Why millionaire entrepreneurs love to relocate to UAE

Millionaire migration is picking up around the world and the UAE is one of the top countries that attract super-rich individuals. 

According to `The Henley Private Wealth Migration Dashboard' by Henley & Partners, about 1,28,000 of the world’s millionaires are projected to migrate to a new country by the end of 2024, with the UAE and the USA topping the list of destinations.

The UAE has solidified its position as the premier destination for high-net-worth individuals (HNWI) globally. The UAE has been a top contender in attracting private capital and talent for quite some time. However, since investment-based migration is increasingly driven by a confluence of economic, geopolitical, and domestic social factors, the UAE provides a reliable, safe, and appealing environment for high-net-worth families, the Henley report says.

The country's economic resilience, favorable tax policies, and world-class infrastructure--combined with its strategic location and political stability--make it an ideal destination for global investment. UAE’s attractiveness has been enhanced by premium real estate, investor-friendly frameworks, large industrial announcements, and a highly sought-after golden visa.

Entrepreneur's paradise

The global migration of millionaires is a significant indicator of a country’s economic health and stability. Various factors influence where HNWIs choose to relocate. This movement substantially benefits the receiving countries

According to the report, the relocation of millionaires brings a surge in foreign exchange (forex) revenue as they move their funds, generating significant forex, much like export transactions. Around 20% of these relocating individuals are entrepreneurs who establish businesses in their new countries, contributing to the local economy and creating job opportunities, with this figure rising to over 60% for centi-millionaires and billionaires.

Their investments also boost local stock markets, as many high-net-worth individuals invest in equities, and some even publicly list their companies, further enriching the economy. Their spending in sectors such as luxury hospitality, retail, hi-tech, and real estate indirectly creates well-paying jobs, driving demand for premium services.

As millionaires continue to seek new opportunities globally, the benefits they bring to their destination countries extend far beyond their wealth, supporting economic growth, innovation, and job creation in a wide range of sectors.

Top 10 countries attracting HNWIs

Here are the top 10 countries attracting the highest net inflows of millionaires. 

1. United Arab Emirates: The UAE welcomes the highest number of millionaires, with a projected net inflow of 6,700 individuals in 2024 alone. Its strategic location, tax incentives, and economic diversification have made it a popular destination for wealthy individuals.
2. The United States: With an inflow of 3,800 millionaires, the USA remains an attractive hub, driven by its robust economy, world-class education, and innovation in sectors like technology and finance. 
3. Singapore: Known for its political stability, business-friendly environment, and efficient infrastructure, Singapore is expected to see a net inflow of 3,500 millionaires, making it a key destination in Asia. 
4. Canada: Projecting a net inflow of 3,200 millionaires, Canada’s appeal lies in its quality of life, natural beauty, and economic opportunities, especially for those seeking a secure and peaceful lifestyle.
5. Australia:   The country’s strong healthcare system, lifestyle, and opportunities for investment in property and business make it a top choice.
6. Italy:  Italy’s rich history, cultural appeal, and emerging business opportunities in sectors like fashion, tourism, and luxury goods are expected to draw a net inflow of 2,200 millionaires.
7. Switzerland: Switzerland, with its stable economy, banking reputation, and quality of life, is projected to attract 1,500 millionaires. 
8. Greece:  Greece’s golden visa programme and recovery from economic challenges are attractive to millionaires. Its growing tourism and real estate sectors offer attractive investment opportunities.
9. Portugal:  Portugal, with its favourable tax policies and golden visa scheme, as well as climate and lifestyle continue to make it an appealing destination for HNWIs.
10.  Japan: Japan's inflow of 400 millionaires may seem modest in comparison, but its steady economic growth and technological advancements make it a notable choice for wealth migration.