Why thousands of millionaires from all around the world are moving to Dubai?

by Tanvir Awan
UAE visa fees

The UAE is poised to maintain its position as the top destination for millionaires worldwide, with a projected influx of more than 6,700 wealthy individuals this year.

The news comes from The Henley Private Wealth Migration Report 2024, released on Tuesday. For the third consecutive year, the Emirates leads globally in attracting high-net-worth individuals, largely driven by significant arrivals from the UK and Europe.

Henley Private Wealth Migration Report 2024

European millionaires are drawn to the UAE for its zero income tax policy, attractive golden visa opportunities, luxurious lifestyle, and convenient travel options via local carriers such as Emirates and flydubai.

Currently ranked 14th globally, the UAE hosts 116,500 millionaires, 308 centimillionaires, and 20 billionaires, defined as those with more than $1 million in liquid assets.

Dubai real estate market

Dubai’s thriving real estate market has particularly enticed British and European investors, who are increasingly making their mark in local property ventures. Additionally, high tax burdens in Western countries are prompting millionaires to seek tax-friendly havens like the UAE, known for its top-tier safety standards globally.

Dominic Volek, Group Head of Private Clients at Henley and Partners, emphasized the UAE’s strategic initiatives to solidify its status as a premier global wealth hub: “With compelling incentives such as the golden visa, luxurious living standards, and a business-friendly environment in a pivotal location, the UAE is on track to welcome a record 6,700 millionaires in 2024. This underscores its reputation as a dynamic magnet for global wealth.”

In addition to the UAE, other countries expected to attract a significant number of millionaires include the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. Conversely, countries such as China, the UK, India, and Russia are anticipated to experience notable net outflows of millionaires in 2024.


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