6,700 Millionaires Relocated to UAE in 2024, Report Reveals

The United Arab Emirates attracted 6,700 high-net-worth individuals (HNWIs) in 2024—more than any other country in the world, according to the Henley Private Wealth Migration Report 2024. This figure nearly doubles that of the United States, the second-most popular destination, which attracted 3,800 millionaires.

A Shift Toward Long-Term Investment

The unprecedented surge in millionaire migration is attributed to the UAE’s compelling combination of zero income tax, long-term residency opportunities through the Golden Visa program, and an appealing luxury lifestyle. Strategically located, the Emirates also offers top-tier infrastructure, global connectivity, and economic stability—key ingredients in today’s uncertain world.

Louis Harding, CEO of Betterhomes, described the shift in Dubai’s real estate dynamic as a move away from speculation toward strategic investment:

“Dubai’s real estate market is no longer driven by speculation, but by strategic, long-term capital. We are seeing global wealth not just arrive, but anchor itself here—in branded residences, legacy properties, and high-quality developments built for permanence,” said Harding.

A recent Betterhomes report titled “Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth” supports this view, highlighting a surge in interest from buyers seeking secure, stable, and prestigious investments.

UAE’s Evolving Private Wealth Ecosystem

The rapid maturity of the UAE’s wealth management framework is also playing a vital role. According to Sunita Singh-Dalal, Partner at Hourani leading the Private Wealth and Family Offices practice:

“In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve, and enhance their wealth.”

This legal and financial evolution makes the UAE particularly attractive for family offices, legacy planning, and long-term wealth structuring.

A Global Benchmark for Wealth Migration

Dominic Volek, Group Head of Private Clients at Henley & Partners, emphasized the UAE’s ambitious vision:

“With its sights firmly set on becoming the world’s top wealth haven, the UAE pulled out all the stops—from an attractive Golden Visa offering and luxurious living to a business-friendly environment in a strategic location. The results spoke for themselves: the UAE attracted a record net inflow of 6,700 millionaires in 2024.”

Real Estate and Economic Impact

The ripple effects of this wealth migration significantly boosted the real estate, finance, and luxury retail sectors. High-net-worth individuals invested in premium properties, stimulated business services, and fueled domestic economic growth.

As the country continued to attract global wealth, the UAE not only solidified its place as a premier destination for the world’s affluent, but also redefined what it means to be a modern, innovation-driven wealth hub.