By
The United Arab Emirates has cemented its status as the top destination for millionaires worldwide, even as countries like Brazil see a significant exodus of their wealthy residents.
These trends are detailed in the latest Henley Private Wealth Migration Report by Henley & Partners.
What you’ll see in this post:
A record-breaking influx of wealth into the UAE
The Henley private wealth migration report
Global trends in wealth migration
Enjoy your reading
A record-breaking influx of wealth into the UAE
The United Arab Emirates (UAE) has become the premier destination for millionaires worldwide, as countries like Brazil experience a significant exodus of their wealthy residents.
For the third consecutive year, the UAE is projected to attract the highest number of high-net-worth individuals in the world.
As in 2024 alone, the UAE is expected to welcome a record-breaking 6,700 millionaires. This surge highlights the country's growing appeal among the global elite.
Meanwhile, it’s estimated that Brazil shall experience an exodus of around 800 millionaires, who are seeking destinations that offer better security, a higher standard of living, and more favorable tax regimes.
The Henley private wealth migration report
These findings come from the latest edition of the Henley Private Wealth Migration Report, produced annually by Henley & Partners, a renowned international wealth management consultancy.
The report underscores the UAE's allure, citing zero income tax, golden visas, a luxurious lifestyle, and a strategic location for growing businesses as key factors driving this trend.
“The United Arab Emirates has established itself as the number one destination for millionaire migration,” the consultancy states.
Global trends in wealth migration
This year is anticipated to see the largest migration of millionaires globally, with 128,000 individuals relocating.
This movement is largely driven by legal and tax incentives, alongside concerns for security and overall well-being.
Traditionally, the UAE has attracted wealthy individuals from India, other Arab nations, Africa, and Russia.
However, recently, it has also seen a considerable increasing influx of Europeans, particularly from the United Kingdom.
As of now, the UK is expected to lose 9,700 of its millionaires this year, primarily due to the government’s decision to end tax exemptions for foreign profits.
“The United Kingdom—and London, especially—was for many years one of the main destinations for the migration of millionaires. But that trend started to reverse about ten years ago, with more millionaires leaving than arriving,” says Henley.
Brexit has further accelerated this trend, which will now be exacerbated by higher taxes on non-domiciled residents—those living in the UK but maintaining tax residency elsewhere.
China, India and Brazil: High net-worth outflows
Also worth noting is the fact that China tops the list for the number of millionaires leaving, with over 15 thousand expected to relocate. India follows with 4,300 departures.
The Henley report attributes these outflows to the economic success of both countries, which have created many new millionaires.
As such, wealthy individuals from these nations, as well as other emerging markets like Brazil, are often motivated by the pursuit of a better lifestyle, cleaner environments, and superior education and healthcare facilities.
On the topic of Brazil, according to Andrew Amoils, research director at Henley & Partners, the primary reasons for Brazilians leaving their homeland include the quest for better job and business opportunities, financial stability, and security.
The top destination for millionaire migration
As the UAE continues to draw a growing number of the world’s millionaires, it solidifies its position as a global hub for wealth, luxury, and business opportunities.
This trend not only reflects the country's strategic economic policies, such as zero income tax and golden visas, but also highlights a broader shift in global wealth migration patterns.
Wealthy individuals are increasingly seeking out environments that offer not just financial advantages, but also a high quality of life, safety, and access to world-class amenities and infrastructure.
This influx of affluent residents underscores the UAE’s appeal as a premier destination for those looking to enhance their lifestyle while benefiting from favorable economic conditions.
To explore this trend deeper, reach out to us at Lide Emirates and let’s discuss more about what this new influx of wealth can bring.
