UAE Remains a Powerhouse for Attracting Wealthy Individuals

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The United Arab Emirates is poised to retain its position as the world leading destination for millionaires in 2024 according to a recent report by Henley Private Wealth Migration. The tiny Gulf nation is expected to see a remarkable net inflow of 6700 millionaires, far outpacing the United States which ranks second with an expected inflow of 3800 millionaires.


The report highlights that a record breaking 128000 millionaires or high net-worth individuals with liquid investable wealth of $1 million or more, are expected to relocate globally in 2024 surpassing the previous record set in 2023. This trend is seen as a significant shift in the global landscape of wealth and power with the UAE emerging as a prime destination for those seeking a safe haven for their assets and family interests.


The UAE appeal as a wealth magnet is largely attributed to its favorable tax policies, strategic location, world class infrastructure, and the introduction of the golden visa program, which aims to attract foreign investors entrepreneurs and talented individuals to reside in the country. The report also notes that the UAE net inflow is boosted by the movement of high net worth individuals from the greater Middle East region, India, Russia, Africa, and increasingly, the United Kingdom and Europe.


Interestingly the report also highlights the countries expected to see the highest outflows of millionaires in 2024 with China leading the pack with a projected loss of 15200 high-net-worth individuals. The United Kingdom and India follow closely, with expected outflows of 9500 and 4300 millionaires respectively. This trend suggests a shifting global landscape of wealth distributionwith the UAE firmly establishing itself as a preferred destination for the world's wealthiest individuals.

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