A new report has revealed that 6,700 millionaires moved to the UAE in 2024, making it one of the top destinations for wealthy individuals worldwide. The UAE has become a magnet for high-net-worth individuals (HNWIs), thanks to its safety, strong economy, zero income tax, and luxury lifestyle.
This sharp rise in millionaire migration is part of a global trend, but few countries are seeing the kind of surge that the UAE is experiencing.
Where Are These Millionaires Coming From?
According to the report by Henley & Partners, most of the millionaires moving to the UAE are from:
- India
- The United Kingdom
- Russia
- Lebanon
- Nigeria
These individuals are drawn to the UAE due to political stability, modern infrastructure, and business-friendly laws. Many are leaving behind regions facing economic or political instability, looking for better opportunities and peace of mind.
What Attracts Millionaires to the UAE?
The UAE, particularly Dubai and Abu Dhabi, is known for its luxury lifestyle, tax advantages, and safe living conditions. Here are some major reasons why the rich are choosing the UAE:
- Zero income tax: One of the biggest reasons millionaires relocate to the UAE is the absence of personal income tax. This allows them to save more of their wealth.
- Strong business environment: The UAE supports entrepreneurs and investors with easy licensing, free zones, and a strong banking system.
- Luxury lifestyle: World-class shopping malls, top restaurants, private beaches, and luxury hotels offer an unmatched lifestyle.
- High safety standards: The UAE ranks as one of the safest countries in the world.
- Ease of international travel: With its strategic location, the UAE serves as a hub between Europe, Asia, and Africa.
New Real Estate and Investment Opportunities
The UAE has also introduced several new real estate investment programs and Golden Visa schemes that are attracting millionaires from around the globe.
These programs allow investors to buy property and get long-term residency. In Dubai alone, high-end residential areas like Palm Jumeirah, Downtown Dubai, and Dubai Hills are seeing strong demand.
Developers are offering luxury villas, penthouses, and branded residences to meet the growing interest from wealthy buyers.
How Does the UAE Benefit from Wealthy Arrivals?
The arrival of thousands of millionaires in the UAE is having a positive impact on the local economy. Here’s how:
- Real estate boom: High demand is pushing property prices up in premium areas, benefiting developers and investors.
- More business: Many of the new arrivals are starting companies or investing in existing businesses.
- Job creation: Wealthy individuals spend more on luxury services, travel, construction, and staff—boosting employment.
- Cultural diversity: The increase in HNWIs adds to the country’s growing international appeal and global network.
UAE Ranks Among the World’s Top Wealth Hubs
With this surge, the UAE is now ranked among the world’s top three countries for millionaire migration in 2024—right behind Australia and the United States.
Henley & Partners predicts that this trend will continue in the coming years, especially as global uncertainty rises in other parts of the world.
What the Experts Say
Christian Kaelin, Chairman of Henley & Partners, noted that the UAE’s strategic long-term planning is one of the main reasons it is attracting wealthy individuals.
He said, “The UAE has made itself a destination of choice for the world’s wealthy through smart policies and forward-thinking leadership.”
Experts believe the country’s commitment to innovation, quality of life, and business freedom makes it a natural magnet for the elite.
What Relocating Millionaires Look For
Relocating to a new country is a major life decision, especially for high-net-worth individuals. Some of the key things they look for include:
- Political and economic stability
- Privacy and security
- Investment opportunities
- High-quality healthcare and education
- Residency or citizenship by investment options
The UAE ticks all these boxes, making it a top contender in the global competition to attract the wealthy.
Residency Options for Millionaires in UAE
The UAE government has introduced several visa programs for wealthy individuals and skilled professionals. These include:
- Ten-year Golden Visa for investors, entrepreneurs, and talented individuals
- Property investor visas for those purchasing real estate over a certain value
- Business setup visas for entrepreneurs
These residency programs offer security and flexibility, encouraging long-term relocation.
The Bigger Picture: A Global Shift in Wealth
The movement of millionaires around the world is part of a bigger global shift in wealth. Many wealthy individuals are no longer just looking to grow their money—they want stability, freedom, and security for themselves and their families.
Countries like the UAE that offer these benefits are quickly becoming the new centers of global wealth.
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