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UAE retains top spot as world's leading wealth magnet

June 20, 2024 at 2:10 pm

Emirati flag fluttering above Dubai’s marina with the Burj Al Arab landmark hotel in the background [KARIM SAHIB/AFP via Getty Images]

The UAE is poised to attract a record 6,700 millionaires by the end of this year, cementing its position as the world’s top “wealth magnet” for the third consecutive year, according to Henley & Partners’ Private Wealth Migration Report 2024.

The UAE’s luxury lifestyle, golden visas, and low-tax environment have significantly contributed to its appeal. The Gulf state is expected to attract nearly double the number of millionaires compared to its nearest rival, the US, which forecasts 3,800 new millionaire residents by year-end. Singapore ranks third with an expected net inflow of 3,500 millionaires, followed by Canada and Australia.

“This great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and tectonic plates of wealth and power,” said Dominic Volek, group head of private clients at Henley & Partners.

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Rosy Khalastchy from Beauchamp Estates noted the significant movement of wealthy African families from countries like Nigeria and South Africa to Dubai and London. She highlighted Dubai’s rapid growth, comparable to cities like London and Manhattan, but achieved in just 20 years.

Peter Wetherell, founder of Wetherell estate agents, observed a shift in luxury home preferences among the wealthy, with Dubai now ranking alongside London, Mumbai, and Los Angeles as a top location. “Whereas a client might have historically looked at a pied-à-terre in Paris, this has now been replaced by owning a holiday home in Dubai,” he told The National.

Global wealth migration is at an all-time high, with 128,000 millionaires expected to relocate worldwide in 2024, surpassing the previous record of 120,000 set in 2023. China is projected to see the largest exodus, with 15,200 millionaires expected to leave by year-end.

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