The UAE is expected to see a net influx of 6,700 billionaires from around the world by the end of 2024, according to a new study.
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The United Arab Emirates is set to be one of the world’s top magnets for the wealthy for the third year in a row.
This is according to new research from the Henley Private Wealth Migration Report.
The tiny Gulf nation is expected to see an unprecedented net influx of 6,700 billionaires from around the world by the end of 2024, according to a report released June 18.
The United States comes in a distant second, with an expected influx of 3,800 billionaires by the end of the year, but this is only about half the net influx of expatriate billionaires expected by the Middle Eastern country.
The number of billionaires – people with liquid, investable assets of more than $1 million, or high net worth individuals – reached a record high of 128,000. According to the report, more than one million businesses are expected to relocate by 2024.
This billionaire migration is the canary in the coal mine, heralding major changes in the global landscape and seismic forces of wealth and power…
Dominik Volek
Head of Private Client Group, Henley & Partners
This figure exceeds the 120,000 new billionaires recorded last year, Henry said, adding that 2024 “is likely to be a watershed year in global wealth transfers”.
Data for the report was provided by New World Wealth, a global wealth information company, and features insights into billionaire inflows and outflows, as well as migration patterns around the world.
“This mass exodus of ultra-rich people is the canary in the coal mine, heralding a major and seismic shift in the global landscape of wealth and power that will have far-reaching implications for the future trajectory of the countries they leave or make a new home in,” Dominic Borek, head of the private client group at Henley & Partners, said in the report.
According to Henley & Partners, the top 10 countries expected to have the highest net inflow of billionaires in 2024 are:
- United Arab Emirates: +6,700
- United States: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
“As the world faces a perfect storm of geopolitical tensions, economic uncertainty and social unrest, billionaires are voting with their feet in record numbers, seeking better conditions and safer havens for their wealth and their families,” Volek said in the report.
According to the report, the UAE is increasingly strengthening its position as a safe haven for the global wealthy, thanks to its favourable tax regime, strategic location and world-class infrastructure.
The Middle Eastern country also offers a “Golden Visa” aimed at attracting top talent to reside in the UAE. According to Henley & Partners, the visa aims to “provide long-term residency opportunities for top talent, including foreign investors, entrepreneurs, professionals, students and researchers who will invest significantly in the country.”
According to the study, migration into the UAE has been driven primarily by movements from the Middle East region, India, Russia, Africa and more recently the influx of people from the UK and Europe.
Singapore comes in third, with a projected net inflow of 3,500 billionaires in 2024. The island nation also tops the list as the largest relocation destination for wealthy individuals looking to relocate to Asia.
Japan also made it into the top 10, according to the report, partly due to a trend of wealthy Chinese people moving in after the pandemic.
The 10 countries or regions predicted to experience the highest millionaire outflow in 2024 are:
- China: -15,200
- United Kingdom: -9,500
- India: -4,300
- South Korea: -1,200
- Russian Federation: -1,000
- Brazil: -800
- South Africa: -600
- Taiwan (Chinese Taipei): -400
- Nigeria: -300
- Vietnam: -300
According to the report, China is expected to see the largest outflow of its wealthy individuals, with 15,200 expected to leave by the end of the year. The UK comes in second, with a net loss of 9,500 wealthy individuals expected by the end of 2024. India is next, with 4,300 wealthy individuals expected to leave this year.
Once one of the world’s top destinations for wealthy immigrants, the UK has recently seen a mass exodus of billionaires.
“The exodus already caused by the economic and political turmoil in the UK risks being accelerated by further unwelcome policy decisions ahead of the election,” said Dr Hannah White, director and CEO of the Institute for Government, an independent think tank.
Billionaires are also leaving China and India in droves.
“China and India are experiencing high net outflows due to their successful economic development. [sizable] “The Chinese economy plays a big role in creating new billionaires, but wealth growth in China has slowed in recent years, and sustained losses could do more damage in the longer term,” White said.
“Indian billionaires often leave the subcontinent in search of a better lifestyle, a safer and cleaner environment and access to better quality health and education services,” she added.
