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DUBAI — The United Arab Emirates (UAE) was crowned the world’s top wealth magnet for the third consecutive year in a report released last week by Henley & Partners, a British investment migration advisory consultancy. The country is set to attract a net inflow of 6,700 individuals with liquid wealth of $1 million or more in 2024, according to the report, with a large number from the UK and the European Union expected to add to already high inflows from India, the Middle East, Russia and Africa.
The rise in the UAE’s millionaire population, whereby Dubai recorded the world’s 10th fastest increase in millionaires between 2013 and 2023, is a boost for the Emirati economy. Indeed, the arrival of high-net-worth individuals’ spending power indirectly creates jobs in sectors such as real estate, wealth advisory, luxury retail, dining and hotels, automotive and fashion.
The UAE attracted a net inflow of 5,200 millionaires in 2022 and 4,700 in 2023, bringing its total millionaire population to 116,500. According to the firm, the Gulf country will lure about 5% of the 128,000 millionaires who are expected to relocate worldwide in 2024, a figure that is disproportionate to its share of the world’s population, which stands at 0.12%. The UAE has entered a cycle as more wealth attracts financiers and high-quality wealth management services, which in turn enhances the country’s status as a global wealth hub.
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