In 2024, the United Arab Emirates is set to become a millionaire magnet, attracting the most high-net-worth individuals (HNWIs) globally, thanks to its economic diversification and attractive tax initiatives. Meanwhile, China and the UK are expected to see the largest exodus of millionaires due to economic uncertainties and geopolitical tensions. This dramatic shift highlights the UAE’s rise as a global economic powerhouse, while traditionally wealthy nations grapple with losing their affluent citizens. The migration trends offer a fascinating glimpse into the evolving global economic landscape and the strategic moves countries make to attract the wealthy.
The United Arab Emirates is anticipated to attract the most millionaires in 2024, while China and the United Kingdom will lose the most high-net-worth people (HNWIs).
Marcus Lu of Visual Capitalist created this chart, which depicts the top ten nations expected to have the biggest net inflows or net outflows of HNWIs by 2024. HNWIs have a liquid investable wealth of at least $1 million. All data are from the Henley Private Wealth Migration Report 2024.
Why is Attracting Millionaires Important?
According to Henley & Partners, 20% of high-net-worth individuals are entrepreneurs. As a result, countries that attract HWNIs from other regions of the world may reap significant benefits, such as job creation and investment.
Countries Attracting the Most Millionaires in 2024
The UAE’s strategic emphasis on economic diversification and government investment has established it as a global economic powerhouse.
The country has experienced tremendous investment in the tourist, real estate, logistics, financial services, and technology sectors.
Furthermore, the adoption of international standards in regulatory and commercial frameworks, combined with appealing tax incentives, has attracted young entrepreneurs from all over the world to the country.
According to Warwick Legal Network, the UAE accounts for more than 30% of foreign direct investment inflows into the MENA area.
Countries Losing the Most Millionaires in 2024
Meanwhile, anxiety over China’s economic future and geopolitical conflicts have prompted millionaires to flee the nation. China experienced the world’s largest outflow of high-net-worth individuals last year and is predicted to have a record migration of 15,200 in 2024.
Similarly, the UK is set to lose 9,500 millionaires this year, adding to the 16,500 millionaires lost over the six years following Brexit.
This is an unusual and remarkable reversal of fortune, as the UK has traditionally attracted wealthy families from Europe, Africa, Asia, and the Middle East.
Recently, GreatGameIndia reported shocking data from Eurostat: in 2022, approximately 3 million EU nationals renounced their citizenship, revealing significant emigration trends within the EU.
