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Millionaires on the Move: UAE Predicted to Be #1 Magnet for Wealth in 2024

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UAE Predicted to Be #1 Magnet for Wealth in 2024

The UAE has solidified its position as the world’s leading destination for high-net-worth individuals (HNWIs), with a projected net inflow of over 6,700 millionaires in 2024. This dominance comes as no surprise, considering the UAE’s long-standing reputation for attracting wealth and talent. However, in today’s world, where investment decisions are influenced by a complex interplay of economic, geopolitical, and social factors, the UAE stands out as a reliable, secure, and desirable haven for HNWIs and their families.

Henley Private Wealth Migration Report 2024 – Released on June 18, 2024

The United Kingdom is projected to experience a significant net decrease of 9,500 millionaires this year, positioning it second globally, just behind China, and marking a sharp increase from the 4,200 departures last year. This follows the previous record of 1,600 high-net-worth individuals (HNWIs) leaving in 2022. For the third consecutive year, the UAE is poised to be the top destination for affluent migrants globally, with an expected record arrival of 6,700 wealthy individuals, primarily from the UK and Europe.

Published today by Henley & Partners, a leader in international investment migration advisory, this report draws on data from New World Wealth. The firm has over a decade of expertise in tracking the migratory movements of millionaires and uses this knowledge to project net inflows and outflows of HNWIs, focusing on those with liquid investable assets of at least USD 1 million. The figures and projections in the report are rounded to the nearest hundred for clarity.

China is set to see the largest net loss of millionaires globally with an estimated 15,200 HNWIs leaving this year, up from 13,800 last year. Meanwhile, India shows signs of stemming its wealth outflow, now ranking third after the UK, with about 4,300 millionaires expected to emigrate in 2024. South Korea is also seeing an uptick in millionaire migration, with a predicted loss of 1,200, up from 800 last year. However, the large-scale exodus of millionaires from Russia, prompted by the Ukraine conflict, is slowing down with only 1,000 expected to move this year.

Dominic Volek, Group Head of Private Clients at Henley & Partners, highlights that 2024 represents a pivotal year in wealth migration, with an anticipated 128,000 millionaires relocating globally—surpassing the previous high of 120,000 in 2023. This movement underscores a major shift in the global distribution of wealth and power, reflective of broader geopolitical, economic, and social currents.

The UAE continues to lead as the prime destination for migrating millionaires, thanks to its tax policies, luxurious lifestyle, and strategic location. The country is expected to welcome a record net inflow of 6,700 millionaires this year, nearly twice the number anticipated for the United States. Singapore maintains its position with a net inflow of 3,500 millionaires, followed by Canada and Australia. European countries like Italy, Switzerland, Greece, and Portugal also feature prominently in attracting wealthy migrants. Andrew Amoils from New World Wealth points out the significant economic benefits these countries derive from the influx of wealthy individuals, including foreign exchange revenue and job creation through new business ventures.

Here are the top 10 countries expecting to see the highest net inflows of millionaires in 2024, according to Henley and Partners.Here are the 10 countries or territories projected to see the highest outflows of millionaires in 2024:
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: +400China: -15,200 United Kingdom: -9,500 India: -4,300 South Korea: -1,200 Russian Federation: -1,000 Brazil: -800 South Africa: -600 Taiwan (Chinese Taipei): -400 Nigeria: -300 Vietnam: -300

UAE's Allure: A Blend of Strengths

Several factors contribute to the UAE’s magnetism for wealthy individuals:

Economic Resilience and Vision: The UAE’s robust economic framework is a cornerstone of its appeal. Strategic initiatives like Dubai’s Economic Agenda D33 and Abu Dhabi’s Economic Vision 2030 prioritize economic growth, business environment improvement, and resident well-being. These ambitious plans position the UAE as a premier hub for international business and talent, further bolstered by investments in infrastructure, innovation, and sustainability.

Favorable Location and Trade Agreements: The UAE’s strategic location at the crossroads of East and West strengthens its economic allure. Being home to the world’s 12th largest port, Port Jebel Ali, facilitates international trade and investment. Extensive air networks by Emirates and Etihad Airways further connect the UAE to emerging markets. Additionally, the Comprehensive Economic Partnership Agreement (CEPA) with India fosters economic cooperation and creates new opportunities for businesses.


Tax Advantages and Golden Visa: The UAE’s absence of income, capital gains, and inheritance taxes presents a highly advantageous environment for wealth preservation and growth. This, coupled with the long-term residence visas offered through the UAE Residence by Investment (golden visa) program, provides a stable and secure platform for long-term planning and investment.

