The latest research conducted by Henley Private Wealth Migration Report has shed light on the significant shifts in the global landscape of wealth and power. The report reveals that the United Arab Emirates is expected to maintain its position as the world’s top wealth magnet for the third consecutive year, attracting a staggering number of millionaires from around the globe.
According to the report, the UAE is projected to witness a net inflow of 6,700 millionaires by the end of 2024, far surpassing the numbers of the United States, which comes in second with an expected inflow of 3,800 millionaires. The record-breaking migration of 128,000 millionaires in 2024 indicates a significant trend towards seeking safer havens and greener pastures amidst geopolitical tensions, economic uncertainty, and social upheaval.
The appeal of the UAE as a safe haven for high-net-worth individuals can be attributed to a variety of factors such as favorable tax policies, strategic location, world-class infrastructure, and the offering of a “golden visa” aimed at attracting foreign investors, entrepreneurs, and talented individuals. This influx of wealthy individuals into the UAE is largely being fueled by movement from regions like the greater Middle East, India, Russia, Africa, and more recently, individuals from the United Kingdom and Europe.
Apart from the UAE, Singapore is projected to see a net inflow of 3,500 millionaires in 2024, solidifying its position as a top destination for high-net-worth individuals in Asia. Japan has also made it to the top 10 list, boosted by the trend of an inflow of Chinese HNWIs post-Covid.
On the flip side, the report also highlights the countries expected to witness the highest outflows of millionaires in 2024. China leads the pack with an anticipated exodus of 15,200 HNWIs, followed by the United Kingdom with a projected loss of 9,500 millionaires and India with 4,300 millionaires expected to leave the country by year-end.
The reasons for this significant exodus vary from economic and political turmoil to a search for a better lifestyle, cleaner environments, and access to premium health and education services. Both China and India, despite their economic success in generating new millionaires, are experiencing high net outflows due to these driving factors.
The global migration of millionaires is a clear indicator of the changing dynamics of wealth and power on a global scale. As individuals continue to seek opportunities and security in different parts of the world, it is imperative for countries to adapt to these trends and leverage them for mutual growth and development.