More millionaires are coming to live in the UAE than anywhere else globally
'The most significant wealth migration wave ever documented'…
The Henley Global Mobility Report, issued in January of this year, analyses trends in networks of private wealth and how individuals move within them.
The report shows that whilst 2024 was a bumper year for the migration of millionaires (individuals with liquid investable wealth of USD 1 million) – with more than 134,000 of the cashed-up trust fund set, upping sticks and moving out – 2025 is set to be another record breaker.
Ha-bling-bi come to Dubai…
Forecasts predict that 142,000 members of the seven-digit alumni will hop borders in 2025. An event, Dr. Juerg Steffen, FIMC, CEO of Henley & Partners calls 'the most significant wealth migration wave ever documented and reflects fundamental changes in how affluent individuals approach geographic and financial planning'.
But where are all these bank balance ballers going to?
The report shows that in 2024 the country that receives the highest net influx is the UAE, with almost double the amount of the nearest competitor (USA). That trend is predicted to continue, and likely increase in 2025.
Why are so many millionaires coming to the UAE?
Well apart from all the *gestures broadly around* and this whole list of solid reasons, the report singled out 'the Golden visa program, coupled with crypto-friendly policies and world-class infrastructure' as the leading factors in making the UAE a 'prime example' of the new wealth migration paradigm.
Real estate has also been an important factor in dictating which areas look more favourable for individuals of high net worth. The saliency of the housing and rental markets is an indicator of the more general stability, growth and outlook of a particular economy.
Then there is the fact that the UAE is currently ranked third globally in the IMD World Competitiveness Ranking. A system that looks at how well countries concentrate on the prosperity and quality of life (QOI) of their residents, based on survey responses across a number of QOI indicators.
The UAE is a known innovator, with a strong government possessed of a unified vision; it operates many programmes and protocols that incubate, nurture and attract entrepreneurship; it's invested in developing culture, arts and education; it has ambition and systems in place to make it easy to do business; and it has monumental, world-changing plans for the future.
An uncertain world
The magnitude of the movement is also in part aided by the machinations of global socio-political and economic change. Conflicts, growing uncertainty, and regional unrest have caused individuals to be more strategic about where they base their operations.
Images: Getty/Henley & Partners
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