Once again, UAE looks set to take first place as leading millionaire magnet

Released on June 18 by international investment migration advisory firm Henley & Partners, the Henley Private Wealth Migration Report 2024 exclusively features the latest and most interesting insights into the global migration of millionaires.

The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024, more than double the 4,200 cases recorded last year. China is on track to be the biggest millionaire loser globally as an anticipated 15,200 high-net-worth individuals (HNWIs) could leave.

For the third year running, the UAE looks all set to take first place as the leading millionaire magnet across the globe, as a record-breaking 6,700 wealthy individuals are expected to make the Gulf state home by the end of the year.

UAE remains leading millionaire magnet

Supported by its zero income tax, luxury lifestyle, golden visas and strategic location, the UAE has made itself the world’s number one destination for migrating millionaires and is ready to attract a record 6,700 HNWIs in 2024 alone.

Amid consistent high migration from India, Russia, Africa and the broader Middle East, the anticipated influx of larger number of British citizens and Europeans looks set to see the UAE attract nearly 2 times as many millionaires as its nearest rival, the US.

The US is projected to benefit from a net inflow of 3,800 millionaires this year. Singapore takes the coveted third position again. The perennially popular destinations for migrating millionaires, Canada and Australia, could be finding themselves in the fourth and fifth spots.

UAE: +6,700

US: +3,800

Singapore: +3,500

Canada: +3,200

Australia: +2,500

Italy: +2,200

Switzerland: +1,500

Greece: +1,200

Portugal: +800

Japan: +400

Big millionaire losers of 2024

China: -15,200

UK: -9,500

India: -4,300

South Korea: -1,200

Russia: -1,000

Brazil: -800

South Africa: -600

Taiwan: -400

Nigeria: -300

Vietnam: -300

The UK has traditionally been seen as one of the top destinations for migrating millionaires. For several years (from the 1950s to the early 2000s), the country consistently attracted large numbers of wealthy families from mainland Europe, Asia, Africa and the Middle East.

But this trend has started to reverse lately. Notably, from 2017 to 2023 post Brexit, the UK lost a total of 16,500 millionaires to migration. Estimates for 2024 are even more concerning as a massive net outflow of 9,500 millionaires is expected this year alone.

Besides China, the UK, India, South Korea and Russia, the remaining places in the top 10 millionaire outflow ranking are occupied by Brazil, South Africa, Taiwan, Vietnam and Nigeria, in the same order. Keep an eye out on The Gulf Independent for more updates.