This year, over 6,700 millionaires are expected to move to the UAE, making it the top destination for high-net-worth individuals globally, according to a recent study published on June 18. For the third consecutive year, the UAE is poised to lead as the world's foremost wealth magnet, largely due to significant influxes from the UK and Europe, as stated in The Henley Private Wealth Migration Report 2024. The report highlights that the UAE's consistent high inflows from India, the Middle East, Russia, and Africa, combined with an anticipated surge in British and European millionaires, will likely attract nearly double the number of millionaires compared to the US, which is forecasted to see a net inflow of 3,800 millionaires in 2024. European millionaires are drawn to the UAE due to its zero income tax, golden visa opportunities, luxurious lifestyle, and convenient travel options provided by airlines like Emirates and flydubai. Currently ranked 14th worldwide, the UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires. The study focuses on high net worth individuals (HNWIs) with liquid investable wealth of $1 million or more. Sunita Singh-Dalal, a partner at Hourani in Dubai, noted that the UAE's wealth management ecosystem has evolved rapidly, introducing a robust regulatory framework in less than five years that offers innovative solutions for wealth protection and enhancement. A significant number of British and European investors have been drawn to Dubai's booming real estate market, becoming top investors in local properties. The high taxes in Western countries are also driving millionaires to seek tax havens like the UAE, which is also considered the world's safest country. Dominic Volek, Group Head of Private Clients at Henley and Partners, emphasized that the UAE is fully committed to becoming the world's leading wealth haven, offering attractive golden visas, luxurious living, and a business-friendly environment in a strategic location. The results are evident: the UAE is set to welcome a record net inflow of 6,700 millionaires in 2024, solidifying its status as a dynamic sovereign wealth magnet. Misha Glenny, Rector of the Institute for Human Sciences in Vienna, noted that this is not the first time the UAE has outperformed other countries in attracting high-net-worth individuals. The UAE is projected to attract nearly twice as many incoming investors as the USA in 2024. Other countries expected to receive high numbers of millionaires include the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. Meanwhile, countries with the highest net outflow of millionaires in 2024 include China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan (Chinese Taipei), Nigeria, and Vietnam. Last year, 120,000 millionaires relocated globally, with projections indicating an increase to 128,000 this year and 135,000 in 2025. Andrew Amoils, Head of Research at New World Wealth, highlighted the significant benefits of this wealth and talent migration to destination countries, noting that migrating millionaires are a crucial source of forex revenue and often bring their wealth with them, with around 20% being entrepreneurs or company founders who may start new businesses and create local jobs in their new countries.