UAE set to attract over 6,700 millionaires in 2024, retains top spot as 'world's leading wealth magnet'
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The UAE is set to solidify its status as a global hub for high-net-worth individuals, with over 6,700 millionaires projected to relocate to the country this year, according to The Henley Private Wealth Migration Report 2024 released by Henley and Partners. This remarkable influx has placed the UAE as the ‘world’s leading wealth magnet’ for the third consecutive year.
Zero income tax, a luxurious lifestyle, seamless connectivity and the Golden Visa are some of the factors that have significantly boosted the inflows from regions like the UK, India, Russia, the Middle East & Africa.
The UAE is home to 116,500 millionaires, 308 centimillionaires and 20 billionaires. These numbers are expected to grow as more high-net-worth individuals seek the benefits the country has to offer.
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The UAE's real estate market, particularly in Dubai, has seen substantial investments from British and European investors, driven by strong market gains and the high taxes in their home countries. The city has emerged as a top destination for global high-net-worth individuals with 73% of them preferring Dubai for real estate investments in 2024, up from 67% in 2023.
The surge in demand for luxury properties has led to record-high rents in Dubai, with 270 rental transactions signed in the first five months of 2024 with annual rents exceeding AED 1 million. This trend shows the emirate's ability to attract millionaires looking for safety, security and a world-class lifestyle.
Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60% for centi-millionaires and billionaires", says Andrew Amoils, head of research at New World Wealth.
The UAE’s strategic location, business-friendly environment and continuous efforts to enhance its appeal to the world’s wealthy, have led to this significant influx of millionaires this year. As the country welcomes these HNIs, it continues to build on its reputation as a leading global wealth magnet.