UAE Set to Welcome Over 6,700 Millionaires in 2024

UAE Set to Welcome Over 6,700 Millionaires in 2024

In a remarkable trend highlighting the UAE's growing appeal to the world's wealthy, more than 6,700 millionaires are expected to relocate to the Emirates this year, reaffirming its status as the top global destination for high-net-worth individuals (HNWIs).

This data comes from The Henley Private Wealth Migration Report 2024, underscoring the UAE's consistent attraction of affluent individuals seeking a favorable tax environment, prestigious residency options, and a luxurious lifestyle.

According to the report released by Henley and Partners on Tuesday, June 18th, the UAE is set to outpace all other nations in wealth attraction for the third consecutive year. Drawing significant numbers primarily from the UK, Europe, India, the Middle East, Russia, and Africa, the Emirates is poised to welcome nearly double the number of millionaires compared to its closest competitor, the United States.

The allure of the UAE lies in its zero income tax regime, coveted golden visa program, opulent lifestyle offerings, and excellent connectivity facilitated by local carriers like Emirates and flydubai. These factors have not only drawn individuals seeking to safeguard their wealth but also entrepreneurs looking to capitalize on Dubai's booming real estate market and business-friendly ecosystem.

Sunita Singh-Dalal, a partner leading Private Wealth and Family Offices at Hourani in Dubai, highlighted the UAE's rapid development in wealth management infrastructure over recent years.

"The UAE's regulatory framework has evolved significantly, providing innovative solutions to protect, preserve, and grow wealth,"

she noted.

Dominic Volek, group head of private clients at Henley and Partners, emphasized the UAE's strategic positioning as a premier wealth destination.

"With ambitions to lead globally in wealth attraction, the UAE continues to enhance its appeal through attractive incentives and a secure environment,"

he stated.

Milloinaire migration graph

The influx of affluent individuals is not only a testament to the UAE's allure but also underscores broader global trends in wealth migration. Countries like the USA, Singapore, and Australia also feature prominently as destinations for millionaires, albeit trailing behind the UAE's exceptional growth trajectory.

As international migration of millionaires increases, experts like Andrew Amoils, head of research at New World Wealth, highlight the significant economic benefits.

"These individuals bring substantial foreign exchange revenues and often contribute to local economies through entrepreneurship and job creation," Amoils remarked.

Looking ahead, projections indicate a continued rise in global millionaire migration, with estimates reaching up to 135,000 individuals by 2025. The UAE's proactive measures in fostering a conducive environment for wealth management and residency are expected to sustain its dominant position in attracting the world's affluent elite.

News Source: Khaleej Times

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