UAE Set to Welcome Over 6,700 Millionaires in 2024, Largely from India, Russia, and Africa

UAE Set to Welcome Over 6,700 Millionaires in 2024, Largely from India, Russia, and Africa

The UAE is poised to welcome over 6,700 millionaires in 2024, driven by its zero income tax policy, golden visa program, luxury lifestyle, and excellent connectivity through local airlines like Emirates and flydubai. This influx is set to position the Emirates as the top global destination for high-net-worth individuals (HNWIs), according to the latest Henley Private Wealth Migration Report 2024 released by Henley and Partners on June 18.

For the third consecutive year, the UAE is expected to lead the world in attracting the highest number of wealthy migrants, bolstered by significant inflows from the UK and Europe. Henley and Partners’ report highlights that, along with substantial numbers from India, the Middle East, Russia, and Africa, the UAE is projected to attract nearly twice as many millionaires as the US, its closest competitor, which anticipates a net inflow of 3,800 millionaires in 2024.

Currently ranked 14th globally, the UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The report focuses on HNWIs with liquid investable wealth of $1 million or more.

Sunita Singh-Dalal, a partner at Hourani in Dubai leading Private Wealth and Family Offices, emphasized the rapid development of the UAE’s wealth management ecosystem. “In under five years, the UAE has introduced a robust regulatory framework offering innovative solutions for wealth protection, preservation, and enhancement,” she said. British and European investors, in particular, have been drawn to Dubai’s booming real estate market, becoming significant players in the local property scene. High taxes in the UK and other Western nations are driving millionaires towards tax havens like the UAE, which is also recognized as the safest country in the world.

Dominic Volek, group head of private clients at Henley and Partners, noted, “With its ambitions to become the world’s premier wealth haven, the UAE is employing various strategies to attract millionaires, from its appealing golden visa and luxurious lifestyle to a business-friendly environment in a strategic location. The results are clear: the UAE is on track to welcome a record net inflow of 6,700 millionaires in 2024, solidifying its status as a dynamic wealth magnet.”

Misha Glenny, Rector of the Institute for Human Sciences in Vienna, commented on the UAE’s consistent success in attracting high-net-worth individuals. “At 6,700, the UAE is set to attract nearly twice as many incoming investors as its nearest rival, the USA, in 2024. Despite a significant decrease in wealthy Russians migrating since the 2022 invasion of Ukraine, many who do leave still choose the UAE. Additionally, the strong economic ties between the UAE and India make it a particularly attractive destination for Indian HNWIs,” he said.