According to a survey, the UAE is predicted to pull a record 9,800 migrating millionaires this year, lured by tax-free living and regulatory improvements.

The UAE has become the most sought-after wealth haven in the world due to strong demand from the UK, India, Russia, Southeast Asia, and Africa, made possible by golden visas.

With 7,500 new affluent migrants anticipated to settle in the US by the end of the year, the US ranked second on the list.

Wealth flows by country

Estimated wealth of migrating millionaires in US dollars:

• UAE — $63bn

• US — $43.7bn

• Italy — $20.7bn

• Switzerland — $16.8bn

• Saudi Arabia — $18.4bn

• Singapore — $8.9bn

• Portugal — $8.1bn

• Greece — $7.7bn

• Canada — $5.7bn

• Australia — $5.6bn

It is anticipated that a record 142,000 millionaires will go abroad this year.

UK losses

For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.

High-net-worth individuals seeking to relocate rank Dubai and Abu Dhabi among the top five global destinations, primarily due to personal tax benefits and a high standard of living.

Dubai has become one of the fastest-growing wealth hotspots in the world, with the number of billionaires residing there having doubled in the last ten years.

There were a projected 81,200 millionaires, 237 centimillionaires (those with fortunes in the hundreds of millions), and 20 billionaires in Dubai in 2024. In 2023, that amounted to 15 billionaires, 212 centimillionaires, and 72,500 millionaires.

The UK has changed from being a net importer to a net exporter of millionaires since the 2016 Brexit decision.

Significant hikes in inheritance and capital gains taxes were included in the British government’s October 2024 budget, and new regulations aimed at non-domiciled individuals and family wealth structures went into force in April, causing what some have dubbed a “Wexit” (wealth exit).

Wealthy people are moving to lifestyle havens like Italy, Greece, Portugal, and Switzerland, as well as tax-friendly jurisdictions like the United Arab Emirates, Monaco, and Malta.

Many high-earning executives are settling in expanding wealth hubs such as Dubai, Florida, Milan, St Julian’s, Lisbon, the Athenian Riviera, Zug, and Lugano.

With a 124% increase in resident millionaires over the last ten years, Montenegro has led the world in millionaire growth, according to the most recent statistics.

Between 2014 and 2024, Malta grew by 87%, while Latvia had a 70% increase in millionaires.