RABI HAMAMSAH (ABU DHABI)
For the third consecutive year, the UAE appears poised to maintain its position as the world's leading attractor of wealth, with an estimated 6,700 affluent expatriates expected to make the UAE their new home by the end of this year, according to a new study released on Tuesday.
The influx is largely driven by substantial inflows from the UK and Europe, according to The Henley Private Wealth Migration Report 2024 released by Henley and Partners, further solidifying the UAE's status as the ultimate destination for migrating millionaires.
With a combination of zero income tax, golden visas, and a strategic location, the UAE has firmly established itself as the top choice for wealthy individuals.
Notably, the UAE is anticipated to attract nearly double the number of millionaires than its closest competitor, the US, which is expected to welcome 3,800 millionaires in 2024.
Consistent high inflows of wealthy individuals from India, the wider Middle East region, Russia, and Africa, coupled with the anticipated increase in British and European migrants, contribute to the UAE's status.
According to the report, Singapore secured the third position this year with a net inflow of 3,500 millionaires, while Canada and Australia follow in fourth and fifth place, respectively, with net inflows of 3,200 and 2,500 millionaires.
European countries such as Italy (+2,200), Switzerland (+1,500), Greece (+1,200), and Portugal (+800) also made it into the top ten for net millionaire inflows, alongside Japan at 400.
Andrew Amoils, Head of Research at New World Wealth, emphasised in the report the significant and wide-ranging benefits that these destination countries, namely the UAE, derive from the migration of wealth and talent.
It is worth mentioning that migrating millionaires play a crucial role in stimulating economic growth and fostering prosperity in their chosen countries.