Dubai AFP

Thanks to UAE's golden visas and zero-income tax policies, the country will be attracting more than 6,700 foreign millionaires including Indians, Russians, Brits, and Africans this year, according to a report issued Tuesday.

According to the 2024 Henley Private Wealth Migration Report released by Henley and Partners, millionaires from the UK, India, and Africa are attracted to the UAE by golden visas, low taxes, an excellent lifestyle, and a strategic location. For the third year in a row, the UAE is on track to be the top destination for wealthy individuals, with a record 6,700 wealthy migrants expected to move there by the end of the year.

"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," Henley and Partners said, according to Khaleej Times.

At this moment, the country ranks 14th in the world for its number of wealthy residents, including 16,500 millionaires, 308 people worth $100 million or more, and 20 billionaires. According to the study, there are individuals with at least $1 million in liquid investable wealth.

Sunita Singh-Dalal, Partner leading the Private Wealthy and Family Offices at Hourani in Dubai, stated that the evolution and development of the UAE's wealth management ecosystem are unprecedented.

"In less than 5 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," she added.

Dominic Volek, Group head of private clients at Henley and Partners, said, "With its sights firmly set on becoming the world's top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location."

"The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024, cementing its status as a dynamic sovereign wealth magnet," he added.

Aside from the UAE, many other countries are also expecting a higher number of millionaires including the USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal and Japan. Whereas, China, the UK, India, South Korea, Russia, Brazil, South Africa, Taiwan (Chinese Taipei), Nigeria and Vietnam millionaires are all set to leave their respective countries.