Millionaires Seek New Shores: UAE 2024's Top Destination for Wealth

The tides of wealth are shifting, and in 2024, one destination has emerged as the top magnet for high-net-worth individuals for the third year in a row: the U.A.E.

- JULIAN NABIL

Buoyed by its strategic location, attractive tax environment, and luxurious lifestyle offerings, the U.A.E. is projected to welcome a record-breaking 6,700 new millionaires by the end of 2024, according to a report by Henley & Partners.

Several factors are contributing to the U.A.E.’s surge in popularity, including its favorable tax regime, golden visa programs, strategic location, lifestyle appeal, and political stability. The influx of millionaires isn’t just good news for the U.A.E.’s luxury sector. Wealth migration brings a range of benefits to the host country, such as increased foreign exchange revenue, stock market growth, and job creation.

Dubai, ranked 21st globally in wealth in 2024, reigns supreme as the Middle East’s wealthiest city, thanks to a 78% surge in its millionaire population over the past decade. Meanwhile, Abu Dhabi, the U.A.E.’s capital, boasts a millionaire population of 22,700, which grew by over 75% between 2013 and 2023.