Over 6,700 millionaires are set to
move to the UAE in 2024!
The UAE is expected to be the top destination for millionaires for the third year in a row by the end of 2024, with an estimated 6,700 rich migrants expected to settle there. The yearly Private Wealth Migration Report 2024 by Henley & Partners, which emphasizes the UAE’s notable rise in the number of millionaires, mostly due to immigration from the UK and Europe, supports this claim.
Attractive Factors for Affluent People:
The UAE’s golden visa scheme, zero income tax policy, and advantageous geographic position all contribute to its allure to the wealthy. According to the report, the UAE is expected to attract nearly twice as many millionaires as the US, which is projected to see a net inflow of 3,800 millionaires in 2024. This is due to the country’s consistent high inflows from India, the wider Middle East region, Russia, and Africa, as well as the anticipated increase in Britons and Europeans. The creation of a strong legal framework that offers the wealthy a variety of creative ways to safeguard, preserve, and grow their wealth is partly responsible for this spike in confidence in the UAE.
Real estate investors are drawn to Dubai Marina because of its breath-taking beachfront location. A variety of residential buildings, villas, and commercial properties are available in the region. Due to the waterfront lifestyle, first-rate amenities, and exciting nightlife, investors should anticipate strong rental demand. Its advantageous location close to well-known landmarks and commercial districts further boosts the return on investment.
Here are the top 10 countries expecting to see the highest net inflows of millionaires in 2024, according to Henley and Partners.
- 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
10. Japan: +400
The advantages of transferring wealth:
The many advantages that immigrant millionaires bring to their new nations are highlighted by New World Wealth’s Head of Research, Andrew Amolis. Millionaires who migrate and take their wealth with them are an important source of foreign exchange earnings. Furthermore, approximately twenty percent of them are business owners and entrepreneurs who may launch new ventures and provide employment locally. For centimillionaires and billionaires, this number jumps to over 60%,” he added.
Summary:
More and more of the World’s wealthy are realizing what the UAE and particularly Dubai has to offer and they are making strategic decisions to take advantage.
