19/06/2024
The UAE has become the top destination for migrating millionaires and high-net-worth individuals (HNWIs), expected to welcome a net inflow of 6,700 millionaires in 2024. The Henley Private Wealth Migration Report 2024 attributes this to the UAE's zero income tax policy, golden visas, luxury lifestyle, and strategic location. The country attracts millionaires from India, the Middle East, Russia, Africa, and increasingly from Europe and the UK.
The UAE's net inflow of millionaires is nearly double that of the U.S., which is expected to attract 3,800 millionaires, followed by Singapore (3,500), Canada (3,200), and Australia (2,500). European countries like Italy, Switzerland, Greece, and Portugal, as well as Japan, also feature in the top 10 destinations.
Conversely, the UK is expected to see a significant net loss of 9,500 millionaires in 2024, largely due to post-Brexit trends. China is projected to lose 15,200 HNWIs, while India's outflow will be 4,300.
Overall, 128,000 millionaires are expected to relocate globally this year, surpassing the 2023 record. This trend reflects increasing geopolitical tensions, economic uncertainty, and social upheaval worldwide. The number of millionaires in the UK has dropped by 8 percent over the past decade, while countries like Germany, France, Australia, Canada, and the USA have seen significant increases in their HNWI populations.
To Read More:
https://economymiddleeast.com/news/uae-to-welcome-a-record-6700-millionaires-in-2024-ranks-1st-globally-in-millionaire-inflows-report/
