Globally, a record 128,000 millionaires—individuals with assets of one million dollars or more—are expected to relocate in 2024. This surpasses the previous record of 120,000 set last year, marking 2024 as a pivotal year in the global migration of wealth.
“This mass migration of millionaires signals a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of nations,” stated Dominik Volek, Head of Private Clients at Henley & Partners.
By the end of 2024, the UAE is expected to attract a net influx of 6,700 millionaires from across the globe, a figure that dwarfs the projected 3,800 millionaires heading to the United States, which ranks second
The top 10 countries projected to receive the highest net influx of millionaires in 2024 are:
1. United Arab Emirates: +6,700
2. United States: +3,800
3. Singapore: +3,500
4. Canada: +3,200
5. Australia: +2,500
6. Italy: +2,200
7. Switzerland: +1,500
8. Greece: +1,200
9. Portugal: +800
10. Japan: +400
As geopolitical tensions, economic uncertainties, and social upheavals create a perfect storm worldwide, millionaires are moving in unprecedented numbers, seeking safer havens for their assets and family interests, according to Volek.
The UAE has increasingly solidified its position as a safe haven for wealthy individuals globally, thanks largely to its favorable tax policies, strategic location, and world-class infrastructure. The country also offers a “golden visa” to attract talent, allowing long-term residence for foreign investors, entrepreneurs, and skilled individuals, including specialists, students, and researchers who make significant contributions to the nation.
These inflows into the UAE are primarily driven by relocations from the broader Middle East, India, Russia, Africa, and more recently, expected arrivals from the United Kingdom and Europe.
Conversely, the countries expected to see the largest outflows of millionaires in 2024 are:
1. China: -15,200
2. United Kingdom: -9,500
3. India: -4,300
4. South Korea: -1,200
5. Russia: -1,000
6. Brazil: -800
7. South Africa: -600
8. Taiwan: -400
9. Nigeria: -300
10. Vietnam: -300
As the world grapples with ongoing uncertainties, the movement of millionaires highlights significant shifts in global wealth and the emerging trends in the search for stability and prosperity.
