Given the global indicators currently out in circulation, UAE is projected to record higher figures of new millionaires in 2021 than any other country as pointed out by the Henley Private Wealth Migration Report 2024. Currently, the UAE issues Golden Visas for long-term residence, exempts foreign millionaires from income tax, offers a luxurious way of life, and geographical location: It is forecasted that by the end of the year, the UAE will attract over 6,700 new millionaires. The influx is especially concerning to Britain’s elites due to the increased flow of wealthy citizens from the United Kingdom while India and Africa are also particularly suited to the favorable conditions found in the country.
Once again, the United Arab Emirates has topped the list of countries that will attract most rich people migrating in this year and the next year, leaving the United States, its second closest competitor, which is expected to record an inflow of 3,800 new millionaires in 2024 only. The report also makes a point that the UAE’s appeal can be fortified by streamlining its wealth management system and regulation standards that have taken relatively short time of five years to evolve.
Top Countries for Millionaire Migration in 2024:
- UAE: +6,700
- USA: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
These changes have accrued more than evident benefits from the financial aspect of having Fiscalisation of Money bring in the riches. It is summarized that many millionaire migrants contribute large amount of foreign exchange, create business activities, even job provided for new countries. For example, the research reveals that around one out of five of such rich people are self-employed business people and company owners while over one out of ten consider themselves as having reached the billionaire or centi-millionaire status.
Global Trends in Wealth Migration
While the UAE records such heady inflows, the UK, for instance, is forecast to witness an abnormal outflow of millionaires in 2024, touching 9500. This figure is just next to China where the number of HNWIs is predicted to decrease by about 15,200 in the year 2020. Although India has been successful in containing outflow of wealth the country is expected to experience 4,300 millionaires departing the country in the next five years.
Hence, the flow of such money subsea is expected to reorient the of wealth and investments of millionaires in 2024 and therefore is a significant year in the migration of millionaires.
