The United Arab Emirates (UAE) is poised to retain its position as the world’s top “wealth magnet” for the third consecutive year, Henley and Partners reported.
According to the reports released on Tuesday, June 18, UAE will host a record-breaking 6,700 millionaires by the end of 2024, surpassing 2023’s previous record.
The British investment migration consultancy report highlights the significant migration of millionaires across the countries, with the UAE emerging as the most favoured destination.
Following the UAE, the top destinations for millionaire migration include other countries like the United States of America, Singapore, Australia, Italy, Switzerland, Greece, Portugal, and Japan.
On the other hand, countries such as China, the United Kingdom, India, and South Korea are expected to see significant outflows of millionaires.
The report attributes the migration of millionaires to a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval. As the world grapples with these challenges, millionaires are increasingly seeking safer harbours and greener pastures for their assets and family interests.
“China is again on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year (compared to 13,800 in 2023) whereas India has stemmed its wealth exodus, dropping down to 3rd place after the UK with 4,300 millionaires projected to leave the country in 2024 (compared to 5,100 last year),” said in the report.
“South Korea’s HNWI flight is expected to rise with a forecast loss of 1,200 millionaires (compared to 800 in 2023) while the tsunami of millionaires that fled Russia following the outbreak of the Ukraine war appears to be abating with only 1,000 projected to relocate this year (compared to 8,500 in 2022 and 2,800 in 2023),” it added.
The UAE’s continued success as the world’s top “wealth magnet” is a testament to its infrastructure and innovative policies like the golden visa that offers long-term residency, foreign investors, entrepreneurs, and talented individuals, including specialists, students, and researchers who make a significant investment to the country.
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