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UAE to Welcome Record 6,700 Millionaires in 2024 Amid Major Exodus from UK and India

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UAE Set to Welcome Record 6,700 Millionaires in 2024 Amid Major Exodus from UK and India. The UK faces an unprecedented net loss of 9,500 millionaires in 2024, more than double last year’s record and second only to China globally. Meanwhile, the UAE is set to remain the top destination for wealthy migrants for the third year, expecting a net inflow of 6,700 millionaires, significantly boosted by arrivals from the UK, India, and Europe.

According to the Henley Private Wealth Migration Report 2024, India has managed to reduce its millionaire outflow, now ranking third after the UK, with 4,300 projected to leave this year. This migration trend is driven by a combination of geopolitical tensions, economic uncertainties, and policy changes affecting high-net-worth individuals.

The UAE’s appeal, with its zero income tax, golden visas, and luxury lifestyle, continues to attract wealthy individuals, making it the world’s leading wealth magnet. This influx from India, the UK, and other regions underscores the UAE’s growing prominence as a hub for the global elite.

UAE Emerges as Wealth Magnet with 6,700 New Millionaires

For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet. By the end of the year, the Emirates are expected to welcome a record-breaking 6,700 moneyed migrants, significantly boosted by large inflows from the UK, India, and Europe.

China and India See Significant Wealth Exodus

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). India has stemmed its wealth exodus, dropping down to 3rd place after the UK with just 4,300 millionaires projected to leave the country in 2024 (compared to 5,100 last year).

UK Loses 9,500 Millionaires: A Record High

The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024, second only to China worldwide. This number is more than double the 4,200 who left the country last year, which was itself record-breaking following the exodus of 1,600 high-net-worth individuals (HNWIs) in 2022.

Henley Report Highlights Global Trends

The Henley Private Wealth Migration Report 2024, released today by international investment migration advisory firm Henley & Partners, exclusively features the latest net inflows and outflows of millionaires. These projections are provided by global wealth intelligence firm New World Wealth, which has been tracking wealth migration trends for over a decade.

South Korea and Russia Experience Shifts

South Korea’s HNWI flight is expected to rise with a forecast loss of 1,200 millionaires (compared to 800 in 2023). Meanwhile, 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).

Global Migration Trends Indicate a Watershed Moment

Dominic Volek, Group Head of Private Clients at Henley & Partners, says 2024 is shaping up to be a watershed moment in the global migration of wealth. “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023.”

UAE Continues to Attract Wealth

The UAE, with its zero income tax, golden visas, luxury lifestyle, and strategic location, remains the world’s number one destination for migrating millionaires. This year, it is poised to welcome a record net inflow of 6,700 wealthy individuals.

Singapore, Canada, and Australia Follow UAE in Attractiveness Singapore takes 3rd place again this year with net inflows of 3,500. Canada and Australia follow in 4th and 5th places with net inflows of 3,200 and 2,500, respectively.

Israel Drops Out of Top Inflows List

For the first time, Israel has dropped out of the top inflows list for millionaire migration. This represents a major turnabout as Israel has been ranked among the Top 10 destinations for migrating millionaires for several decades.

UK Faces Massive Net Outflow of Wealth

The UK, and London especially, has traditionally been seen as one of the world’s top destinations for migrating millionaires. However, this trend began to reverse around a decade ago. Provisional estimates for 2024 are even more concerning, with a massive net outflow of 9,500 millionaires projected for this year alone.

New Policies Accelerate UK Exodus

Dr. Hannah White OBE, Director and CEO of the Institute for Government in London, says, “the outflow already generated by the economic and political turmoil in Britain risks being accelerated by further unwelcome policy decisions ahead of the election.”

Global HNWI Population Shifts

According to the W15 ranking of the world’s top 15 countries for millionaires published in the report, the number of millionaires in the UK has dropped by 8% over the past decade. Meanwhile, the HNWI population has increased significantly in countries like Germany, France, Australia, Canada, and the USA.

Brazil, South Africa, Taiwan, Vietnam, and Nigeria Also See Outflows

Besides China, the UK, India, South Korea, and Russia, the remaining places in the Top 10 millionaire outflow ranking are taken up by Brazil, South Africa, Taiwan, Vietnam, and Nigeria.

Developing Nations Witness High Net Outflows for Different Reasons

Dr. White points out that HNWIs are leaving countries like China and India for different reasons compared to the UK. These include seeking better lifestyles, safer environments, and more premium health and education services.

Investment Migration Sector Booms

The surge in millionaire migration is fueling a corresponding boom in the investment migration sector. Henley & Partners has received record levels of enquiries about residence and citizenship by investment programs over the past 12 months from nearly 200 different countries.

Portugal, Greece, and Spain Popular for Residence Programs

Among the most sought-after residence programs are Portugal’s Golden Residence Permit Program, Greece’s Golden Visa Program, and Spain’s Residence by Investment Program.

Malta and Caribbean Countries Attract Citizenship Seekers

In terms of citizenship options, Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment remains popular. In the Caribbean, Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s Citizenship by Investment Program continue to attract affluent global citizens.

Policies Designed to Attract Wealthy Individuals Prove Effective

Volek concludes, “the countries with the greatest growth in high-net-worth individuals continue to be those who have prioritized policies designed to entice millionaires to their shores.”

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