The United Arab Emirates is expected to be the world’s largest source of wealth for the third consecutive year, according to the Henley Private Wealth Migration Report.
A CNBC report earlier this week predicted 6,700 millionaires from around the world by the end of 2024.
Behind the UAE, the US is the second largest with 3,800 millionaires expected by the end of the year.
The report predicts that 128,000 millionaires making $1 million or more will move in 2024, surpassing the previous record of 120,000 millionaires set last year, marking an important milestone in global wealth migration.
The report is based on data provided by New World Wealth, a global wealth information agency. It contains insights about the comings and goings of millionaires and their migration patterns around the world.
“The migration of these great billionaires is a canary in the coal mine, indicating a profound shift in the global landscape and tectonic resources and forces that will have profound implications for the future of the countries they leave or the countries that will come to their new home,” he said. .
The UAE is the top choice for high net worth individuals globally accredited to its favorable tax policy, strategic location and modern infrastructure.
According to Henley & Partners, the country offers “golden visas” to attract foreign talent seeking “investors, entrepreneurs, professionals, students and researchers for long-term residence”.
Immigration to the UAE is on the rise due to expected flows from the Middle East, India, Russia, Africa and, more recently, the UK and Europe.
According to Henley & Partners, the top 10 countries expect the most net inflows of billionaires this year.
United Arab Emirates: +6,700
United States: +3,800
Singapore: +3,500
Canada: +3,200
Australia: +2,500
Italy: +2,200
Switzerland: +1,500
Greece: +1,200
Portugal: +800
Japan: +400
UAE top destination choice for world’s richest expats
