Making the UAE, the world’s leading millionaire’s haven
The United Arab Emirates (UAE) is all set to become world’s leading Millionaire’s haven. According to the latest studies, the country is all set to welcome a whopping 6700 wealthy migrants by the end of 2024, for the third time in a row.
According to Henley and Partners’ annual Private Wealth Migration Report 2024, the UAE’s millionaire population will grow significantly due to large inflows from the UK and Europe.
Zero-income tax, Golden Visa, Investor-friendly policies, luxury lifestyle, and strategic location are the main reasons that make the UAE a wealthy magnet for the potential investors who want to make Dubai their new home and experience a higher ROI.
“With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Britons and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024,” said the Private Wealth Migration Report 2024.
“The evolution and development of the UAE’s wealth management ecosystem is unprecedented.” She added, “In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve, and enhance their wealth,” Sunita Singh-Dalal, Partner leading the Private Wealth and Family Offices at Hourani in Dubai, said.
128,000 Millionaires to relocate
According to the report, 2024 is going to reflect a watershed moment in terms of global wealth migration. “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” said Dominic Volek, Group Head of Private Clients at Henley and Partners.
He further added, “As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.” He added, “In many respects, this great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”
Few countries like the UK, South Korea, China are having visible signs of descending numbers of migrants.
“Don’t think about its current value, think about its future value.”
Source: Propertynews
