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The UAE is set to be the world's 'wealth magnet' this year, with 6,700 millionaires expected to move there

Sun rising over UAE Dubai cityscape
Dubai is one of the Middle Eastern cities emerging as a hedge fund hot spot.Alexsl/Getty
  • A record 128,000 millionaires are expected to move countries in 2024, according to a new report.

  • Data from Henley & Partners shows the UAE has the largest predicted inflow of millionaires.

  • This is the third year the UAE, dubbed a "wealth magnet" by the firm, topped the list.

Millionaires are choosing one place above all to move to, according to a new report: the United Arab Emirates.

According to data from the latest report by Henley & Partners, a firm that advises the wealthy on where to move to protect and grow their assets, 6,700 millionaires are projected to move to the UAE this year.

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That's nearly double the inflow to the US, which had the second-highest expected migration of millionaires, at 3,800.

The US, however, still has the largest overall population of millionaires, followed by China, it said. The UAE came in 14th.

The annual wealth report suggested that a record-breaking 128,000 millionaires, defined as individuals with liquid investable assets over $1 million, are expected to move countries this year.

The firm dubbed 2024 a "watershed moment in the global migration of wealth."

The firm's calculations are based on millionaire migration data from the first six months of 2024, rounded to the nearest 100, supplied by wealth intelligence firm New World Wealth.

China is actually on track to lose the greatest number of millionaires in 2024, with 15,200 high-net-worth individuals, or HNWIs, expected to leave the country, it said.

This is a 10% increase from last year, it added, when China also had the highest outflow of millionaires.

The UK is predicted to see the second-highest expatriation of millionaires in 2024, it said, with 9,500 likely to leave. This is double the 4,200 who left the UK last year.

The UK, particularly London, is feeling a steep reversal in its status as a hub for the ultrawealthy. Policy changes targeting the ultrawealthy ahead of elections this summer are to blame, according to Hannah White, director of the UK think tank Insitute for Government, per the report's press release.

According to the release, the UAE has positioned itself as a global "wealth magnet" thanks to its nonexistent income tax, "golden" visas, and luxury lifestyle.

This is the third year in a row that the Emirates has landed the top spot on the list.

Dubai, the UAE's luxurious epicenter, has seen a boom in real-estate investment, with luxury apartment complexes due to be completed in 2024 and 2025 selling out in just one day.

Attracting and retaining HNWIs is an important strategy in geopolitical relations.

Dominic Volek, the head of private clients at Henley & Partners, said millionaire migration could inject capital and talent into the host nations as a "debt-free source of funding for governments," per the report.

Read the original article on Business Insider