Henley and Partners forecast a record net inflow of 6,700 millionaires into the UAE this year, the highest globally.
The United Arab Emirates is poised to attract almost 30,000 new millionaires over the next five years, drawing high-net-worth individuals from around the world. According to the Global Wealth Report by Swiss bank UBS, the number of millionaires in the UAE is expected to rise by nearly 29,866, marking a 15% increase from 202,201 in 2023 to 232,067 by 2028.
Record Inflow of Millionaires
Henley and Partners recently projected a record net inflow of 6,700 millionaires into the UAE this year, the highest among all countries. This marks the third consecutive year the UAE is set to top the list as the world’s leading destination for wealthy migrants. Significant inflows are anticipated from the UK, India, and Europe.
“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires,” said Henley and Partners. “With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Brits and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024.”
Comparative Growth
The UAE is expected to see a higher migration of millionaires than countries such as Germany, Hungary, Qatar, Singapore, Spain, Portugal, Italy, China, Greece, the Netherlands, and the UK. Taiwan, Turkey, Kazakhstan, Indonesia, and Japan, however, are projected to lead in terms of percentage growth of millionaires between 2023 and 2028.
The UAE also ranked among the top 15 countries with the highest average growth in wealth per adult from 2022 to 2023 in local currency.
Historical and Future Wealth Growth
Wealth in the UAE grew at an annual compound growth rate of 16% between 2000 and 2010 and 4% between 2010 and 2023. This robust growth is mirrored in luxury property prices, which have surged due to the influx of high-net-worth individuals post-pandemic. Knight Frank recently reported that the number of prime home listings in the second quarter of 2024 dropped by nearly half to 2,851 compared to the same period last year.
In Saudi Arabia, the number of millionaires is also expected to increase by 15% over the next five years, rising from 351,855 in 2023 to 403,878 in 2028.
Global Wealth Trends
Globally, wealth growth recovered by 4.2% in 2023, bouncing back from a 3% contraction in the previous year. This recovery was driven by growth in Europe, the Middle East, and Africa (EMEA) at 4.8%, and Asia-Pacific (APAC) at 4.4%. In 2023, adults in EMEA were the wealthiest on average ($166,000), followed by APAC ($156,000) and the Americas ($146,000).
“Wealth needs careful stewardship, and managing it properly requires time, dedication, and passion. As the world’s only truly global wealth manager, we understand the shifts and changes in global and local wealth and translate this into opportunities and outcomes for our clients,” said Iqbal Khan, co-president of UBS Global Wealth Management.
