wealth of $1million are expected to shift their location in 2024. According to a prediction made by Henley, 2024 is shaping to be a significant moment in the global migration of wealth because the number of people willing to relocate surpasses the previous year number which stood at 1,20,000.
Global Wealth Intelligence Firm New World Wealth provided the data for the report which provides insights on the inflows and outflows of the millionaires and their migration patterns globally. Dominic Volek group head of private clients at Henley and Partners said, “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.”
The Gulf nation has become a safe haven for high-net-worth individuals globally, owing largely to the country’s favorable tax policies, strategic location and world-class infrastructure. The UAE also offers “golden visa” to attract global talent from overseas to reside in the country. According to Henley and Partners “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.”
Migration in the UAE has received a huge boost from high net-worth individuals from the countries such as the greater Middle East region, India, Russia, Africa, and more recently, the expected influx of individuals from the United Kingdom and Europe.
