On Tuesday, June 18, the international investment immigration consulting firm Henley & Partners released the “2024 Henley Private Wealth Immigration Report”, revealing that the United Arab Emirates (UAE) has become the top destination for wealthy individuals to relocate for the third consecutive year, with the United States ranking second in attracting foreign high net worth individuals.
According to the report, by the end of 2024, the UAE, a small Gulf state, is expected to welcome 6,700 millionaires from around the world, marking an unprecedented net inflow. The United States is projected to have 3,800 millionaires moving in by the year’s end.
The report predicts a record-breaking 128,000 millionaires (individuals with liquid investable assets of $1 million or more) to migrate by 2024.
With zero income tax, golden visas, a luxurious lifestyle, and a strategic location, the UAE has become the world’s top destination for millionaire immigrants. Apart from the ongoing influx of wealthy individuals from India, the Middle East, Russia, and Africa, a significant influx of British and European nationals is expected to move to the UAE this year.
Sunita Singh-Dalal, Head of Personal Wealth and Family Office at Dubai’s Hourani, stated in the report, “The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In under five years, the UAE has introduced a robust regulatory framework, offering wealthy individuals a range of innovative solutions to protect, preserve, and grow their wealth.”
The United States has been a key player in the global tech sector, which is a crucial factor in attracting millionaires. Meanwhile, Florida is emerging as one of the top retirement destinations for global billionaires.
Canada has always been a popular destination for millionaire immigrants, especially from Asia and Europe. Toronto and Vancouver are major destination cities, while Calgary is a city to watch for in the future.
Japan is also set to welcome 400 millionaire immigrants, partly due to an influx of high net worth individuals from China to Tokyo post-pandemic.
The data in the report is provided by global wealth intelligence company New World Wealth, offering insights into the influx and outflow of millionaires and their migration patterns worldwide.
“The great migration of millionaires is like a canary in a coal mine, signaling profound shifts in the global landscape and wealth and power dynamics, with far-reaching implications for the future trajectories of the countries they leave or where they choose to settle,” said Dominic Volek, Head of the Private Client Group at Henley & Partners.
According to Henley & Partners data, here are the top 10 countries with the highest net inflow of millionaires in 2024 and their projected numbers:
United Arab Emirates: +6,700
United States: +3,800
Singapore: +3,500
Canada: +3,200
Australia: +2,500
Italy: +2,200
Switzerland: +1,500
Greece: +1,200
Portugal: +800
Japan: +400
The report also indicates that Israel has dropped out of the immigration inflow country list for the first time. This significant shift highlights how conflicts can quickly diminish a country’s attractiveness to the world’s wealthy and global mobile population.
The surge in millionaire immigrants is driving the prosperity of the investment migration industry. Over the past 12 months, Henley & Partners received a record number of inquiries from nearly 200 different countries about investment residency and citizenship programs. The top two countries driving demand are Americans and Indians, with British, Filipino, and South African nationals still in the top ten, as in the last five years.
Among the most popular residence programs inquired by Henley & Partners’ clients is the Portugal Golden Residence Permit Program, which remains a popular choice in 2024 despite ending the investment option linked to real estate. The Golden Visa Program of Greece and the Investment Residency Program of Spain are also favored choices.
In terms of citizenship options, Malta’s Individual Investor Program for direct citizenship by investment has been highly sought after, granting citizenship to foreign individuals and their families contributing to the country’s economic development. In the Caribbean region, Antigua and Barbuda’s Citizenship by Investment Program, and Grenada’s Citizenship by Investment Program continue to attract wealthy global citizens and their families.
As summarized in the report by Volek, “The fastest-growing countries for high net worth individuals are still those that prioritize policies to attract millionaires – among the top 10 countries attracting millionaires the most in 2024, nine have formal investment migration programs and actively encourage foreign direct investment in exchange for residency or citizenship.”