A new report indicates that the UAE will become the world's top "wealth magnet" soon.

• For the third year in a row, the United Arab Emirates is expected to be the world's top destination for wealthy individuals, with a record-breaking inflow of 6,700 millionaires by year end, according to The Henley Private Wealth Migration Report 2024.
• In 2024, the United States is projected to attract 3,800 millionaires, making it the second most attractive country for high-net-worth individuals.
• By the end of the year, it is predicted that 15,200 high net worth individuals will leave China.

For the third year in a row, the United Arab Emirates is predicted to be the world's top destination for wealth.

That's according to new research by Henley Private Wealth Migration Report.

By 2024, the Gulf nation is predicted to experience an unprecedented influx of 6,700 millionaires from worldwide, as stated in the report released on June 18.

The United States is a distant second to the UAE in terms of expected inflow of millionaires by year-end, with an anticipated net inflow of 3,800 millionaires, which is about half of the Middle Eastern country's forecast.

In 2024, it is predicted that 128,000 millionaires will move, based on a report.

According to Henley, the number of millionaires worldwide has surpassed the previous record of 120,000 millionaires set last year, with 2024 expected to be a "watershed moment" in the global migration of wealth.

The report on global millionaire migration patterns and inflows/outflows was provided by New World Wealth, a global wealth intelligence firm.

According to Dominic Volek, group head of private clients at Henley & Partners, the great millionaire migration is a warning sign of a significant shift in the global wealth and power landscape, with far-reaching consequences for the future of the nations involved.

According to Henley and Partners, the top 10 countries with the highest net inflows of millionaires in 2024 are:

1. United Arab Emirates: +6,700
2. United States of America: +3,800
3. Singapore: +3,500
4. Canada: +3,200
5. Australia: +2,500
6. Italy: +2,200
7. Switzerland: +1,500
8. Greece: +1,200
9. Portugal: +800
10. Japan: +400

According to Volek's report, millionaires are leaving in large numbers due to the global turmoil, which includes geopolitical tensions, economic instability, and social unrest.

The report states that the UAE is becoming an increasingly popular destination for high-net-worth individuals worldwide due to its advantageous tax policies, strategic location, and top-notch infrastructure.

The UAE offers a "golden visa" to attract talent to reside in the country, providing long-term residence to foreign investors, entrepreneurs, and talented individuals including specialists, students, and researchers who make a significant investment to the country, according to Henley & Partners.

The research indicates that migration inflows into the UAE are mainly driven by movement from the greater Middle East region, India, Russia, Africa, and recently, the anticipated influx of individuals from the United Kingdom and Europe.

In 2024, Singapore is projected to have a net inflow of 3,500 millionaires, making it the third-ranked country for high-net-worth individuals looking to relocate to Asia. Additionally, Singapore is the top destination for high-net-worth individuals seeking a new home in Asia.

The report states that Japan also ranked among the top 10, in part due to the surge of Chinese high net worth individuals following the Covid pandemic.

In 2024, it is predicted that the top 10 countries or territories will experience significant outflows of millionaires.

1. China: -15,200
2. United Kingdom: -9,500
3. India: -4,300
4. South Korea: -1,200
5. Russian Federation: -1,000
6. Brazil: -800
7. South Africa: -600
8. Taiwan (Chinese Taipei): -400
9. Nigeria: -300
10. Vietnam: -300

By the end of 2024, the UK is projected to experience a net loss of 9,500 millionaires, followed by India, which is expected to lose 4,300 millionaires this year. Meanwhile, China anticipates the largest millionaire exodus with a projected 15,200 HNWIs leaving the country.

Recently, the UK has experienced a significant decrease in the number of millionaires.

Dr. Hannah White, director and CEO of the independent think tank the Institute for Government, stated that the economic and political turmoil in Britain's outflow may be intensified by additional unwelcome policy decisions prior to the election.

Millionaires are also leaving China and India in droves.

White stated that both China and India are experiencing high net outflows due to their economies' success in creating new millionaires, although slowing wealth growth in China could result in prolonged losses being more detrimental in the future.

She stated that many Indian millionaires frequently leave the sub-continent in pursuit of a superior lifestyle, safer and cleaner surroundings, and greater access to premium health and education services.