Henry Research: UAE set to become world’s number one ‘wealth magnet’ | Wilnesh News

The United Arab Emirates is set to become the world’s leading wealth magnet for the third year in a row.

This is according to new research Henry Private Wealth Migration Report.

An unprecedented net flow of 6,700 millionaires from around the world is expected to flow into the small Gulf nation by the end of 2024, according to a report released on June 18.

In second place after the UAE is the United States, which is expected to see an inflow of 3,800 millionaires by the end of the year – only about half of the Middle Eastern country’s projected net inflow of millionaire immigrants.

A record 128,000 millionaires or high-net-worth individuals have $1 million in liquid investable wealth Relocations or more are expected in 2024, the report said.

Henley said the number surpassed last year’s record of 120,000 millionaires, adding that 2024 “will be a watershed year in global wealth migration.”

The report’s data, provided by global wealth intelligence firm New World Wealth, provides insights into the global inflow and outflow of millionaires and their migration patterns.

“This great migration of millionaires was like a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power, with profound consequences for the future trajectory of the countries they left behind or the ones they founded. New Home ,” said Dominic Volek, head of Henley & Partners’ private client group. Report.

Here are the 10 countries expected to have the highest net millionaire inflows in 2024, according to Henley and Partners.

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

“As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social unrest, a record number of millionaires are voting with their feet to seek better opportunities for their assets and their families,” Volack said in the report. Greener pastures and safer harbors.

this The UAE increasingly consolidates its position According to the report, the reason why China has become a safe haven for high-net-worth individuals around the world is mainly due to the country’s preferential tax policies, strategic location, world-class infrastructure, etc.

Middle Eastern countries also offer “Golden Visa” Aimed at attracting talent to live in the UAE. Henley & Partners said the visa is designed to “provide long-term residence for foreign investors, entrepreneurs and talent, including experts, students and researchers making significant investments in the country”.

Research shows that migration flows into the UAE are mainly driven by influxes from the Greater Middle East, India, Russia, Africa and, more recently, the UK and Europe.

Singapore ranks third, with a projected net inflow of 3,500 millionaires by 2024.

Japan also made the top ten, partly due to the post-COVID-19 influx of wealthy Chinese, the report said.

Here are the 10 countries expected to see the largest outflow of millionaires in 2024:

1. China: -15,200
2. UK: -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

China is expected to see the largest exodus of millionaires, with 15,200 wealthy individuals expected to leave the country by the end of the year, the report said. The UK is in second place, with a net loss of 9,500 millionaires expected by the end of 2024, followed by India, which is expected to lose 4,300 millionaires this year.

Britain was once one of the top destinations for the world’s rich, but has recently seen an exodus of millionaires.

Dr Hannah White, director and chief executive of the Institute for Government, an independent think tank, said: “The outflows already caused by economic and political turmoil in the UK are likely to be accelerated by further unpopular policy decisions ahead of the general election.”

Millionaires are also leaving China and India in droves.

“Both China and India have experienced high net outflows as their (sizable) economies have succeeded in creating new millionaires, although China’s slowdown in wealth growth in recent years may mean that Over time, ongoing losses can become more devastating.

“Indian millionaires often leave the subcontinent in search of a better lifestyle, a safer and cleaner environment, and access to better health and education services,” she added.