The latest research from Henley Private Wealth Migration Report highlights the United Arab Emirates (UAE) as the leading wealth magnet for the third consecutive year. An unprecedented net inflow of 6,700 millionaires from around the world is expected by the end of 2024, positioning the UAE at the forefront of global wealth migration. In comparison, the United States trails behind with an expected inflow of 3,800 millionaires, showcasing the dominance of the Middle Eastern nation in attracting high-net-worth individuals.
The report forecasts a record-breaking influx of 128,000 millionaires globally in 2024, surpassing the previous year’s record. This significant migration of wealth is indicative of a fundamental shift in the global landscape of prosperity and power. Dominic Volek, the Group head of private clients at Henley & Partners, describes this trend as a watershed moment in the movement of wealth across nations.
According to Henley and Partners, the top 10 countries expected to experience the highest net inflows of millionaires in 2024 are as follows:
– United Arab Emirates: +6,700
– United States of America: +3,800
– Singapore: +3,500
– Canada: +3,200
– Australia: +2,500
– Italy: +2,200
– Switzerland: +1,500
– Greece: +1,200
– Portugal: +800
– Japan: +400
The UAE’s attractiveness to high-net-worth individuals is attributed to its favorable tax policies, strategic location, world-class infrastructure, and other factors. The introduction of a “golden visa” aimed at attracting foreign investors, entrepreneurs, and talented individuals has further solidified the country’s position as a safe haven for global wealth. The influx of millionaires into the UAE is primarily driven by movement from the greater Middle East region, India, Russia, Africa, and an emerging trend of individuals from the United Kingdom and Europe seeking residency in the country.
While the UAE leads the pack, Singapore ranks third as a destination for high-net-worth individuals, with a projected net inflow of 3,500 millionaires in 2024. Japan has also made it into the top 10, with an uptick in affluent Chinese individuals relocating post-Covid. These migration patterns signify the shifting preferences and priorities of millionaires seeking stability, opportunity, and greater quality of life.
Conversely, the report identifies countries that are projected to witness significant outflows of millionaires in 2024. China leads the pack with an expected exodus of 15,200 high-net-worth individuals by the end of the year, followed by the United Kingdom and India. The outflow from these nations is attributed to economic and political uncertainties, prompting millionaires to seek alternative destinations that offer better living conditions and opportunities for growth.
The migration of wealth across borders carries far-reaching implications for the nations involved, influencing economic dynamics, social structures, and geopolitical relationships. As millionaires continue to seek greener pastures and safer havens for their assets and families, the global distribution of prosperity and power undergoes a profound transformation. The evolving trends in wealth migration underscore the importance of adaptability, innovation, and strategic planning for governments and businesses in an increasingly interconnected world.
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