Golden Visas and Tax-Free Income Make UAE a Magnet for Wealthy Migrants
The UAE continues to solidify its reputation as a prime destination for high-net-worth individuals (HNWIs), with a new report from international investment migration advisory firm Henley & Partners projecting that 6,700 ultra-wealthy migrants will call the UAE home by the end of 2024.
According to the ‘Henley Private Wealth Migration Report 2024’, the UAE’s appeal stems from its tax-free income, golden visa residency program, and strategic geographic location. These factors have positioned the UAE to attract nearly double the number of millionaires compared to the US, which is expected to see an influx of 3,800 millionaires next year.
Dominic Volek, Group Head of Private Clients at Henley & Partners, highlighted the UAE’s strategic initiatives in the report. “The rise of the UAE is testament to the power of investment migration as a mechanism for fostering individual connectedness and economic diversification. With its sights firmly set on becoming the world’s top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location,” he said. “By attracting wealthy residents and their capital, key sectors such as real estate, renewable energy, technology, and tourism tend to flourish.”
The report underscores the UAE’s continued allure for millionaires from diverse regions including India, the Middle East, Russia, and Africa. Significant inflows are also anticipated from the UK and Europe. The UK, in particular, is expected to experience a substantial net loss of 9,500 millionaires this year, second only to China and more than double the 4,200 who left in 2023.
The report’s W15 ranking, which lists the world’s top 15 countries for millionaires, centi-millionaires, and billionaires, placed the UAE in 14th position. The country is home to 116,500 millionaires (those with more than $1 million in liquid investable wealth), 308 centi-millionaires (more than $100 million), and 20 billionaires (more than $1 billion), marking a 77% growth over the past decade from 2013 to 2023.
Biggest Movers
China is projected to be the biggest loser of millionaires globally, with a net exit of 15,200 HNWIs anticipated this year, up from 13,800 in 2023. India has managed to reduce its wealth exodus, dropping to third place after the UK with a forecasted 4,300 millionaires leaving in 2024, down from 5,100 last year.
South Korea’s millionaire outflow is expected to increase, with a forecasted loss of 1,200 HNWIs, compared to 800 in 2023. Russia, which saw a significant flight of millionaires following the Ukraine war, appears to be stabilizing with only 1,000 projected to relocate this year, down from 8,500 in 2022 and 2,800 in 2023.
Singapore ranks third in net inflows of wealthy migrants with 3,500, followed by Canada and Australia, which are expected to attract 3,200 and 2,500 respectively.
As the UAE continues to enhance its attractiveness through favorable policies and strategic initiatives, it is poised to remain a top destination for the world’s wealthiest individuals, fostering growth and innovation across various sectors.
