6,700 New Millionaires Will Move to the UAE in 2024

According to a survey by international investment migration advisory firm Henley & Partners, the UAE is poised to attract a record 6,700 millionaires to its shores by the end of 2024. This marks the third consecutive year that the UAE has solidified its position as the world's foremost destination for wealthy individuals seeking a new home.

The allure of the UAE lies in its luxury lifestyle offerings, attractive golden visa programs, and a favorable tax environment. These factors continue to make Dubai and other Emirates highly attractive to high-net-worth individuals (HNWIs) looking for financial security and lifestyle opportunities.

By comparison, the United States is forecasted to welcome 3,800 millionaires this year, making it the closest rival to the UAE in terms of wealth migration. Singapore follows closely with an expected influx of 3,500 millionaires.

Dubai’s popularity is particularly growing among affluent Africans, particularly from countries like Nigeria and South Africa. This trend underscores Dubai's rise as a global financial and lifestyle hub.

There is an increasing interest among wealthy clients in owning luxury homes in Dubai, alongside traditional global cities like London, Mumbai, and key locations in France and the United States.

There is a broader trend of global wealth migration, with an unprecedented 128,000 millionaires expected to relocate worldwide in 2024. This is attributed to geopolitical tensions, economic uncertainties, and social changes, which prompt wealthy individuals to seek stability and opportunity in new jurisdictions.

The UAE's ability to attract such a substantial number of millionaires not only boosts its real estate market and luxury sector but also contributes significantly to its economy through investments and local spending.