DUBAI: In 2024, the UAE is set to attract a new 6,700 millionaires, according to the Private Wealth Migration Report released yesterday by Henley & Partners, a global migration advisory firm. This influx is nearly double that of the United States, its nearest competitor, marking the UAE as the world’s top destination for high-net-worth individuals (HNWIs) for the third consecutive year.
The report highlights a record 128,000 millionaires expected to relocate globally this year, with the UAE leading the charge.
Top 10 Countries for Millionaire Migration in 2024:
UAE: +6,700
USA: +3,800
Singapore: +3,500
Canada: +3,200
Australia: +2,500
Italy: +2,200
Switzerland: +1,500
Greece: +1,200
Portugal: +800
Japan: +400
This trend underscores a significant shift in global wealth distribution, driven by factors like geopolitical tensions, economic uncertainty, and the search for safe, stable environments. The UAE, with its attractive blend of financial incentives, security, and high quality of life, has firmly established itself as a premier haven for the world’s elite.
No Personal Income Tax: A Financial Paradise
One of the most compelling draws for high-net-worth individuals is the UAE’s tax regime — or more accurately, the lack thereof. The UAE does not impose personal income tax, allowing residents to retain a larger portion of their wealth. For millionaires and billionaires, this can mean significant savings, making the UAE a financial paradise compared to countries with higher tax burdens. This tax advantage is a powerful incentive for those looking to protect and grow their wealth in a stable environment.
A Booming Economy: Opportunities Abound
The UAE’s economy is not only robust but also constantly growing. According to the International Monetary Fund (IMF), the UAE’s overall real GDP is projected to grow by 4% in 2024, driven by strong domestic activity in sectors such as tourism, real estate, construction, and financial services. The UAE has also made significant strides in diversifying its economy away from oil, with non-oil GDP now contributing over 70% of the overall GDP. This diversification has created a wealth of opportunities for investors, entrepreneurs, and businesses, further enhancing the country’s appeal to the wealthy.
World-Class Healthcare and Infrastructure
The UAE offers some of the best healthcare services in the world, a crucial consideration for high-net-worth individuals who prioritise their well-being. With cutting-edge medical facilities, highly trained professionals, and a healthcare system that rivals those of leading Western nations, the UAE ensures that residents have access to top-tier medical care and fitness facilities.
The UAE, especially Dubai, boasts world-class infrastructure, from its iconic skyscrapers and luxury developments to its efficient public services and public transport system. The country’s cities, particularly Dubai and Abu Dhabi, are equipped with modern amenities, making them attractive places to live at peace and do business.
Security and Stability: Peace of Mind
In a world rife with geopolitical tensions and economic uncertainty, the UAE stands out as an oasis of stability and safety and cultural harmony. The country’s strong law and order, coupled with a low crime rate, offers peace of mind to its residents. For millionaires looking to safeguard their families and assets, this level of security is a significant factor in their decision to relocate.
Moreover, the UAE’s strategic location, coupled with its robust law enforcement and military capabilities, provides an added layer of protection against external threats. This stability, both domestic and international, is a key reason why so many of the world’s wealthiest individuals are choosing to make the UAE their home.
The Golden Visa: Long-Term Security for the Wealthy
The UAE’s Golden Visa programme is another major draw for high-net-worth individuals. Introduced in 2019, the Golden Visa offers 10-year residency to investors, entrepreneurs, specialised talents, and researchers, allowing them to live, work, and study in the UAE without the need for a sponsor. This visa provides a sense of permanence that is highly valued by those looking to establish roots in the country. The Golden Visa also allows for the inclusion of family members. For the wealthy, this programme is not just a gateway to the UAE but a strategic move to secure their future in a country that offers both stability and opportunity.
Unmatched Air Connectivity
The UAE is home to two of the world’s busiest airports and Emirates Airline as among the world’s largest fleet of planes — which provide unparalleled global connectivity. Whether it’s for business or leisure, residents of the UAE can easily travel to any corner of the globe, thanks to the extensive flight networks operated from the country’s major airports. This connectivity is particularly appealing to businesspeople who need to travel frequently and efficiently, as well as to those who enjoy the convenience of being connected to the world.
Real Estate: An Investment Hotspot
“The UAE’s booming economy and influx of wealthy individuals have led to a significant appreciation in the value of prime real estate, particularly in Dubai. Over the last four years, the value of super-prime villas has appreciated by an astounding 300-400%. This sharp increase reflects both the growing demand for luxury properties and the confidence that investors have in the UAE’s long-term economic prospects.”, Said Mr. Imran Farooq, CEO, Samana Developers.
Dubai, in particular, has emerged as a global real estate powerhouse, offering a wide array of luxury properties that cater to the tastes of the ultra-wealthy. From waterfront villas in Palm Jumeirah to penthouses in the Burj Khalifa, Dubai’s real estate market is synonymous with opulence and exclusivity. The city’s ambitious development projects, such as Dubai Creek Harbour and the upcoming Dubai Urban Tech District, continue to attract global attention, further driving up property values.
What sets Dubai apart is not just the quality of its real estate but also the lifestyle that comes with it. Residents enjoy access to world-class entertainment, dining and leisure facilities, all within a city that is consistently ranked among the safest in the world. This combination of luxury, security, and convenience makes Dubai a prime choice for the world’s elite.
The Future: A Continuing Trend
The Henley & Partners report suggests that the factors driving millionaire migration to the UAE — tax advantages, economic opportunities, world-class healthcare, security, connectivity, and a booming real estate market — are not temporary but are instead entrenched in the country’s policies and strategic vision. As geopolitical tensions, economic uncertainty, and social upheaval continue to drive wealthy individuals to seek safer, more prosperous environments, the UAE’s appeal will only grow stronger.
In conclusion, the UAE’s status as a magnet for the world’s wealthy is no accident. It results from deliberate policies, strategic investments, and a commitment to providing an environment where the affluent can thrive. As we look to the future, it is clear that the UAE will continue to be a top destination for those seeking asset growth and a high quality of life. The trend of wealth migration to the Emirates is set to continue, ensuring that Dubai and the broader UAE remain at the forefront of global real estate and wealth management for years to come.
