The United Arab Emirates (UAE) continues to reign as the world’s leading destination for wealthy migrants, with Henley & Partners estimating that 6,700 millionaires have relocated to the country by the end of 2024. The United States follows as a strong second, attracting over 3,800 millionaires in 2024. What drives this migration of the ultra-rich to these two powerhouses?
UAE: A Wealth Magnet
The UAE’s dominance stems from its wealth-friendly policies and luxurious appeal. With zero income tax, millionaires can maximise their fortunes, while the golden visa programme offers long-term residency for investors and professionals. This strategic initiative has positioned the UAE as a haven for high-net-worth individuals (HNWIs) seeking stability and growth.
Beyond economics, the UAE’s prime location—bridging Europe, Asia, and Africa—makes it a global business hub. Cities like Dubai and Abu Dhabi boast unrivalled infrastructure, from towering skyscrapers to elite communities, complemented by a lifestyle of luxury yachts, premium shopping, and top-tier hospitality.
Stability Meets Opportunity
In a world of geopolitical and economic uncertainty, the UAE’s political stability and forward-thinking governance stand out. Its diversification beyond oil into tech, tourism, and finance further entices millionaires looking for secure, long-term prospects.
The US: A Resilient Runner-Up
The US, with its 3,800 millionaire inflows in 2024, remains a formidable contender. Its robust economy, diverse investment landscape, and prestigious lifestyle—from Silicon Valley innovation to New York’s financial might—continue to draw wealth. However, higher taxes and a more complex regulatory environment mean it trails the UAE’s unique advantages.
A Global Wealth Shift
As of late 2024, the UAE’s blend of tax benefits, luxury, and stability secures its lead, attracting nearly twice as many millionaires as the US. For the world’s wealthy, the UAE isn’t just a destination—it’s a strategic move to thrive in 2024 and beyond.
