As reported by CNBC, the document, released earlier this week, forecasts that the UAE will attract a record-breaking 6,700 millionaires from across the globe by the end of 2024.
Additionally, the report listed the top 10 countries anticipating the highest net influx of millionaires this year, placing the United States second, just behind the UAE.
According to the report, the Gulf nation is expected to welcome 3,800 millionaires by the end of the year.
The report also predicted that a total of 128,000 millionaires, defined as high-net-worth individuals with assets of one million dollars or more, will relocate in 2024.
This figure surpasses the previous record of 120,000 millionaires set the previous year, highlighting a significant trend in global wealth migration, according to Henley.
The report draws on data from global wealth intelligence firm New World Wealth, offering insights into the inflows and outflows of millionaires and their migration patterns worldwide.
“This significant migration of millionaires is a critical indicator, highlighting a major shift in the global distribution of wealth and power, with profound implications for the future of the countries they depart from or move to,” said Dominic Volek, group head of private clients at Henley & Partners.
The UAE is increasingly becoming the preferred destination for high-net-worth individuals globally, thanks to its favorable tax policies, strategic location, and modern infrastructure.
The country offers a “golden visa” to attract foreign talent, aiming to “provide long-term residence to investors, entrepreneurs, specialists, students, and researchers who make significant contributions to the country,” according to Henley & Partners.
Migration to the UAE is on the rise, driven by people from the Middle East, India, Russia, Africa, and more recently, an expected surge from the United Kingdom and Europe.
Here are the top 10 countries anticipating the highest net influx of millionaires this year, according to Henley & Partners:
- United Arab Emirates: +6,700
- United States: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400