The UAE has emerged as the top global destination for migrating millionaires and high-net-worth individuals (HNWIs), expecting a record 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, luxurious lifestyle, and strategic location. Significant inflows come from India, the Middle East, Russia, and Africa, with increasing numbers from Britain and Europe. The UAE’s millionaire influx will nearly double that of the U.S., which expects a net inflow of 3,800 millionaires. Singapore ranks third with 3,500, followed by Canada (3,200) and Australia (2,500).
European countries like Italy (2,200), Switzerland (1,500), Greece (1,200), and Portugal (800) are also in the top ten, with Japan rounding out the list with 400 wealthy migrants. Sunita Singh-Dalal from Hourani in Dubai credits the UAE’s appeal to its robust regulatory framework for wealth protection and enhancement.
Conversely, the U.K. is expected to see an unprecedented net loss of 9,500 millionaires in 2024, second only to China, which may lose 15,200 HNWIs. This is more than double the 4,200 who left the U.K. last year. Historically a top destination for wealthy migrants, the U.K. has seen a reversal of this trend over the past decade, exacerbated by post-Brexit changes. Between 2017 and 2023, the U.K. lost 16,500 millionaires.
Globally, an unprecedented 128,000 millionaires are expected to relocate in 2024, surpassing the previous record of 120,000 in 2023. Geopolitical tensions, economic uncertainty, and social upheaval are driving this trend, according to Dominic Volek of Henley & Partners. The U.K. has seen an 8% drop in its millionaire population over the past decade, while countries like Germany, France, Australia, Canada, and the USA have seen significant increases in their HNWI populations.