GoldCoast Uae

UAE: The World’s Leading Wealth Magnet for Millionaires in 2024

The United Arab Emirates is set to become the top destination for millionaires worldwide for the third consecutive year, according to the latest Henley Private Wealth Migration Report. By the end of 2024, the UAE is expected to welcome a net inflow of 6,700 millionaires from around the globe.

Record-Breaking Migration of Millionaires

Henley’s report projects that 128,000 millionaires—individuals with liquid investable wealth of $1 million or more—will relocate in 2024. This figure surpasses the previous record of 120,000 set last year, marking 2024 as a pivotal year in the global migration of wealth.


Top Destinations for Millionaire Migration

1. United Arab Emirates: +6,700
2. United States of America: +3,800
3. Singapore: +3,500
4. Canada: +3,200
5. Australia: +2,500
6. Italy: +2,200
7. Switzerland: +1,500
8. Greece: +1,200
9. Portugal: +800
10. Japan: +400

Dominic Volek, group head of private clients at Henley & Partners, describes this trend as a significant shift in the global landscape of wealth and power, with millionaires seeking safer and more prosperous environments for their assets and families.

Why the UAE?

The UAE’s appeal to high-net-worth individuals can be attributed to several factors:

Favorable Tax Policies: The UAE offers attractive tax benefits for residents.
Strategic Location: Its geographical position provides easy access to key global markets.
World-Class Infrastructure: The country boasts state-of-the-art facilities and amenities.
Golden Visa Program: This initiative attracts investors, entrepreneurs, and talented individuals by offering long-term residence.

Migration Drivers

The influx of millionaires to the UAE is driven by movements from regions such as the greater Middle East, India, Russia, Africa, and recently, from the UK and Europe.

Other Leading Destinations

Singapore: The Top Asian Destination

Singapore ranks third with a projected net inflow of 3,500 millionaires in 2024, making it the leading destination for high-net-worth individuals in Asia.

Japan: A Rising Star

Japan’s inclusion in the top 10 is bolstered by an inflow of Chinese high-net-worth individuals post-COVID.

Countries Facing Outflows of Millionaires

Conversely, some countries are expected to see significant outflows of millionaires in 2024:

1. China: -15,200
2. United Kingdom: -9,500
3. India: -4,300
4. South Korea: -1,200
5. Russian Federation: -1,000
6. Brazil: -800
7. South Africa: -600
8. Taiwan (Chinese Taipei): -400
9. Nigeria: -300
10. Vietnam: -300

China is expected to experience the largest exodus of millionaires, with 15,200 projected to leave by the end of 2024. The UK follows with an anticipated loss of 9,500 millionaires, driven by political and economic instability. Indian millionaires are also leaving in search of better lifestyles, safer environments, and superior health and education services.


As the world navigates geopolitical tensions, economic uncertainties, and social upheavals, millionaires are increasingly “voting with their feet,” seeking more stable and prosperous regions for themselves and their families. The UAE, with its favorable conditions, stands out as a prime destination in this global migration of wealth, signaling a profound shift in the distribution of global wealth and power.