Beyond Economics: Lifestyle and Security

  • The UAE’s appeal extends beyond just economic benefits:

    Thriving Real Estate Market: With its wealth of luxury properties and high-end developments, the UAE’s real estate market is a significant draw for HNWIs. In 2023, Dubai witnessed a record-breaking 1.6 million real estate transactions, reflecting investor confidence.

    Exceptional Quality of Life: The UAE offers a world-class standard of living with advanced infrastructure, healthcare, education, and entertainment options. Strategic investments in smart city initiatives and green energy projects underscore the country’s commitment to innovation and sustainability.

    Political Stability and Security: The UAE boasts a low crime rate and a stable political environment, providing a safe and secure haven for residents. Abu Dhabi consistently ranks as one of the safest cities globally.

    Cultural Vibrancy: The UAE’s diverse and welcoming expat community, coupled with a vibrant social scene, make it a multicultural haven.

    Winners and Losers in the Race for Wealth

    Countries like China, the United Kingdom, and India are experiencing significant outflows of millionaires. China, in particular, is expected to witness the largest exodus, with a projected loss of 15,200 HNWIs by year-end. This trend is likely fueled by a combination of factors, including economic slowdown, political uncertainty, and a desire for better living standards elsewhere.

    The UAE, Singapore, Canada, and Australia emerge as clear winners in the global competition for wealth. These countries have successfully positioned themselves as attractive destinations for millionaires, offering a combination of financial benefits, high quality of life, and a stable environment

What Does This Mean for the Future?

  • The ongoing millionaire migration has significant implications for the future trajectory of nations. Countries that can effectively attract and retain wealth will likely experience increased economic growth and investment opportunities. Conversely, those experiencing significant outflows may face challenges related to a shrinking tax base and reduced investment in key sectors.

    The Road Ahead: A World in Flux

    As the world grapples with geopolitical tensions and economic uncertainty, the wealthy are seeking stability and opportunity. The UAE, with its strategic positioning and attractive offerings, has emerged as a leading destination for this migration. Whether this trend continues depends on the UAE’s ability to maintain its allure and the evolving landscape of wealth creation around the globe.

    A Breeding Ground for Business and Investment

    The UAE’s appeal extends beyond simply attracting wealthy individuals. The ease of business formation in the UAE, combined with its property investment opportunities, makes it an attractive location for establishing and growing a business. The substantial movement of wealth across borders underscores not only changing global dynamics but also presents significant opportunities for business formation and real estate investment in Dubai.

How does the LFL International Group help?

Amidst this migration trend, LFL International Group, headquartered in London, is ideally positioned to facilitate the transition of wealthy individuals and their families to the UAE. As these high-net-worth individuals seek to establish or expand their presence in Dubai, LFL International Group offers a comprehensive suite of services tailored to meet their unique needs.

Services Offered by LFL International Group Include:

Family Office Setup: Tailoring bespoke solutions to manage and preserve wealth, LFL International Group provides expert guidance on establishing family offices in Dubai. This service is crucial for millionaires looking to streamline their wealth management processes while benefiting from the UAE’s favorable tax policies.

Business Advisory and Expansion: LFL International Group assists clients in navigating the complexities of business expansion in the UAE. With deep expertise in local business practices and regulations, the firm supports clients in establishing and growing their enterprises effectively in this lucrative market.

Intellectual Property (IP) Management: Protecting intellectual property is vital for new and expanding businesses. LFL International Group offers robust IP management services to safeguard innovations and creative works, an essential consideration for entrepreneurs and businesses investing in the UAE.

Anti-Money Laundering (AML) Compliance: As financial regulations tighten globally, LFL International Group ensures that clients’ business operations in Dubai adhere to stringent AML standards, protecting them from legal risks and enhancing their business integrity.

Accounting and Taxation: With the introduction of corporate tax in the UAE, navigating the tax landscape has become more complex. LFL International Group provides comprehensive accounting and taxation services to ensure compliance with local tax laws and to optimize tax liabilities.

Public Relations Officer (PRO) Services: Managing governmental procedures and local requirements can be challenging. LFL International Group’s PRO services facilitate smoother interactions with government bodies, streamlining everything from visa applications to business licenses. 

The great migration of millionaires to the UAE, especially Dubai, presents significant opportunities in business and real estate. LFL International Group is equipped to guide new arrivals through the complexities of establishing and expanding their presence in the UAE, ensuring a smooth transition and successful integration into one of the world’s most dynamic economies. 


The great migration of millionaires to the UAE, especially Dubai, presents significant opportunities in business and real estate. LFL International Group is equipped to guide new arrivals through the complexities of establishing and expanding their presence in the UAE, ensuring a smooth transition and successful integration into one of the world’s most dynamic economies.

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