Millionaires are eyeing UAE over UK as top destination

The UAE is projected to see a net inflow of 6,700 millionaires by 2024, according to the Henley Private Wealth Migration report released in June.

This figure is nearly double that of the second-ranked country, the United States, which is expected to welcome 3,800 millionaires within the same period. US billionaire and CEO of Tesla Elon Musk remarked that "Dubai is winning" following the release of the report.

Top destination for high-net-worth individuals

For the third consecutive year, the UAE has been ranked first in attracting high-net-worth (HNW) individuals. The report attributes this trend to several factors:

• Zero Income Tax: The UAE's tax-free income policy is a significant draw for wealthy individuals.
• Golden Visas: These long-term residency permits provide stability and security for investors and their families.
• Luxury Lifestyle: The UAE offers a high-end lifestyle with world-class amenities.
• Strategic Location: Positioned at the crossroads of Europe, Asia, and Africa, the UAE is an ideal hub for global business and travel.

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Decline in UK millionaire population

The UBS Global Wealth Report forecasts that 17% of millionaires in the UK will leave the country by 2028. The UK government is phasing out its "non-dom status," which allowed wealthy residents to avoid British taxes on overseas income. This change is prompting many to seek more favorable tax environments, like the UAE.

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UAE's wealth landscape

Currently, the UAE is home to:

• 116,500 millionaires
• 308 centimillionaires (individuals with $100 million or more)
• 20 Billionaires

This places the UAE 14th globally in terms of millionaire population. With its attractive policies and lifestyle, the UAE continues to solidify its position as a top destination for the world's wealthy.