(CTN News) – The Henley Private Wealth Migration Report predicts that the UAE will become the world’s top wealth-attracting country for the third year in a row.
The survey, which was released earlier this week, expects an extraordinary inflow of 6,700 millionaires from all over the world by the end of 2024, CNBC reported.
The United States is trailing behind the UAE in second place, with an expected inflow of 3,800 millionaires by year end.
According to Henley, the analysis projects that 128,000 millionaires, or high-net-worth individuals with one million dollars or more, will relocate in 2024, breaking the previous record of 120,000 millionaires set last year, signaling a watershed moment in global wealth migration.
The analysis is based on data provided by the global wealth intelligence business, New World Wealth. It provides information on millionaires’ inflows and outflows, as well as their global mobility trends.
Why the UAE is a Top Choice for Millionaires
“This great millionaire migration is a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home,” said Dominic Volek, director of private client services at Henley & Partners, an international law firm.
The UAE is becoming a popular choice for high-net-worth individuals worldwide, thanks to its favorable tax regulations, strategic location, and modern infrastructure.
The country offers a “golden visa” to attract foreign talent, intending to “provide long-term residence to investors, entrepreneurs, specialists, students, and researchers who make a significant investment in the country,” according to Henley & Partners.
People from the Middle East, India, Russia, Africa, and most recently, the anticipated migration from the United Kingdom and Europe, are driving an increase in migration to the UAE.
According to Henley & Partners, the top ten countries expecting the biggest net inflows of millionaires this year are listed below.
- United Arab Emirates: +6,700
- United States of America: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400