The United Arab Emirates is set to be the world’s leading wealth magnet for the third year in a row, attracting an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024. This data comes from the Henley Private Wealth Migration Report, signaling a significant shift in the global landscape of wealth and power. The report, released on June 18th, anticipates a record-breaking 128,000 millionaires relocating in 2024, with the UAE and the United States leading the pack in millionaire migration.
According to the report, the top 10 countries expecting the highest net inflows of millionaires in 2024 include the United Arab Emirates, United States of America, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. This trend is driven by geopolitical tensions, economic uncertainty, and social upheaval, prompting millionaires to seek safer and more stable environments for their assets and families.
The UAE’s appeal as a safe haven for high-net-worth individuals is attributed to its favorable tax policies, strategic location, world-class infrastructure, and the offering of a “golden visa” to attract foreign investors and talented individuals. The visa provides long-term residence to those who make significant investments in the country, making the UAE an attractive destination for migration from the Middle East, India, Russia, Africa, the United Kingdom, and Europe.
Rise of Singapore and Japan
Singapore also emerges as a top destination for millionaires, with a projected net inflow of 3,500 in 2024. The island-nation leads as the preferred location for high-net-worth individuals looking to relocate to Asia. Japan, on the other hand, has seen an increase in millionaire migration, particularly due to the influx of Chinese HNWIs post-Covid.
While certain nations like the UAE, Singapore, and Japan are benefiting from millionaire inflows, others are experiencing millionaire exodus. China, with a projected outflow of 15,200 millionaires by the end of 2024, tops the list of countries facing significant wealth migration challenges. The United Kingdom follows closely, expected to lose 9,500 millionaires, along with India, projected to see a loss of 4,300 millionaires this year.
The outflow of millionaires from China and India can be attributed to the success of their economies in generating new millionaires, leading to a search for better lifestyles, cleaner environments, and access to premium healthcare and education services. The economic and political turmoil in Britain is accelerating the outflow of millionaires, creating challenges for wealth retention and growth in the country.
The global migration of wealth is reshaping the landscape of high-net-worth individuals, with certain countries emerging as magnets for millionaire inflows while others face challenges of retaining their wealthy population. The dynamics of wealth migration highlight the importance of factors such as economic stability, favorable taxation policies, and quality of life in attracting and retaining millionaires in today’s globalized world.