The UAE, known as a place for the world’s wealthiest, will welcome 4,500 new millionaires this year, according to the Henley & Partners Private Wealth Migration Report 2023.
The UAE is placed second, behind Australia, in a global list of high-net-worth individuals published by the global wealth tracker and residency experts.
Henley & Partners reports that millionaire migration has increased steadily over the past ten years, with 122,000 and 128,000 millionaires expected to relocate globally in 2023 and 2024, respectively.
UAE millionaire migration
Dr. Juerg Steffen, CEO of Henley & Partners, said: “In general, wealth migration trends look set to revert to pre-pandemic patterns this year, with Australia reclaiming the top spot for net inflows as it did for five years before the Covid outbreak, and China saw the biggest net outflows as it has each year for the past decade.
“The notable exceptions are former top wealth magnets, the UK and the US.”
The study investigates the migration of HNWIs with investable wealth of $1 million or more both within and between countries, or “dollar millionaires.”
Only individuals who have moved permanently—those who spend more than six months a year in their new country—are included in the HNWI migration data.
Top 10 countries for millionaire migration
■ Australia, 5,200
■ UAE, 4,500
■ Singapore, 3,200
■ US, 2,100
■ Switzerland, 1,800
■ Canada, 1,600
■ Greece, 1,200
■ France, 1,000
■ Portugal, 800
■ New Zealand, 700
While it is projected that this year will witness a flood of millionaires come into these countries, others will certainly lose out. China, India, the UK, Russia, and Brazil are the countries that lose out on net millionaires.
Dr. Areef Suleman, Director of Economic Research and Statistics at the Islamic Development Bank Institute, notes in the report that the multiplier effect of HNWI migration on destination countries is likely to have an impact beyond the investment itself.
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