Millionaires are leaving China, the United Kingdom, and India and are migrating to the UAE. According to Asia Finance, Dubai is attracting the most millionaires, primarily due to its tax incentives.
128,000 millionaires are expected to relocate in 2024, beating the previous record of 120,000 set last year.
It’s a 16% increase from the 110,000 who moved to a new country in the pre-Covid days of 2019.
By enticing wealthy people, key sectors such as real estate, renewable energy, technology, and tourism tend to flourish. This creates a virtuous circle, where an influx of investment increases the region’s economic transformation.
On the flip side, the UK is experiencing the fastest decline, according to data from Henley & Partners.
It appears that migrating to the UAE is the most attractive option for the world’s millionaires.
“The rise of the UAE is testament to this. With its sights firmly set on becoming the world’s top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location.
“The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024, cementing its status as a dynamic sovereign wealth magnet. There is no doubt that investment migration can serve as a powerful mechanism to enable individual connectedness and economic diversification. By attracting wealthy residents and their capital, key sectors such as real estate, renewable energy, technology, and tourism tend to flourish. An influx of investment and skilled individuals can significantly contribute to the region’s economic transformation.”
Dominic Volek, Group Head of Private Clients, Henley & Partners
This data comes as the UAE real estate market continues to demonstrate remarkable resilience and growth in 2024, with significant developments across residential and commercial sectors.
Recent financial results and strategic moves by major players highlight the sector’s dynamism and ability to attract local and international investors.
“The UAE real estate market continues to attract significant international interest. Notably, overseas and expat buyers drove 79% of Aldar’s UAE sales, totaling AED 10.2bn. As the market continues to evolve, it will undoubtedly play a pivotal role in shaping the country’s economic landscape and reinforcing its position as a global real estate powerhouse.”
Michael Gelpke, CEO, Aymara International Fund
Common reasons why millionaires move include safety and security, financial concerns, taxes and retirement, work and business opportunities, lifestyle factors including climate, nature and scenery, schooling and education opportunities for their children, the healthcare system and standard of living.
