The United Arab Emirates remains a primary destination for many millionaires worldwide. According to Henley private wealth migration report, more than 6,000 super-rich expats will arrive in the country by the end of 2024. They are attracted by the high living standards, including the opportunities for indeed luxury living in UAE, and exceptional terms of doing business, including tax-free income in UAE in some instances. The significant flow of ultra-rich migrants to the UAE is caused by many other reasons.
Millionaires moving to the UAE appreciate the simplified process of visa application which is streamlined and non-bureaucratized. The UAE golden visa is a significant option used by wealthy expatriates in Dubai. This opportunity dramatically increases the investment migration to UAE, making it twice as high as in the USA – 6,000+ and 3,000+ expats, respectively.
High-net-worth individuals in the UAE are crucial for the state for a reason. They encourage greater economic diversification in the UAE, treating the UAE as a wealth haven in general. Wealthy expats highlight the overall business-friendly environment in UAE that is open to new business ideas and innovations. The geographic appeal of the UAE for wealthy individuals is focused on the strategic location of this jurisdiction. This only adds points to the profile of the state.
Speaking more precisely about specific sectors of the local economy that experienced the greatest UAE millionaire immigration in 2024, technologies, renewable energy, tourism, and real estate investment by millionaires in UAE were predominant.
The millionaire inflow statistics for 2024 show that the UAE has steadily attracted a large number of millionaires from India, the Middle East, Russia, and Africa. At the end of 2024, the millionaire exodus from the UK and Europe is also expected.
What is surprising is that the high-net-worth migration trends show that China was among the biggest millionaire losers worldwide, with the anticipated loss of over 15,000 super-rich residents by the end of 2024! The global wealth migration patterns also show that the millionaire exodus from South Korea has dramatically increased this year – up to 50%, from 800 to 1,200 millionaires! What is essential is that the UAE’s rise in global wealth rankings is not caused by negative tendencies inside the country, like the Russian war in Ukraine, but thanks to the country’s business-friendly environment and openness to progress.